7 Jan 2011 10:07
7 January 2011
Crosby Asset Management Inc.
("CAM" or the "Company")
Holdings in Company
The Company was today notified by ECK Partners Holdings Limited ("ECK") that, following a transfer of 167,314,703 ordinary shares of US$0.01 each in the capital of the Company, representing approximately 54.0 per cent. of the Company's issued ordinary share capital, to Old Church Street Holdings Limited ("Old Church Street") on 7 January 2011, that it has reduced its holdings in the in the Company to 109,538,018 ordinary shares of US$0.01 each, representing approximately 35.4 per cent of the Company's issued ordinary share capital.
Old Church Street is a privately owned investment holding company that predominately invests in the natural resources sector. Old Church Street is owned by Eqinox Trustees for a trust for which John Mc Keon is the primary discretionary beneficiary.
The Company has been informed by ECK that ECK has transferred the shares to Old Church Street in connection with a strategic partnership between ECK and Old Church Street that is designed to accelerate the process of identifying suitable acquisition opportunities for CAM in order to allow the Company to fulfil 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.
Commenting on the transaction with Old Church Street, Robert Owen, Chairman of CAM, said:
"I am delighted that CAM has obtained such experienced strategic partners in ECK and Old Church Street and we look forward to working with them to assist the Company in achieving its previously announced investing strategy of acquiring holdings in natural resources, minerals, metals and/or oil and gas sectors. I am confident that, together, we will be in a position to make further positive announcements relating to the investment strategy of CAM in the near future".
Enquiries:
Crosby Asset Management Limited
Waseem Shiraz +44 (0) 20 7399 4384
Strand Hanson Limited
Stuart Faulkner/James Spinney +44 (0) 20 7409 3494