To: ACMH Shareholders and Investors
In the recent market, I have become concerned with the performance of certain of our funds. My dedication to ACMH’s investors is such that, I donated 5 million shares of ACMH, worth approximately €33m to the funds last month. This move was consistent with other firms in the industry which have contributed their own capital in order to help investors ride out the instability in the markets. As a result of my actions, those funds ended up positive or neutral for the month.
Also, I have forgone my bonus this year with the intention to share it with the many investment professionals at ACMH. My belief is that it is important for the ACMH to invest in its profit generators, not in non-producing management.
However, the Board of ACMH did not agree with my arguments that ACMH needs to pay adequate compensation to retain top-level fund managers nor did they follow my lead in sacrificing personal bonuses and compensation, or in contributing ACMH shares to the funds.
It is apparent that I share a different investment and management philosophy from the current and prior management of ACMH. Therefore, I have decided that it is time that I left the company I founded to focus on other pursuits.
I am resigning effective Wednesday, 19th September 2007. I want investors and shareholders to know that I do not intend to start another fund or compete with ACMH.
In fact, I remain the largest single shareholder in ACMH – with my ex-wife and children also holding substantial stakes – and I intend to continue to fight for shareholder value in ACMH and hope to contribute in that role in anyway I can.
I want to thank all of you for your support over the years. I hope that my leaving ACMH will force management to realise that its most important assets are its highly skilled investment professionals. It is my hope that they will grant them the freedom to make their decisions and carry on my legacy of returning superior performance to investors and shareholders alike.
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