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Die Absolute Capital scheint sich sehr gut anzulassen ... Erstnotiz ist heute, nicht 1.3.06: Erster Kurs 141,50 in London mit 769.400 umgesetzten Stücken, derzeit 156,00 bei insgesamt fast 1 Mio. Stück Umsatz, also schon 10% Plus ggü. Erstnotiz. Offizielles Statement: <Quotation from London Stock Exchange> following Company Absolute Capital Management TIDM ACMH Headline First Day of Dealings Released 08:00 03-Mar-06 Number 2395Z RNS Number:2395Z Absolute Capital Management 03 March 2006 Absolute Capital Management - First Day of Dealings Absolute Capital Management Holdings Limited ("ACM" or "the Company"), a fund management company focused on delivering investment returns through the management of absolute return funds, is pleased to announce its flotation today on AIM under the ticker symbol ACMH. Group Overview • ACM is a fund manager seeking to exploit the rapid growth in demand for absolute returns, from both institutional and private investors. As at 31 December 2005, ACM had funds under management of approximately €700m. • The Company is also focused on ensuring that its business can accommodate organic growth, the acquisition of complementary funds and teams and the development of an integrated fund management business. Currently the Company, which is incorporated in the Cayman Islands, has two wholly-owned subsidiaries, namely ACM (UK) and ACM (Spain). The Company`s management team has a strong track record in building and managing successful fund management businesses. • The Company was incorporated in August 2004 and its CEO is Sean Ewing, an experienced figure in the UK asset management industry. ACM currently manages a portfolio of six funds, which seek to generate absolute returns. • Absolute return strategies aim to achieve an absolute return on invested capital rather than to outperform a benchmark such as an index. ACM manages the Funds and is responsible for ensuring that the funds are managed in accordance with their stated investment policies and objectives. • ACM currently manages six funds: +-------------------+---------+--------------------------+---------------------+ | Fund |Launch |Net Asset Value as at 31 |Growth in fund since | | |Date |December 2005 €m |inception % | +-------------------+---------+--------------------------+---------------------+ |Absolute | | | | |Return Europe | | | | |(ARE) |March | 285.7 | 93.7 | | |2002 | | | +-------------------+---------+--------------------------+---------------------+ |European | | | | |Catalyst Fund | | | | |(ECF) |October | 174.5 | 66.3 | | |2003 | | | +-------------------+---------+--------------------------+---------------------+ |Absolute | | | | |Germany Fund | | | | |(AGF) |January | 138.3 | 51.8 | | |2004 | | | +-------------------+---------+--------------------------+---------------------+ |Absolute | | | | |East/West Fund | | | | |(AGF) |July 2005| 34.4 | 10.4 | +-------------------+---------+--------------------------+---------------------+ |Absolute | | | | |Octane Fund | | | | |(AOF) |July 2005| 60.1 | 48.4 | +-------------------+---------+--------------------------+---------------------+ |Absolute Large Cap |February | N/A | N/A | |Fund (ALC) |2006 | | | +-------------------+---------+--------------------------+---------------------+ • At the end of 2005, the Directors of ACM estimate, the hedge fund "universe" which represents a broad array of managers and funds had an asset base in excess of US$1 trillion compared with US$800 billion at the end of 2003, an increase of 25 percent. In addition, significant assets are held in privately managed accounts in the industry. • The proportion of assets under management invested in alternative holdings, such as hedge funds, was reported to be 1.6 percent in 2004 according to an IMF report - a four fold increase on the 0.4 percent share in 2000. The Directors estimate this pattern of increasing flows into hedge funds will continue at least in the short to medium term. • This shift in investor profile has significant consequences for proven hedge fund managers. These new institutional investors are requiring the hedge funds in which they invest to have more robust business models and resources, including systems for corporate governance, business management, structure, operational controls, client service and transparency. • This changing environment presents opportunities for absolute return investment managers who can offer the infrastructure and transparency that both institutional investors and regulators require. Larger funds of hedge funds are seeking operational excellence, institutional infrastructure and institutional business management to fulfil more demanding due diligence requirements. • The Directors believe that investors are increasingly seeking investment management pursuing strategies across diverse sectors and asset classes such as absolute return, long only, capital protected, private equity, mezzanine finance and venture capital. The Directors believe significant growth opportunities are available to the Group in these sectors. Strategy • ACM`s objective is to continue to develop its existing fund management business, to increase the size of the funds under management principally through organic growth and to launch new funds by building upon core competencies. ACM is currently planning to launch a new fund, with an Indian based investment manager acting as co-advisor, the