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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Acmh Ltd | LSE:ACMH | London | Ordinary Share | KYG006011079 | ORD EUR0.01 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.75 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:2397G Absolute Capital Mgmt Holdings Ltd 24 October 2007 Absolute Capital Management Holdings Limited (the "Company") Funds Update - Reopening of Absolute Germany Fund Limited The Company wishes to announce that the Absolute Germany Fund Limited (the "Fund") has lifted the suspension of calculation of its net asset value ("NAV") with immediate effect. With the lifting of the suspension of the calculation of NAV, the Fund will reopen to subscriptions and redemptions in the normal course. The suspension had been implemented on 20 September 2007 following the sudden and unexpected resignation of Florian Homm, the Company's former Co-Chief Investment Officer. As at 31 August 2007, the Fund's net assets stood at US$381 million, and its cumulative return since inception in January 2004 was 91.69%. The Company expects that the Fund's administrator, Fortis Prime Fund Solutions (IOM) Limited, will release the Fund's official 30 September 2007 NAV figure concurrently with the Fund's official 31 October 2007 NAV figure. The 31 October 2007 NAV figure will be released in the usual time frame, i.e. during the third week of November. Going forward, the Fund will be managed by Jens Peters and Antonio Porsia in place of Stefan Heieck and Frank Siebrecht, who resigned from the Company earlier this month, citing personal reasons. Jens Peters, a German national, has an excellent investment track record across the Company's event driven and Absolute India funds. Antonio Porsia is the lead manager for the Absolute Large Cap & Absolute Return Europe funds. Both Jens and Antonio have in depth knowledge and expertise in the German investment market, and in particular the German large cap space. Their focus will be on generating absolute performance with an investment bias on German large cap stocks. Realisable liquidity will remain a key investment criterion for the Fund. The Company wishes for investors to take note that despite recent events and the Fund's recent negative performance which was attributable in large part to the events following Mr. Homm's resignation, the Fund is on a solid footing and is well positioned to take advantage of favourable trading conditions resulting from the resurgent German economy through 2008. Jonathan Treacher, Chief Executive Officer of the Company, said "The events of the past five weeks have been tough on all of the Company's investors, including those invested in the Absolute Germany Fund. Though the Fund was only very minimally invested in the illiquid positions, it was caught in the downdraft brought on by the sudden and unexpected resignation of Florian Homm. We fully expect that the Fund will recover from its recent negative performance and that investors who stay invested in the Fund will be rewarded in the months ahead. I have full confidence in Jens Peters and Antonio Porsia, both of whom have proven themselves to be talented managers, and have performed admirably through this challenging period." Enquiries: Absolute Capital Management +34 (971) 765553 Holdings Limited Jonathan Treacher, CEO Panmure Gordon 020 7459 3600 Dominic Morley Cardew Group 020 7930 0777 Tim Robertson Shan Shan Willenbrock David Roach This information is provided by RNS The company news service from the London Stock Exchange END MSCOKNKDKBDBDKB
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