Thursday, 29 January 2015
Last updated 56 min ago
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.
Jan 23 2015 | 1:00pm ET
In our new section, FINtech Focus, we will profile one of these firms each week. While fintech is a broad category, we will be focusing on firms that specifically cater to the alternative investment industry. Read more…