AbCap Says It Is Uncertain On Redemptions

Jul 25 2008 | 5:07am ET

What €500 million in redemptions? Absolute Capital Management Holdings said reports of it expecting more than half of its assets under management to disappear in redemptions is false, and that it really has no idea how much investors will pull from its funds.

The firm’s spokesperson was in high gear yesterday morning, contacting media outlets in an attempt to squelch reports of its widely-anticipated redemptions.

The troubled hedge fund operator also sent a statement to the London Stock Exchange.

“ACMH is aware of news stories quoting specific figures expected to be withdrawn from its funds at the end of their lock in period in November 2008," the statement read. "ACMH has no information as to the actual levels of redemptions that certain of its funds may incur post the end of the applicable lock-in period, although it has received a number of informal indications from large investors that they are amenable to remaining invested in ACMH products.”

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