Tchenguiz wins Bramdean Alternative board battle

Property magnate Vincent Tchenguiz has won the boardroom battle for control of the Bramdean Alternative fund, installing a group of directors he proposed at a recent EGM.

The demand for a change of directors had been issued within 24-hours of fund manager Nicola Horlick making an anonymous initial offer to buy out shareholders.

Tchenguiz won the day by a convincing margin above the 28% stake he controls via a holding company, with the shareholders backing him 55.59% to 44.41%.

Jonathan Carr has now taken the position of non-executive director and chair, while David Copperwaite and Mark Tucker will serve as non-executive directors.

The tussle for control of the troubled £78.7 million fund, which is currently at a 34.9% discount, had previously claimed chair Peter Barton, who is also chairman of Bramdean Asset Management, who stood down to avoid any suggestion of bias.

Carr said: ‘I would like to thank the outgoing directors for their service to the company. 

‘I would also like to thank the shareholders for the support that they have shown in appointing the new board to consider the best course of action for their company to take.

‘The new independent board of Bramdean Alternatives has significant experience in finance and investment and it is our intention to work swiftly to assess the current state of the company's investments and to consider all possible options to maximise value for shareholders.’

Carr is currently chairman of Galaxy Asset Management, Royal London UK Equity & Income trust and Talisman 1st Venture Capital trust.

Copperwaite began his career in private banking and has served as director on a number of investment funds owned by, Scottish Widows, Premier and Carrousel.

Tucker also has a background in private banking and is a former president and chief executive of HFR Investments.