Tatton Asset Management Regulatory News (TAM)

21 Jun 2007 07:00

Titanium Asset Management Corp 21 June 2007 Not for release, publication or distribution in, or into, the United States, Canada, Australia, Japan, the Republic of Ireland or South Africa Press Release June 21, 2007 Titanium Asset Management Corp. ('Titanium' or the 'Company') Successful completion of US$120,000,000 financing and first day of dealings Titanium Asset Management Corp., established to acquire companies engaged in the asset management industry, announces the admission of its common shares and warrants to trading on the AIM Market ('AIM') of the London Stock Exchange plc. Seymour Pierce Limited is acting as both Nominated Adviser and Broker to the Company. Sunrise Securities Corp. acted as Global Co-ordinator, Sole Bookrunner, Financial Adviser and Placing Agent. The trading symbols for the common shares and warrants are TAM.L and TAMW.L respectively. Titanium intends to acquire a number of specialists as well as multiproduct asset management firms with complementary investment strategies and strong investment performance which will then be managed as an integrated business. Titanium has already signed three Letters of Intent to acquire asset management businesses with combined assets under management of an estimated combined US$3.5bn. The acquisition strategy will initially focus on the US market, but will then be rolled out globally. Titanium has placed 20,000,000 units at US$6.00, each unit comprising one share and one warrant, raising US$120,000,000 before expenses. Clal Finance Ltd, an investment bank quoted on the Tel Aviv Stock Exchange, has acquired 10,100,000 units at the placing. A number of other major international institutional investors participated in the placing. Titanium has assembled a strong management team with extensive experience in the global asset management industry, led by Mr. John Kuzan as Chairman, Mr. John Sauickie as CEO and Mr. Nigel Wightman, Executive Director. Commentating on the placing Mr. Wightman, Executive Director, said: 'We are delighted to have the support of a strong shareholder group to pursue our business strategy. We believe that the global asset management industry will continue to grow significantly and we hope to acquire both specialist and multiproduct firms where we are able to expand the scale and scope of distribution to improve rates of asset accumulation.' Subject to compliance with applicable laws, stabilisation may be undertaken in relation to the shares during the period ending 20 July 2007 if the market price per share is less than $5.50. However stabilisation may cease at any time and there is no assurance that stabilisation will be undertaken. The manner in which the stabilisation will be undertaken is set out in the Company's admission document dated 18 June 2007. The common shares and warrants in the Company have not been registered under the U.S. Securities Act of 1933, as amended. The common shares and warrants may not be offered or sold within the U.S. or to U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. Hedging transactions involving the Shares or Warrants may not be conducted unless in compliance with the Securities Act. For further information: Titanium Asset Management Corp Nigel Wightman, Executive Director Tel: +44 (0) 20 7822 1881 Seymour Pierce Limited Jonathan Wright, Director Tel: +44 (0) 20 7107 8000 Sunrise Securities Corp. Tel: (212) 421-1616 Dr. Amnon Mandelbaum, Senior Managing Director Penrose Financial Gay Collins Tel: +44 (0) 20 7786 4882 Mob: 07798626282 Julie Allison Tel: +44 (0) 20 7786 4872 Notes to editors: Clal Finance is Israel's largest publicly traded financial institution outside the banking system, providing a broad array of financial services, ranging from portfolio management to brokerage and underwriting services. It owns and operates mutual funds, an in-house hedge fund, and offers individually tailored structured products to clients. Clal Finance is owned 77% by Clal Insurance Enterprises Holdings and 23% by the public. Clal Insurance Enterprises Holdings is itself a publicly traded company in which IDB Development Corporation, one of Israel's largest holding companies, holds a 51% stake and Hapoalim Bank a 14% stake. THE INFORMATION CONTAINED HEREIN IS NOT FOR PUBLICATION OR DISTRIBUTION INTO THE UNITED STATES. THE MATERIAL SET FORTH HEREIN IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT INTENDED, AND SHOULD NOT BE CONSTRUED, AS AN OFFER OF SECURITIES FOR SALE INTO THE UNITED STATES OR ANY OTHER JURISDICTION. THE SECURITIES OF THE COMPANY DESCRIBED HEREIN HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE 'SECURITIES ACT'), OR THE LAWS OF ANY STATE, AND MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES, EXCEPT PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND APPLICABLE STATE LAWS. THERE IS NO INTENTION TO REGISTER ANY PORTION OF THE PLACING IN THE UNITED STATES OR TO CONDUCT A PUBLIC OFFERING OF SECURITIES IN THE UNITED STATES.