1st Apr 2008 07:01
Titanium Asset Management Corp01 April 2008 1 April 2008 Titanium Asset Management Corp. Completion of Acquisition Board Changes Holding in Company Titanium Asset Management Corp. ("Titanium" or the "Company") (AIM: TAM) is pleased to announce that it has completed the acquisition of the entire issued and outstanding capital stock of National Investment Services, Inc. ("NIS")following the approval of the acquisition (the "Acquisition") at the Special Meeting of the Company held on 26 March 2008. The Acquisition constitutes a Qualified Business Combination under the terms ofthe Company's certificate of incorporation. Accordingly: • Stockholder approval will no longer be required for further acquisitions by the Company unless such acquisition constitutes a reverse takeover under the AIM Rules and Stockholders will have no further rights to require the Company to repurchase their shares of common stock ("Shares"); • the balance of funds held in the trust fund will be transferred to the Company and become unrestricted and available for general use; • the Company must use commercially reasonable efforts to file with the SEC a registration statement within 120 days of today's date; and • the warrants to subscribe for Shares ("Warrants") become exercisable. The Company also confirms that John Kuzan has today stepped down as Chairman ofthe Board of the Company to focus upon developing the Company's businesses,particularly Sovereign. Nigel Wightman, currently a director of Titanium has become Chairman and RobertKelly, a founder and director of NIS, has joined the Board as an ExecutiveDirector. The Company has also been informed that Clal Finance Ltd. has entered into anagreement to acquire 385,400 Shares at US$4.80 per share and 385,400 Warrants atUS$0.9000 per Warrant. Following this acquisiton, Clal Finance Ltd. will own10,485,400 Shares, representing 51.3 per cent. of the issued Shares, and10,485,400 Warrants. Nigel Wightman, Chairman, said "I am pleased to welcome Bob Kelly and the restof the NIS staff to Titanium. "We now have an excellent range of investment products, some deliveredinternally and some by our new partners. NIS also provides us with excellentinstitutional distribution and a strong operational base. We continue to seekfurther acquisitions in the asset management industry, both in the United Statesand elsewhere, and look forward to reporting progress to Stockholders in thecoming months". For further information: Titanium Asset Management Corp.John Sauickie, Chief Executive Officer +1 941 361 2191Nigel Wightman, Executive Director + 44 7789 277849 Seymour Pierce LtdJonathan Wright +44 20 7107 8000 Penrose FinancialGay Collins +44 20 7786 4888Kay [email protected] This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Tatton Asset Management