Absolute India Fund Limited, which will focus on opportunities in India. • ACM`s business strategy is to exploit the demand from investors seeking capable, robust and transparent single strategy managers that provide low volatility. • In addition to organic growth in funds under management, primarily through new fund launches, the Directors will look for acquisitions that they believe will expand and complement the existing fund management team, enhance distribution and increase funds under management. The Company intends to target high quality managers with proven track records and complementary investment styles who will be provided with infrastructure and support with the aim of enabling them to establish and grow new funds. • ACM intends to broaden its marketing reach geographically and deepen its marketing initiatives in existing territories. The Funds All of the funds managed are listed on the Irish Stock Exchange. The investment approach combines the following: • The use of in-depth research in order to identify investment opportunities • Blending pair trading strategy, whereby a long position in one stock is taken at the same time as a short position of a similar stock, reducing risk • Long positions are typically taken in asset-rich companies with strong cash flows that are likely candidates for corporate action and short positions in companies that are often capital intensive, over-geared, too complex and opaque, use liberal accounting and are, by definition, marginal competitors in its industry • A system of tight stop losses and active use of derivatives to hedge market and sector exposures. Absolute Return Europe (ARE) The objectives of this fund are to achieve annual returns of between six percent and 15 percent with moderate downside risk whilst seeking to preserve capital in weak markets. The fund does not aim to be correlated to the European equity hedge fund universe and seeks to control risk and volatility through rigorous stop loss and monitoring mechanisms. The fund has grown consistently from inception and was closed to new subscriptions in late 2004. The fund has since reopened and it is envisaged that it will close permanently in the second quarter of 2006. European Catalyst Fund (ECF) The objectives of the ECF fund are similar to those of ARE but it aims to achieve more aggressive annual returns of between 15 percent and 25 percent with a higher risk tolerance than that adopted by ARE. The fund seeks to control risk and volatility through rigorous stop loss monitoring and mechanisms. The fund is closed to new subscriptions. Absolute Germany Fund (AGF) AGF is focused on German equities and therefore has a limited capacity. In addition, it operates a high risk/return strategy. Investment advice on German equities is provided to ACM by FPM, a German investment specialist. FPM typically identifies attractive long equity positions to which ACM provides a short position balance. The fund is closed to new subscriptions. Absolute East/West Fund (AEW) The aim of AEW is to invest in developed and emerging European markets and to exploit convergence opportunities created as resources are reallocated across developed and developing regions in Europe. Absolute Octane Fund (AOF) The aim of AOF is to achieve absolute returns with a high-risk investment strategy placing a special emphasis on investments in areas where there is specialist sector knowledge or competitive verification. Absolute Large Cap Fund (ALC) The aim of ALC is to invest primarily in long and short positions in liquid European equities and securities. Sean Ewing, ACM`s Chairman, said: "Since inception, ACM has enjoyed tremendous growth and built up a strong track record. I am confident that we can continue to achieve our objectives to grow funds under management, while generating absolute returns for our clients. We have invested in creating a scaleable platform with the ability to integrate other fund managers and businesses and provide increasingly higher levels of control, governance and liquidity to extend our reach into the institutional investor market." Copies of the Company`s Admission Document will be available from the offices of Solomon Hare Corporate Finance, the Company`s Nominated Advisor, at Oakfield House, Oakfield Grove, Clifton, Bristol, BS8 2BN, for at least one month from Admission. Ends Enquiries: ACM Sean Ewing, Chairman and CEO T: +44 (0)7768255472 Cardew Group Tim Robertson T: 020 7930 0777 Shan Shan Willenbrock David Roach This announcement does not constitute or form any part of an offer or invitation to sell or issue, or any solicitation of an offer to purchase or subscribe for, any shares in ACM, nor shall it or any part of it or the fact of its distribution form the basis of, or be relied on in connection with, any contract thereof. The contents of this announcement have not been approved by an authorised person and recipients of this announcement who intend to purchase or subscribe for shares in ACM following its publication of an admission document in final form are reminded that any such purchase or subscription may only be made on the basis of the information contained in such document which may be different from the information contained in this announcement. Accordingly, no reliance may be placed for any purpose whatsoever on the information contained in this announcement or on its completeness. No representation or warranty, express or implied, is given by