African Eagle Resources Share News (AFE)

(ShareCast News) - Shares in Record slumped after the currency manager admitted that a dynamic hedging mandate it was supplying had been suspended pending a potential restructure.The company, which is listed on the FTSE's Fledgling index, said the assets under management equivalent (AuME) attributable to this mandate as of 31 December was $500m, and the annualised fee rate was consistent with its standard dynamic hedging management fee scales.Record announced what was roughly a $600m contract in September, saying that, assuming contract negotiations conclude successfully, this mandate would begin and revenues to start accruing, before the end of the calendar year.During the first half of the year, Record's US-based dynamic hedging clients experienced an overall marginal weakening of the US dollar against developed market currencies, particularly against the euro in the first three months of the period, as US interest rate hike expectations began to slip and longer-term rates partially converged.On Thursday's announcement, shares in the company initially fell almost 13% before coming back to 25.24p before noon, an 8% decline for the day so far.