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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:6814N Absolute Capital Mgmt Holdings Ltd 11 February 2008 Absolute Capital Management Holdings Limited ("ACMH" or the "Company") Related Party Transaction Further to the details of the acquisition released on 18 January 2007, ACMH today announces that it has issued 4,184,626 shares in the Company (the "Recompensing Consideration") to the vendors of Argo Capital Management (the "Argo Vendors"), representing 6.04 per cent. of the issued share capital of the Company. The original aggregate consideration payable by ACMH under the acquisition agreements was £50.46 million, which was satisfied by a cash payment of £6.55 million and the issue of 12.3 million new ordinary shares (the "Consideration Shares"), totalling £43.91 million, based on the closing price of an ACMH ordinary share on 17 January 2007. The acquisition agreements relating to the transaction contained provisions under which the aggregate level of discretionary performance pay within the existing ACMH business was capped until 2009. Any increase in the level of discretionary performance pay above the cap requires the approval of Andreas Rialas. In order to recruit and retain staff, the Directors now consider it to be important that this cap is raised to be in line with ACMH's peer group and thus beyond the levels anticipated at the time the acquisition agreements were negotiated. The Directors have agreed to issue the Recompensing Consideration to the Argo vendors in consideration for their consent to this change and their waiver of related rights under the acquisition agreements. The Recompensing Consideration reflects the value which the vendors of the Argo business originally conceded in exchange for negotiating the cap arrangement, calculated on the basis of the financial terms of the acquisition agreed with the Argo vendors in January 2007. . With the exception of Andreas Rialas and Kyriakos Rialas, who for the purpose of this transaction are related parties, the Directors consider, having consulted with ACMH's nominated adviser, that the terms of the transaction are fair and reasonable insofar as ACMH's shareholders are concerned. Jonathan Treacher, Chief Executive of ACMH, said: "In order to remain competitive, it became abundantly clear that we needed to increase performance pay in line with industry standards to retain our exisitng fund managers as well as to attract new talent. As a consequence we have worked closely with our advisers and the Argo Vendors to agree an equitable solution which we believe is in the long term interests of our shareholders." Application has been made to the London Stock Exchange for the Recompensing Consideration Shares, which will rank pari passu with existing shares in issue, to be admitted to trading on AIM, and admission is expected to become effective on 14 February 2008. Following admission of the Recompensing Consideration Shares, the issued share capital of the Company will be 73,431,620 Ordinary Shares of Euro0.01 each. Andreas Rialas now has an interest in 15,638,146 shares in the Company, representing 21.3 per cent. of the issued share capital. Kyriakos Rialas now has an interest in 8,768,363 shares in the Company, representing 11.9 per cent. of the issued share capital. Enquiries: Absolute Capital Management Holdings Limited: +41 41 560 9660 Jonathan Treacher Panmure Gordon: 020 7459 3600 Dominic Morley Cardew Group: Tim Robertson 020 7930 0777 Shan Shan Willenbrock David Roach This information is provided by RNS The company news service from the London Stock Exchange END MSCDVLFBVLBEBBE
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