Announcement22 Dec 2012 21:20
This stock virtually never trades so I'm not sure anyone saw this announcement on Thursday:
Titanium Asset Management Corp. (AIM - TAM) (the "Company") is pleased to announce that as of December 18, 2012, TAMCO Holdings, LLC ("TAMCO"), an entity principally owned and controlled by the senior management of the Company, including Robert Brooks and Brian Gevry who are directors of the Company, acquired all 10,585,400 shares of common stock held by Clal Finance Ltd. ("Clal") for $18,500,000. Following the purchase, TAMCO and its affiliates hold total beneficial interests in 11,920,569 shares of common stock of the Company, representing approximately 57.8% of the issued and outstanding shares.
$18.5m divided by 10.6m shares is $1.75 per share. The current share price is 0.50c offered. Obviously it's illiquid and there must be questions over what happens now that management have bought control. But it all seems a bit strange doesn't it.
Does anyone have any views what is going on here? I hold but am rather confused by the whole situation.