ABC ARBITRAGE
As indicated when the interim results were published on September 23, third-quarter activity was below the first- half average and in line with the second quarter, following another drop in volatility levels.
The first three quarters of 2014 alone saw almost one third of the flattest days in the financial markets in the past
30 years.
Q3 activity met our usual quality measures, enabling us to pursue our Ambition 2016 program, particularly on the hiring front. We hired two new employees in addition to the eight announced on September 23, 2014 and created several new openings, mainly in R&D.
The Asian subsidiary is now completing the installation of its technical infrastructure and the process of obtaining a portfolio management license from the Monetary Authority of Singapore (MAS) is moving forward as expected. Quartys, the new Irish investment company, officially began operations and conducted its first transactions in the third quarter.
The investment funds managed by ABC arbitrage Asset Management delivered an improved performance that nevertheless remained below the group's profitability targets. Assets under management stood at €260 million at October 1, 2014.
The first few weeks of the fourth quarter were shaped by some very contrasting situations, with volatility back to levels not seen for more than three years but acocmpanied by a sharp fall in correlation between different assets. The ABC arbitrage group is gradually building up a level of activity consistent with the new market paradigm while exercising the due care and attention demanded by the prevailing environment.
At its meeting of September 18, 2014 approving the 2014 interim financial statements, the Board of Directors decided to pay an interim dividend of €0.20 per share for 2014. Shareholders may opt to reinvest all or part of their dividend in ABC arbitrage shares at a price of €4.42 per share. The dividend timeline is as follows:
- Ex-dividend date: Tuesday, November 18, 2014;
- Deadline for exercising the dividend reinvestment option: close of business on Tuesday, December 2, 2014;
- Payment of dividends in cash or shares: Monday, December 15, 2014.
Shareholders should specify their chosen option before the deadline using the form they will receive for that purpose directly from the bank or broker that holds their ABC arbitrage shares.
Lastly, for the 2014 and 2015 academic years, ABC arbitrage is pleased to announce that it will be providing financial support to La Maison des Talents, a novel program run by Fondation Financière de l'Echiquier to help underprivileged young women successfully prepare for the entrance exams for France's leading universities. Through this partnership, the group aims to help the new generation gain access to a scientific education and thereby contribute to the development and recognition of France's excellence in these fields.
The revenue figures in the table below are presented in accordance with IFRS and are not a meaningful indication of the volume of business conducted during the period, which is better represented by net financial revenue.
Company (in euros) | Group (in euros) | |||
2014 | 2013 | 2014 | 2013 | |
1st quarter | 456,006 | 456,277 | 77,396 | 77,893 |
2nd quarter | 446,383 | 460,327 | 26,906 | 76,769 |
3rd quarter | 491,642 | 448,999 | 15,195 | 76,604 |
Total | 1,394,031 | 1,365,603 | 119,497 | 231,266 |
Contacts: http://www.abc-arbitrage.com/
Communication: Julien Aumont: +33 (0)1 53 00 55 00 /actionnaires@abc-arbitrage.com
PR: VS E-MEDIA - Valérie Sabineu: +33 (0)6 61 61 76 73 / v.sabineu@gmail.com
|
distributed by
|
