Business
First Day of Dealing
First Day of Dealing.
About this update from Tatton Asset Management Plc
[{"type":"text","content":"\n Titanium Asset Management Corp\n21 June 2007\n\n\nNot for release, publication or distribution in, or into, the United States, \nCanada, Australia, Japan, the Republic of Ireland or South Africa\n\n\nPress Release\n\nJune 21, 2007\n\n Titanium Asset Management Corp.\n ('Titanium' or the 'Company')\nSuccessful completion of US$120,000,000 financing and first day of dealings\n\n\nTitanium Asset Management Corp., established to acquire companies engaged in the\nasset management industry, announces the admission of its common shares and\nwarrants to trading on the AIM Market ('AIM') of the London Stock Exchange plc.\nSeymour Pierce Limited is acting as both Nominated Adviser and Broker to the\nCompany. Sunrise Securities Corp. acted as Global Co-ordinator, Sole\nBookrunner, Financial Adviser and Placing Agent. The trading symbols for the\ncommon shares and warrants are TAM.L and TAMW.L respectively.\n\nTitanium intends to acquire a number of specialists as well as multiproduct\nasset management firms with complementary investment strategies and strong\ninvestment performance which will then be managed as an integrated business.\nTitanium has already signed three Letters of Intent to acquire asset management\nbusinesses with combined assets under management of an estimated combined\nUS$3.5bn. The acquisition strategy will initially focus on the US market, but\nwill then be rolled out globally.\n\nTitanium has placed 20,000,000 units at US$6.00, each unit comprising one share\nand one warrant, raising US$120,000,000 before expenses. Clal Finance Ltd, an\ninvestment bank quoted on the Tel Aviv Stock Exchange, has acquired 10,100,000\nunits at the placing. A number of other major international institutional\ninvestors participated in the placing.\n\nTitanium has assembled a strong management team with extensive experience in the\nglobal asset management industry, led by Mr. John Kuzan as Chairman, Mr. John\nSauickie as CEO and Mr. Nigel Wightman, Executive Director.\n\n\nCommentating on the placing Mr. Wightman, Executive Director, said:\n\n'We are delighted to have the support of a strong shareholder group to pursue\nour business strategy. We believe that the global asset management industry\nwill continue to grow significantly and we hope to acquire both specialist and\nmultiproduct firms where we are able to expand the scale and s...