Tatton Asset Management Regulatory News (TAM)

1 Oct 2007 07:01

Titanium Asset Management Corp01 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 5672Nigel Wightman, Executive Director + 44 7789 277849 Seymour Pierce LtdJonathan Wright +44 20 7107 8000 Penrose Financial Gay Collins +44 7798 626 282Kay 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 SharesNameThomas Anglin Hamilton 116,027 0.50Nazuk, LLC (1) 493,113 2.14Mark Adam Parkin 137,782 0.60Nigel David Wightman 174,040 0.75Whitewater Place, LLC (2) 1,283,544 5.58SKC TRUST SHARES, LLC (3) 203,047 0.88Titanium Incentive Plan, LLC (4) 348,080 1.51Red Earth Holdings Ltd (5) 50,000 0.22Clal Finance Ltd (6) 10,100,000 43.92Total: 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 distributedto 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 5672Nigel Wightman, Executive Director + 44 7789 277849 Seymour Pierce LtdJonathan Wright +44 20 7107 8000 Penrose Financial Gay Collins +44 7798 626 282Kay 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