Polygon Investment Partners, the hedge fund opposing a takeover at telecoms services group Telent, has suffered a paper loss of about £550,000 (€803,000) on its shareholding after voting down an offer by US private equity firm Fortress for the company.

Shares in Telent fell nearly 1% this morning to 485p as of 08.30 GMT on the news that Polygon had filed a proxy vote against the bid. An extraordinary general meeting will be held tomorrow.