An Unsuitable Partner?

Readers who have read “The Risks of a Buy-Out Option” which we posted on the 10th August are aware that this covered the possibility of Apollo or another hedge Fund taking over our fund.

We believe that the other possible suitor, selected as a potential Restructure Partner, is Centurion Fund Managers, Centurion, has offices in the U.K., Luxembourg and the Island of Mauritius, with funds based in the Cayman Islands.

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ARM ANNOUNCEMENT RNS 4499K

The ARM Appraisal Committee has chosen one bidder and given a timeframe to the end of August to look at the ARM portfolio and perform Due Diligence, while the bidder is completing its Due Diligence, the board remain open to reviewing other bids; in particular the board continues to work closely with a second bidder in finalising the questions and answers thereto.  No bidder has yet been confirmed as having succeeded in being given approval to take control of the portfolio.

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Statement from Ernst & Young

ARM Asset Backed Securities – Statement

Two members of staff from Ernst & Young UK were appointed as advisers to the appraisal committee in June 2012. The Ernst & Young staff members are not voting members of the committee; they have been appointed to give an independent analysis of the bids and will not be involved in the committee’s final decision making process.

Posted on 30th July 2012

OPINION