het heeft waarschijnlijk te maken met ACM een grote jongen met veel aandelen in clinuvel (20%)waarvan Florian homm verantwoordelijke was.want die is nu weg.... acm is sommige funds aan het "schoonmaken"..als ik het goed begrijp.
kortom....
interessant inkoopmoment.
19.09.2007 09:07
ACM suspends funds after Homm sparks 100 mln usd redemption notices UPDATE
(Updating with details of planned restructuring of fund assets)
LONDON (Thomson Financial) - AIM-listed hedge fund manager Absolute Capital Management Holdings (Nachrichten/Aktienkurs) Ltd (ACM) said yesterday's resignation by its founder and co-chief investment officer Florian Homm has forced it to suspend some of its funds after receiving more than 100 mln usd in redemption notices.
It said that the redemption notices, combined with illiquid positions held by its funds, 'will force the suspension of the calculation of the funds' net asset values and investors' ability to redeem fund shares in the normal course.'
As part of a proposed restructuring, the equity funds would seek a 12 month lock-in from all investors. It estimated that some 440-530 mln usd of the equity funds' assets are affected.
ACM is proposing to investors a 'side pocket' share class structure, giving them two sets of shares; one for the illiquid positions. The other share tranche would track the liquid portfolio and would continue to be traded in the normal course using NAV.
The illiquid portfolio meanwhile, would be re-priced after due diligence with independent outside advisors. 'The funds' illiquid portfolios would be managed with a view to orderly realisation,' ACM said.
It said the preliminary results of a review indicate that seven of the eight Absolute Capital equity funds contain quoted investments which are not 'immediately realisable at their stated values due to their illiquid nature.'
This largely applies to funds managed directly by Florian Homm, but there is also a smaller amount is present in the company's other equity funds. The firm blamed 'Florian Homm's ability to effect trades on all of the company's equity funds.'
The hedge fund claimed it has already secured support for the restructuring proposal from 'large fund investors'.
ACM also hit back at Homm's complaints over bonus payments.
It said: 'It is disingenuous that Mr. Homm has sought to portray himself as the employees' champion. For the avoidance of doubt, the Company's remuneration committee approved the payment of bonuses in the amounts recommended by Florian Homm.'
The firm added that it is now seeking to replace Homm with senior investment professionals at the head of the Absolute Octane Master Fund, the Absolute Activist Master Fund and the Absolute European Catalyst Fund, as well as appointing a new Co-Chief Investment Officer in due course.