5th Jan 2009 07:00
Titanium Asset Management Corp ('Titanium')
Closing of Acquisition of Boyd Watterson Asset Management LLC
Further to the announcement made on 10 November 2008, Titanium is pleased to announce that it has closed the acquisition of 100% of the membership interests in Boyd Watterson Asset Management LLC ("BWAM"), an established US-based money management firm.
The agreed initial consideration payable was US$7.5 million in cash, subject to certain possible post-closing adjustments, together with the issue of 58,000 shares of Titanium common stock to BWAM employees.
A further 192,000 shares will be issued at the same time Titanium makes the deferred payment of up to US$8.0 million, expected to be paid in early 2011depending on BWAM's annualised revenue run-rate as at 31 December 2010.
Application has been made for the 58,000 new shares of Titanium common stock to be admitted to trading on AIM and admission is expected to occur on 9 January 2009.
Notes to editors.
Titanium
Titanium is listed on the London AIM market having successfully raised US$120m through an IPO in June 2007. It has already acquired three businesses - Wood Asset Management Inc, Sovereign Holdings LLC and National Investment Services Inc. At 30/9/08 combined assets under management were U$5.7billion.
BWAM
BWAM was acquired by its current management in a MBO in 2007 and currently has 22 employees. In the year ended 31 December 2007, BWAM earned management fees of US$5,932,000.
For further information please contact:
Titanium Asset Management Corp.
Nigel Wightman, Chairman and CEO +44 20 7822 1881 or + 44 7789 277849
Seymour Pierce Ltd
Jonathan Wright +44 20 7107 8000
BWAM
Brian Gevry, Chief Executive Officer +1 216-771-3450
Penrose FinancialGay Collins +442077864882 or +44 7798 626 282
Related Shares:
Tatton Asset Management