15 Sep 2010 15:02
Titanium Resources Group
Notifiable Interests and Directorate Changes
15 September 2010: Titanium Resources Group Ltd ("TRG" or the "Company") announces that it has been notified that Pala Investment Holdings Limited ("Pala") today purchased 114,981,497 ordinary shares of no par value in the Company ("Ordinary Shares"), representing approximately 29.8 per cent. of the Company's issued Ordinary Shares from Mr Jean-Raymond Boulle.
As a result of this sale, Mr. Boulle (through Leopard Titanium Limited, a company registered in the British Virgin Islands in which he is the sole shareholder and sole director) is now interested in 31,459,856 Ordinary Shares, representing approximately 8.15 per cent. of the Company's issued Ordinary Shares.
Pala is a US$1 billion multi-strategy investment company with a particular focus on mining and natural resource companies in both developed and emerging markets. Pala's exclusive investment advisor, Pala Investments AG, is a Swiss based team with extensive experience within the mining and natural resource sectors. Pala seeks to assist companies in which it has long-term shareholdings by providing strategic advice and innovative financing solutions.
The Board of TRG has agreed that Pala will be entitled to nominate three Directors of the Company for so long as Pala holds 20 per cent. or more of the issued share capital of the Company. In the event that Pala's shareholding is reduced to between 10 per cent. and 20 per cent. of the issued share capital of the Company, Pala will be entitled to nominate two Directors of the Company.
The Company also announces that Rod Baker has today resigned from his position as a Non-executive Director of TRG with immediate effect.
A further announcement regarding the appointment of Directors will be made in due course.
Commenting on the announcement, Wayne Malouf, Executive Chairman of TRG said:
"I and the rest of the Board would like to thank Rod Baker for his hard work and wise council over the last five years and we wish him all the best for the future.
"I would also like to take the opportunity to welcome Pala as new shareholders in TRG. I look forward to working with them to help capture the value inherent in the Company's assets."
--ENDS--
For further information:
Titanium Resources Group
Wayne Malouf (Executive Chairman)
John Sisay (Chief Executive)
Telephone: +44 (0) 207 321 0000
Arbuthnot Securities
Nominated Adviser & Broker
Hugh Field / Richard Johnson
Telephone: +44 (0) 20 7012 2000
Aura Financial
Michael Oke / Andy Mills
Telephone: +44 (0) 207 321 0000
SRX.L (SRX)