ARGO Group Limited Exposure to Cyprus (2835C)
2013年4月13日 - 12:31AM
RNSを含む英国規制内ニュース (英語)
TIDMARGO
RNS Number : 2835C
ARGO Group Limited
12 April 2013
Argo Group Limited ("Argo")
Exposure to Cyprus
Argo Group Limited, the independent alternative investment
manager offering a multi-strategy platform for investing in global
emerging markets, is a holding company incorporated in the Isle of
Man and has principal subsidiaries in Cyprus, the UK and the Cayman
Islands (together the "Group"). Substantially all of Argo's revenue
is derived from management and performance fees paid by the funds
which are under the management of the Group.
As announced on 12 March 2013, the Group had cash and cash
equivalents as at 31 December 2012 of US$5.1 million. The Board has
been mindful of the Group's exposure to Cypriot sovereign risk and
has managed its treasury accordingly. Argo currently has cash
balances of US$104,000 and EUR20,000 at Cypriot banks and estimates
the Group's exposure to Cypriot credit risk to be approximately
EUR50,000.
The Group's priorities continue to be the achievement of
consistent investment performance and increasing AUM both of which
the Group has the capacity to achieve without a corresponding
increase in costs. Emerging markets remain attractive and despite
the continuing challenges posed by the global markets for asset
gathering the Board is confident about the future of the
business.
As improved sentiment towards the euro and greater risk appetite
amongst investors flows through to 2013 the Board continues to be
optimistic about the Group's future prospects. Argo has a strong
debt-free balance sheet, a prerequisite for further growth. This
underlies the Board's confidence that with continued operational
efficiency and its talented team the Group is well positioned to
continue to weather the economic and political challenges ahead and
to benefit from the eventual global recovery.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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