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Absolute Capital Management
- BY: Andrew Hore |
- POSTED: 14/05/2008 |
- COMMENTS: Add yours
Absolute Capital Management is demerging Argo.
Shareholders in Absolute will receive an additional share in Argo Group Ltd. Argo will join Aim within six months of its demerger. Until then Panmure Gordon will try and match bargains. An EGM will be held on 13 June to gain shareholder approval for the distribution of shares.
Management says that Absolute and Argo have run their funds separately since they came together in the same group.
The departure of Florian Homm as chief investment officer in September 2007 caused a collapse in the Absolute share price.
The shares rose 6p to 41.5p on the news of the demerger, which values Absolute at £31.9m. It acquired Argo for £50.46m in shares and cash at the beginning of 2007. The cash element was £6.55m.
Argo is in the Absolute balance sheet at €75.4m but this will be written down to €21m.
At the end of April Absolute had funds under management of €700m.
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