David Prosser: Horlick must fold or raise at Bramdean

Outlook Round one to Vincent Tchenguiz in his battle with Nicola Horlick at Bramdean Alternatives: the tycoon succeeded yesterday in his bid to have the investment fund's board replaced with a group of directors who will now study its wind-up. That would mean the loss of the contract to run the fund for Ms Horlick, though she is understood to be entitled to compensation of up to £8m in such an event.

Happily for those who enjoy City intrigue, however, the new Alternatives board will be obliged to consider any takeover offer made for the fund. That gives the City superwoman a lifeline – you will remember that she recently outed herself as the mystery putative bidder for the fund she had previously hinted at, though a formal offer has not yet been forthcoming.

The battle, then, is not quite won for Mr Tchenguiz – who just to add to the fun on this one rents space in his office block to Ms Horlick and her team. We wait with baited breath to see whether an offer for Alternatives is forthcoming – and whether the row will continue.