ACMH Acmh Ltd

    RNS Number : 7335W
  Absolute Capital Mgmt Holdings Ltd
  16 June 2008
   


    Absolute Capital Management Holdings Limited
    ("Absolute Capital" or the "Company")

    Result of Extraordinary General Meeting and Executive Appointments


    Extraordinary General Meeting

    Absolute Capital is pleased to announce that at the Extraordinary General Meeting of the Company held today in the Cayman Islands, all
of the resolutions put to shareholders to approve the demerger of the Argo Business were passed. The Company will now complete the demerger
of Argo Business immediately by making a distribution of shares of Argo Group Limited ("Argo") to the Company's shareholders. Following the
distribution, Argo will be owned independently of the Company.   

    Pursuant to the terms of the demerger, shareholders will retain their existing holding of Absolute Ordinary Shares, which will continue
to be traded on AIM and, in addition, will receive the same number of Argo Ordinary Shares, with Argo initially being a private company. It
is intended that an application will be made for the Argo Ordinary Shares to be admitted to trading on AIM within six months. Panmure Gordon
has been appointed as the financial adviser to Argo for this purpose. Until which time Argo Ordinary Shares may be admitted to trading on
AIM, there will be no established market for the Argo Ordinary Shares, but Panmure Gordon will use its reasonable endeavours to match
bargains in Argo Ordinary Shares off-market. The ISIN for Argo Ordinary Shares is IM00B2RDSS92.

    It is anticipated that CREST accounts will be credited with Argo Ordinary Shares by 16 June 2008, and that certificates in respect of
Argo Ordinary Shares will be despatched by 27 June 2008.

    Executive Appointments

    The board of ACMH is pleased to announce that effective immediately, Jonathan Treacher will become the Company's non-executive Chairman,
and that Glenn Kennedy has been appointed Chief Executive Officer. Glenn joined the Company in December, 2006 as General Counsel and was
appointed to the Board of Directors in February, 2008. 

    Commenting on the results of the EGM and the executive appointments, Jonathan Treacher said: "We are delighted with the result of the
EGM. The demerger of Absolute Capital and Argo Group is a significant step forward for both companies as they will now be in a stronger
position to execute their own growth strategies and enhance overall shareholder value. The appointment of Glenn as CEO is a logical step
forward for Absolute Capital as we continue to strengthen our management team to build a solid foundation for further growth and
development." 


 Enquiries 
 Absolute Capital Management Holdings Limited  Tel: +41 41 560 9660
 Jonathan Treacher
 Shamillia Sivathambu
 Panmure Gordon                                Tel: +44 (0)20 7459 3600
 Dominic Morley
 Callum Stewart
 Cardew Group                                  Tel: +44 (0)20 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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