23 Dec 2010 09:29
Crosby Asset Management Inc.
("CAM" or the "Company")
Holdings in Company and Director's Dealing
The Company was today notified by Crosby Capital Limited that, following a disposal of 276,852,721 ordinary shares of US$0.01 each in the capital of the Company, representing approximately 89.35 per cent. of the Company's issued ordinary share capital, to ECK Partners Holdings Limited ("ECK Partners") on 23 December 2010, it no longer has a notifiable interest in the Company.
ECK Partners is an investment holding company, owned as to 88.86 per cent. by TW Indus Limited, a company beneficially wholly-owned by Mr Ilyas Khan, and 11.14 per cent. beneficially owned by Mr Robert Owen, an existing director of the Company.
Ilyas Khan, 48yrs old, was previously the Chairman of Crosby Capital Limited, and also a non executive director of Crosby Asset Management. He started his career in the City of London with J Henry Schroder Wagg, and was based for 20 years in Hong Kong where he worked for Citigroup, UBS and Nomura, before establishing TW Indus in 1998 as an investment holding company for his business interests. He is also one of the founding directors of White Energy Company in Australia and a founding director of Touchstone Gold.
Robert Owen, has over 35 years experience in the financial services industry and is currently Non Executive Chairman of CAM. He has held senior positions in the Asian operations of the Nomura Group, as well as being Chairman of the International Securities Consultancy Limited and a Director of Citibank (Hong Kong) Limited. He is a board member of both the Dubai Financial Services Authority and the Singapore Exchange Limited. Robert has previously been Executive Chairman of the Hong Kong Securities and Futures Commission and Council Member of Lloyds of London and has held senior positions in the Lloyds Bank Group and Morgan Grenfell.
Commenting on the transaction Ilyas Khan said
"I am delighted that ECK has obtained a major interest in CAM and ECK looks forward to assisting the Company in achieving its previously announced investing strategy of acquiring holdings in natural resources, minerals, metals and/or oil and gas projects and companies, which the directors of CAM believe to be undervalued".
Enquiries:
Crosby Asset Management Limited
Waseem Shiraz +44 (0) 20 7399 4384
Strand Hanson Limited
Stuart Faulkner/David Altberg +44 (0) 20 7409 3494