Aberdeen proposes buyout of Tchenguiz stake

The Aberdeen Private Equity trust is set to buy out original backer and major shareholder Elsina Limited by snapping up a 32% stake in the company.

Aberdeen sent a circular to shareholders last week, proposing a tender offer to Elsina of 65p per share. It will go to a vote at an extraordinary general meeting on 10 June. Elsina is owned by the Tchenguiz Family Trust, to which Vincent Tchenguiz is a key adviser. A high-profile investor, Tchenguiz was arrested in March by the Serious Fraud Office following an investigation into the collapse of the Icelandic bank Kaupthing, but released without charge the same day. Tchenguiz is well known as an activist investor. He ousted Nicola Horlick, who established Bramdean Asset Management, fr...