Florian Homm has sold most of his holding in Absolute Capital Management, the Aim-listed hedge fund he co-founded, realising a loss of £36.5m in the week since he threw the company into crisis with his surprise resignation. The shares were bought by Andreas Rialas, a director of AbCap who sold his Argo hedge funds to the company in January. Mr Rialas paid 35.2p a share, down from the 400p before Mr Homm resigned and issued a vitriolic public letter – in which he pledged to fight for shareholder value. The sale, which followed an approach from Mr Rialas via Mr Homm’s lawyer, accompanied news of the discovery that the funds overseen by Mr Homm were heavily invested in illiquid shares of tiny US companies.

This entry was posted by Gwen Robinson on Tuesday, September 25th, 2007 at 5:37 and is filed under Capital markets, People. Tagged with acm, florian homm. Edit this entry.