ZOL.L Regulatory News (ZOL)

24 Jun 2005 08:06

Crosby Capital Partners Inc24 June 2005 24 June 2005 Crosby Capital Partners Inc. ('Crosby' or the 'Company') IB Daiwa Shareholders approve appointment of Crosby Executives to its Board of Directors Crosby takes management control of IB Daiwa On 31 March 2005, Crosby announced that it had acquired a significant interestin IB Daiwa Corp ('IBD') in the form of warrants to subscribe for 107 millionnew shares in IBD with an exercise price of approximately Y30 per share. If allthe warrants are exercised, the options represent an equity interest of 34% on afully-diluted basis. IBD held its Annual General Meeting in Japan at 10 am local time (2 am UK time)today. The following 4 directors and executives of Crosby Capital Partners wereelected and approved as directors to the board of IBD. IBD will have a total of7 directors. Robert Owen (as Chairman, non-executive, of IBD) Simon Fry Jose Borromeo Johnny Chan (also acts as Executive Vice President of IBD). Simon Fry, CEO of Crosby, said: "We are pleased to have received this magnitude of support from the shareholdersof IB Daiwa. They have entrusted us with the management of the company as newmembers of IB Daiwa's Board of directors and I would like to communicate to themin no uncertain terms that we are committed to ensuring that we add value forall shareholders." He also commented "From a Crosby standpoint, the board appointments and the intrinsic value of theIB Daiwa warrants are of immense importance in many regards, not least economic.Given the expertise that Crosby has developed in natural resources, we lookforward to briefing all our shareholders further on IB Daiwa's strategy in duecourse, which will include an expansion into this area." For further information on Crosby please contact Simon Fry, Chief Executive Officer in London on +44 (0)20 7590 2800 Johnny Chan, Group Managing Director in Hong Kong +852 2169 2800 Andy Berry, Fishburn Hedges +44 (0)20 7839 4321 This information is provided by RNS The company news service from the London Stock Exchange