ACMH Acmh Ltd

RNS Number:6878F
Absolute Capital Mgmt Holdings Ltd
15 October 2007





          Absolute Capital Management Holdings Limited (the "Company")
                                        
                                  Funds Update

The Company is pleased to report that it is making good progress in securing
investor support for the funds'  restructuring proposals. The Company confirms
that it has held informal discussion with investors holding approximately  70%
of the shares of those funds proposing to restructure, and has received
indications of support for the proposals  from substantially all of those
investors. Meetings and teleconference calls with the balance of fund investors
are  being arranged in advance of the circulars' 19 October 2007 return date.

On 3 October 2007, the Company received notice of two petitions filed in the
Grand Court of the Cayman Islands by Mr.  John Bruhl, a shareholder in each of
the Absolute European Catalyst Fund Limited and the Absolute Octane Fund
Limited.  The petitioner requests, among other things, that the Court order
these funds be wound up and that Krys & Associates  Cayman Ltd., Cayman Islands,
be appointed provisional liquidators of the funds. The Absolute European
Catalyst Fund  Limited and the Absolute Octane Fund Limited oppose the
petitions. The funds have been successful in having the  applications for the
appointment of provisional liquidators adjourned from the originally scheduled
10 October 2007  hearing date to 31 October 2007, at the earliest, pursuant to a
consent order made by the Grand Court of the Cayman  Islands on 10 October 2007.
This will provide sufficient time for investors to make their views on the
proposed  restructuring known. In opposing the petitions, the funds have the
support of several large investors who have made  written submissions to the
Court and/or directed their own Cayman Islands counsel to intervene.

An undertaking to make no modification of the rights of the funds' shareholders
without approval obtained by way of  shareholder meetings was agreed by the
Absolute European Catalyst Fund Limited and the Absolute Octane Fund Limited as 
a term of the aforementioned consent order deferring the hearing date of the
petitions. On the basis that Absolute  European Catalyst Fund Limited and
Absolute Octane Fund Limited receive a sufficient level of investor support to
the  proposals, the Company will proceed to requisition extraordinary general
meetings of shareholders of such funds to give  formal approval to the
modification of the shareholder rights envisaged in the current restructuring
proposal and the  subsequent adoption of amended articles of association
reflecting the terms of the proposed restructuring by the  Company. Implementing
the proposed restructuring in this manner will require the sanction of a
resolution of such  shareholders holding not less than three quarters of these
funds' participating shares present in person or represented  by proxy at the
meetings. The Company anticipates that it will requisition (or, alternatively,
the Directors of the  funds might call) meetings of the shareholders of these
funds as well as of the Absolute Return Europe Fund Limited and  the Absolute
East West Fund Limited following an assessment of the returns received from
investors on 19 October 2007.  Under the funds' articles of association,
meetings of shareholders may be held on seven days' notice, and are likely to 
be held prior to 31 October 2007.

The Company anticipates making further announcements concerning the status and
progress of the fund restructuring as  circumstances require.



Enquiries:

Absolute Capital Management           +34 (971) 765553
Holdings Limited
Jonathan Treacher, CEO

Panmure Gordon                        020 7459 3600
Dominic Morley

Cardew Group                          020 7930 0777
Tim Robertson
Shan Shan Willenbrock
David Roach




                      This information is provided by RNS
            The company news service from the London Stock Exchange

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