Replacement of announcement o

RNS Number : 1844L

Titanium Asset Management Corp

06 January 2009

 



This announcement replaces the announcement made on 5 January 2009 with RNS number 0302L. The only changes relate to the issue of the initial consideration shares and the timing of their admission to trading on AIM. The full text of the amended announcement is set out below.

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 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 2011 depending on BWAM's annualised revenue run-rate as at 31 December 2010.

The 58,000 new shares of Titanium common stock will only be admitted to trading on AIM on 31 December 2009 if the conditions of vesting have been satisfied.

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                           [phone] or + 44 7789 277849

Seymour Pierce Ltd

Jonathan Wright                                                          [phone]

BWAM

Brian Gevry, Chief Executive Officer                           [phone]    

Penrose Financial
Gay Collins                                                                 [phone] or [phone]

[e-mail]

 

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