Homm Dumps Bulk Of Absolute Capital Stake

Sep 24 2007 | 12:14pm ET

Last week, Florian Homm assured Absolute Capital Management shareholders and clients that he would “continue to fight for shareholder value” in spite of his shock departure from the firm. He may well do so, but his voice has become considerably less important.

Homm—who, in his resignation letter, touted his status as “the largest single shareholder in ACMH”—unloaded more than 75% of his shares on Andreas Rialis, whose Argo debt fund management firm is to merge with ACM. The sale of 10 million ACM shares for just £0.325 a piece—a more than 30% discount—leaves Homm with just a 4.77% stake in the firm he founded. Homm’s investment vehicle, CSI Asset Management, had owned nearly 20% of ACM.

ACM’s share price plummeted more than 80% after Homm’s resignation, leading some to suggest that Rialis would try to back out of the ACM merger.


In Depth

Q&A: Portfolio Advisors' Brian Murphy On The Advantages of A Private Markets Platform

Jan 2 2018 | 11:05am ET

Most private markets firms reference their platforms as a source of competitive...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Steinbrugge: The Top Hedge Fund Industry Trends for 2018

Jan 2 2018 | 12:22pm ET

Each year, Don Steinbrugge’s Agecroft Partners compiles the insights gained...

 

FINalternatives Trending

From the current issue of