ZOL.L Regulatory News (ZOL)

31 Mar 2005 12:32

Crosby Capital Partners Inc31 March 2005 Crosby capital partners inc. (the "Company" or "Crosby") Acquisition of Significant Interest in IB Daiwa and Expansion into Japan 31st March 2005 Crosby announces that it has acquired a significant interest in IB Daiwa Corp.("IBD"), a Japanese company which is publicly listed and in Tokyo on the JapanSecurities Dealers Association Quotation System ("JASDAQ"). IBD's stock code is3587. The interest is in the form of warrants to subscribe for 107 million newordinary shares in IBD. The warrants are exercisable into ordinary shares ofIBD at a price of Yen30 per share any time during the remainder of 2005 andthereafter at a price of Yen31 per share any time prior to the middle of July2006. IBD's ordinary shares are currently traded on JASDAQ and closed today at aprice of Yen18. The warrants, when exercised, will result in a shareholding that represents justunder a third of IBD's fully diluted ordinary share capital, (assuming exerciseof all the outstanding warrants). IBD is a Tokyo based trading company primarily interested in textiles, foodproducts and real estate. Simon Fry, CEO of Crosby, said: "I am very pleased indeed to announce what is an exciting and potentially verysignificant transaction for Crosby. The acquisition of the IB Daiwa warrants,and the likely control position that we will achieve in IB Daiwa when we haveexercised those warrants and our nominated directors have taken their place onthe board of the company, are of great strategic importance to Crosby. "Japan is still the most significant financial market in Asia in terms of sizeand diversity. It is also the most sophisticated financial market outside the USand Europe. As the Japanese economy finally starts to recover after many yearsof depression, Japanese corporations are trying to find ways to develop an evengreater involvement with Asia and in particular China. As the leading independent merchant and investment banking firm in Asia, theacquisition of a strategic platform in Japan is a major step forward for Crosby,and one that I believe will be transformative for our group. Our merchantbanking activities have already seen Japanese corporations as counterparts in anumber of large and profitable transactions, and furthermore, in our assetmanagement business we have recently completed a fund management joint venturewith JAIC, a listed Japanese company. It is our intention to help broaden the operating scope of the existingbusinesses of IBD, and we are convinced that there is a long term opportunityand considerable potential for Crosby's further expansion in Japan. We lookforward to providing the market with further updates on a timely basis on thisvery significant step for the Crosby Group." -ends- For further information on Crosby please contact: Simon Fry, Chief Executive Officer in London on +44 (0)207 590 2800Johnny Chan, Group Managing Director in Hong Kong on +852 21692800Andy Berry, Fishburn Hedges +44 (0) 20 7839 4321 Notes to editors: Information on Crosby Crosby, with dual headquarters in London and Hong Kong, was established in 1984and is now Asia's leading independent investment banking and asset managementfirm. Crosby has a substantial and diverse client base in Asia, the Middle Eastand Europe and has been dedicated to providing these clients with financialadvice for over two decades Crosby has the professional expertise to execute complex financial transactions,comparable to a top tier global investment bank, while still retaining theresponsiveness, independence and focus of a smaller firm. In recent years theknowledge, experience and extensive network of our senior investment bankingteam has been leveraged by partnering directly with our clients to create uniquesolutions which reform their capital structures and create and unlock value forshareholders Crosby's asset management arm has been managing innovative investment funds,across a wide range of asset classes, in both the public and the private sectorssince 1986. Members of Crosby's newly-formed wealth management division act asindependent investment advisors to high net worth clients. By operating inpartnership with a major Swiss Bank, the wealth management division is able toarrange support services and safe custody for client assets. www.crosby.com This information is provided by RNS The company news service from the London Stock Exchange