euro adhoc: Fortune Management Inc.
Financing, Stock Offerings /
Full subscription of private placement
Broadening of institutional shareholder base
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
04.03.2005
The Fortune Management Inc., Delaware/USA, (General Standard, ISIN USU026281027, FMI1) successfully completed a private placement of 15,480,000 shares as planned with the offered shares being fully subscribed. In the course of this private placement Fortune Management Inc. offered institutional investors new shares at a price of EUR 0.50 per share. The placement was led by the Frankfurt-based bank Seydler AG.
The new shareholders are throughout institutional investors operating in the small- and mid-cap securities market as well as in the asset management field. Thus, Fortune Management was able to significantly increase the number of its core shareholders.
Hence, the market confirms Fortune Managements business model in the asset management sector. The proceeds from the placement amounting to approximately EUR 7.5 million will be employed consistently for additional acquisitions and to strengthen the balance sheet.
end of ad-hoc-announcement
Profile: FORTUNE Management Inc., Delaware, focuses on building a network of independent asset management companies, mainly in Switzerland. It aims to acquire majority stakes in such companies. These asset managers are then integrated into the Group, thereby relieving them of as much of their middle office administrative workload as possible. The resulting economies of scale contribute to improving the cost-income ratio. Research and portfolio management support is provided with a view to enhancing risk-adjusted returns for investment clients. The asset managers' relationships with their clients and custodians remain intact, and the firm continues to trade under its established name.
FORTUNE Management Inc. was created from the former ComTelco International Inc. at the end of 2003 following a strategic reorientation. It has subsidiaries in the Swiss cities of Zug, Geneva, and Zurich, as well as in the UK, Belgium, Germany and Dubai. Its stock (ISIN: USU 026281027) is traded on the regulated market (General Standard segment) of the Frankfurt stock exchange.
end of announcement euro adhoc 04.03.2005 12:09:10
Further inquiry note:
For further information please contact:
Fortune Management Inc.
Christian Hillermann
Investor Relations Manager
Tel.: +49 40 / 23608-897
Fax: +49 40 / 23608-500
Email: ir@fortune-management.com
Branche: Financial & Business Services
ISIN: USU026281100
WKN: AOBMB7
Index: CDAX, HDAX, Prime All Share, General Standard
Börsen: Frankfurter Wertpapierbörse / regulated dealing
Berliner Wertpapierbörse / free trade
Baden-Württembergische Wertpapierbörse / free trade
Börse Düsseldorf / free trade
Bremer Wertpapierbörse (BWB) / free trade