Re-admission to AIM
October 01 2007 - 3:02AM
UK Regulatory
RNS Number:8074E
Titanium Asset Management Corp
01 October 2007
Titanium Asset Management Corp.
1 October 2007
Not for release, publication or distribution in whole or in part in or into the
United States, Canada, Australia, Republic of South Africa or Japan
TITANIUM ASSET MANAGEMENT CORP.
COMPLETION OF ACQUISITIONS OF WOOD ASSET MANAGEMENT INC, SOVEREIGN HOLDINGS,
LLC AND CERTAIN CLIENT MANDATES OF SIESTA KEY CAPITAL, LLC
RE-ADMISSION TO AIM
HIGHLIGHTS
* Titanium completes its first acquisitions since admission to AIM in June 2007
* Stockholders representing an overwhelming majority of the Company's Shares
voted in favour of approving the acquisitions
* Titanium has acquired Wood Asset Management Inc, Sovereign Holdings, LLC and
will acquire certain client mandates of Siesta Key Capital, LLC
* Following completion of the acquisitions, the Company will have approximately
U.S.$3.33 billion of assets under management
For further information:
Titanium Asset Management Corp.
John Sauickie, Chief Executive Officer +1 941 524 5672
Nigel Wightman, Executive Director + 44 7789 277849
Seymour Pierce Ltd
Jonathan Wright +44 20 7107 8000
Penrose Financial
Gay Collins +44 7798 626 282
Kay Larsen +44 7747 631 614
Titanium Asset Management Corp. ("Titanium" or the "Company") (AIM: TAM) is
pleased to announce it has completed the acquisitions of the entire issued and
outstanding capital stock of Wood Asset Management Inc ("Wood") and Sovereign
Holdings, LLC ("Sovereign") and the proposed acquisition of certain client
mandates from Siesta Key Capital LLC ("SKC") can now proceed following the
approval of these transactions (the "Acquisition") at the Special Meeting of
the Company on 27 September 2007.
In aggregate, following completion of the Acquisition, the Company will have
approximately U.S.$3.33 billion of assets under management ("AUM").
The entire issued Shares and Warrants of the Company, amounting to 22,993,731
Shares (trade symbol: TAM.L) and 20,000,000 Warrants (trade symbol: TAMW.L),
have been admitted to AIM this morning.
In accordance with Titanium's Certificate of Incorporation, a total of 119,200
Founding Shares (comprising 95,360 Shares and 23,840 Restricted Shares) are to
be purchased by Titanium at par value so that the aggregate number of Founding
Shares shall not exceed 15.2% of the issued share capital of the Company
(excluding those Shares to be issued as consideration on the Acquisitions).
The interests (which are beneficial unless otherwise stated) of the Directors
and their related parties (as that term is defined in the AIM Rules) in the
Shares on Admission (assuming completion of (i) the redemption of Shares of
those holders who voted AGAINST AND REDEEM and (ii) the purchase of a total
119,200 Founding Shares) are as follows:
Number of Percentage of
Outstanding Shares Held Outstanding Issued Shares
Name
Thomas Anglin Hamilton 116,027 0.50
Nazuk, LLC (1) 493,113 2.14
Mark Adam Parkin 137,782 0.60
Nigel David Wightman 174,040 0.75
Whitewater Place, LLC (2) 1,283,544 5.58
SKC TRUST SHARES, LLC (3) 203,047 0.88
Titanium Incentive Plan, LLC (4) 348,080 1.51
Red Earth Holdings Ltd (5) 50,000 0.22
Clal Finance Ltd (6) 10,100,000 43.92
Total: 12,905,633 56.1
Notes:
(1) NAZUK, LLC is wholly owned by Mr. Kuzan, the Company's Chairman, and
members of his family.
(2) Whitewater Place, LLC is wholly owned by Mr. Sauickie, the Company's Chief
Executive Officer, and members of his family; it is intended that some of the
Shares held by Whitewater Place LLC will be distributed to current or future
directors or executives of the Company.
(3) SKC TRUST SHARES, LLC is owned by membership interest holders of SKC,
including Mr. Sauickie, the Company's Chief Executive Officer; it is intended
that the Shares held by SKC TRUST SHARES, LLC will be distributed to executives,
membership interest holders and consultants of SKC, an affiliate of Mr. Sauickie
(4) Titanium Incentive Plan, LLC is wholly owned by Mr. Sauickie, the Company's
Chief Executive Officer; it is intended that the Shares held by Titanium
Incentive Plan, LLC will be distributed to employees of the Target Businesses
acquired by the Company. It is intended that 60,000 Shares will be distributed
to JARE, INC., a shareholder of Sovereign, following Admission.
(5) Red Earth Holdings Ltd. is managed by Parkfield Capital LLP, an affiliate
of Messrs Parkin and Wightman. Mr. Wightman is a director of Red Earth Holdings
Ltd.
(6) Mr. Kaplan is Chairman of the board of directors of Clal Finance Ltd. and
Mr. Abramovich is CEO of Clal Finance Ltd.
For further information:
Titanium Asset Management Corp.
John Sauickie, Chief Executive Officer +1 941 524 5672
Nigel Wightman, Executive Director + 44 7789 277849
Seymour Pierce Ltd
Jonathan Wright +44 20 7107 8000
Penrose Financial
Gay Collins +44 7798 626 282
Kay Larsen +44 7747 631 614
This announcement does not constitute, or form part of, an offer or an
invitation to purchase any securities or to carry on any investment activity
whatsoever.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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