ACM, its directors, Solomon Hare LLP, Smith & Williamson Corporate Finance Limited, Cardew Group or any other professional adviser as to the accuracy or completeness of the information and opinions contained in this announcement and no liability is accepted for the same. Appendix Directors and the senior management team The Company`s Board comprises two Executive Directors and four Non-Executive Directors. Brief biographies of the Directors, Chief Investment Officer and Head of Investor Relations are set out below: • Sean Ewing (Chairman and Chief Executive, aged 40) Sean Ewing was Chairman and Chief Executive of Farlake Group plc, an AIM quoted asset management firm, building funds under management from £120 million to £600 million in four years, prior to its successful disposal for cash to Seymour Pierce in April 2000. Sean Ewing also founded and launched the UK and European fund supermarket Fundsdirect, which he sold to Egg and Prudential in 2002. In addition to his primary role as Chairman, he is also currently undertaking the role of Chief Executive Officer but the intention is to split these roles in due course. He has an MBA from the University of Ulster. • Darren Sisk (Finance Director, aged 40) Darren Sisk holds a degree in Accountancy & Finance from Dublin City University, Ireland. He is an associate member of both the Chartered Institute of Management Accountants and the Association of Corporate Treasurers, and is currently completing an MBA with Manchester Business School. He has accumulated considerable international financial experience through different roles held with companies based in the UK and Spain, principally the Toleman and Alpitour Groups. • John Albert Fleming (Non-Executive Director, aged 72) John Albert Fleming is a retired Managing Director of a Private Bank and Trust Company subsidiary of one of the world`s largest banks and has held senior managerial posts in the banking world. He has and advised clients on the formation of trusts, companies and other offshore operations including mutual funds. He edited manuals on banking and trust company operations as well as guidelines for compliance and the licensing of commercial institutions in the Cayman Islands. He was the Interim Inspector of Financial Services for the Government of the Cayman Islands and involved in the initial transition to the Cayman Islands Monetary Authority and also assisted in the liquidation of bank operations. • Michael Kloter (Non-Executive Director, aged 38) Michael Kloter holds a law degree from the University of Geneva, Switzerland, and a lawyer`s licence of the Canton of Zurich, Switzerland. After professional experience as clerk at the District Court in Zurich and experience in a business law practice in Zurich, Switzerland, he founded his own law firm in Zurich in 1995. Since then he has practiced as a business lawyer and acts as director of a number of companies, including as non-executive director for Fortune Management Inc, mobilezone holding ag and Hansa Chemie International AG. • Ronald ("Ron") Evan Tompkins (Non-Executive Director, aged 70) Ron Evan Tompkins is a former Managing Director of the Cayman Islands. After his retirement from that post, he was engaged by the Cayman Islands Monetary Authority to be Head of Investments Division (Mutual Funds) and was subsequently appointed as a consultant on a full time basis to establish a new Fiduciary Services Division. Following the successful completion of his contract, he left the services of the Monetary Authority to pursue a career in private practice. He has also served with the International Monetary Fund as an expert on fiduciary services to review regulations in other offshore financial centres. • Jonathan Treacher (Non-Executive Director, aged 46) Jonathan Treacher has over 20 years of asset management and corporate finance experience and has been actively involved in the development of a number of growth companies in the sector. He was a non-executive director of Farlake Group plc, and a founder and director of Romanian Reconstruction Capital, a country specific fund. He has experience of public offerings and in particular the AIM market. Jonathan has an MBA from the London Business School. • Florian Homm, (Chief Investment Officer, aged 46) Florian formed his first investment company at the age of 18. In 1983 he became one of Merrill Lynch`s youngest securities analysts. After graduating from the Harvard Business School in 1987, he joined Fidelity as a Securities Analyst and Portfolio Manager. Thereafter, he headed the Institutional Asset Management Department of Bank Julius Baer (Deutschland) AG as Senior Vice President. In 1992 he became Managing Partner of Tweedy Browne Europe GmbH. Florian founded Value Management & Research AG in late 1993, which he developed into one of Germany`s premier independent asset managers and private equity groups with peak assets under management of $1.5 billion. The company was listed on the Frankfurt Stock Exchange in 1998 achieving a market value of about $500 million in 2000. Florian has managed numerous mutual and hedge funds and has received several investment awards. As Chief Investment Officer, Florian monitors portfolios and co-ordinates investment research idea generation. This information is provided by RNS The company news service from the London Stock Exchange END<End of quotation> Na denn.. daylight. |
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