Nicola Horlick and the board of UK-listed fund of hedge funds Bramdean Alternatives is willing to undergo a restructure and delist in a bid prevent investors selling their shares to Vincent Tchenguiz, the property entrepreneur who has tabled a takeover bid for the group.

In a note to its shareholders released yesterday evening, Bramdean Alternatives' management said it would allow those who wanted to redeem their holdings to do so if the company had not been bought out completely by the end of July.