Marc Duschenes, chief executive of Braemar, has increased his stake in the listed property fund manager to 19.69%.
Duschenes paid £21,875 to buy 1.25m shares at 1.75p each, taking his total holding in the Hale-based business to 32.24m shares.
If Duschenes reaches a level of ownership of 30% he will have to make an offer to buy the business according to rules set out by The Takeover Panel.
Speculation continues that Duschenes and other directors are planning to take the company private as they have been increasing their stakes over the past few months.
Property tycoon Vincent Tchenguiz owns a 28% stake in Braemar through Wheddon, one of his investment vehicles.