Funds Update
October 29 2007 - 2:02AM
UK Regulatory
RNS Number:5046G
Absolute Capital Mgmt Holdings Ltd
29 October 2007
Absolute Capital Management Holdings Limited
(the "Company")
Results of Funds' Extraordinary General Meetings
The Company announces that extraordinary general meetings of the Absolute
European Catalyst Fund Limited, Absolute Octane Fund Limited, Absolute Return
Europe Fund Limited and Absolute East West Fund Limited were held on Saturday 27
October 2007 in Grand Cayman, Cayman Islands to consider and approve the
resolutions to implement the proposed restructuring of those funds on the basis
set forth in the circulars sent to shareholders on 27 September 2007.
Implementation of the restructuring proposals required, on a fund by fund basis,
a positive vote of shareholders holding not less than 75% of a fund's shares
represented at its extraordinary general meeting.
The Company confirms that the resolutions to approve the restructuring were
passed at the meetings with the following majorities:
Absolute East West Fund Limited 95%
Absolute Return Europe Fund Limited 87%
Absolute European Catalyst Fund Limited 86%
Absolute Octane Fund Limited 76%
The Company further confirms that it has received the consent of limited
partners holding 76% and 91% of limited partnership interests in the Absolute
East West Fund L.P. and the Absolute Octane Fund L.P., respectively. Consent of
two thirds of limited partners was required to implement the limited partnership
funds' restructuring proposals.
The funds will therefore implement their restructuring effective 1 November
2007.
Commenting on the results of the meetings, Jonathan Treacher, Chief Executive
Officer of the Company, said "I am very happy with, and appreciative of, the
support shown for the AbCap team, and am confident that fund investors have
taken a decision which is in the best interests of all stakeholders. Over the
past 6 weeks, we have listened carefully to fund investors' concerns and are
mindful of the challenges ahead. We will work diligently to deliver value for
fund investors through the restructuring process."
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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