AbCap Shares Suspended After Audit Delay

Jul 1 2008 | 11:11am ET

Absolute Capital Management, the troubled European hedge fund group, can’t seem to stay on the straight and narrow. Trading in the firm’s shares on London’s Alternative Investment Market was suspended this morning after AbCap delayed the publication of its audited reports and accounts.

AbCap, which has been beset by problems since the surprise resignation of founder Florian Homm in September, blamed its ongoing restructuring and the replacement of its auditor for the delay. The firm said it expects to have the report ready by July 28.

Deloitte replaced Ernst & Young as auditor in April, AbCap said. The firm has also restructured several of its hedge funds in recent months, freezing some redemptions, and spinning off its emerging markets debt unit, Argo Capital Management. Just last month it named Glenn Kennedy its new CEO.

“People recognize we have a future,” former CEO Jonathan Treacher said at the time. “We have been hammered, we are battered and bruised, but we have survived the storm.”


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