Funds Update
October 24 2007 - 2:01AM
UK Regulatory
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
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