Business
Restated Interim Results
Restated Interim Results.
About this update from Tatton Asset Management Plc
[{"type":"text","content":"\n RNS Number : 2585H Titanium Asset Management Corp 03 November 2008 \n \nTitanium Asset Management Corp.\n('Titanium' or the 'Company')\n\nRestated Interim Accounts\n\nTitanium has restated its interim accounts for the six months ended 30 June 2008 followings its filing of a Form 10 registration statement with the SEC in July 2008 and as part of the process of that registration statement becoming effective, which occurred in September 2008. \n\nOn October 29, 2008, the Board of Directors of Titanium, including its Audit Committee, concluded that, as a result of losses of certain investment advisory accounts at Wood Asset Management, Inc. following the death of Gary Wood and the loss of an institutional account at Sovereign Holdings, LLC, its customer relationship intangible assets associated with the acquisitions were impaired. The impairment of these intangible assets is expected to result in a non-cash charge of approximately $1.8 million for the quarter ended June 30, 2008. None of the impairment charge will result in future cash expenditures. \n\nFor further information:\n \nTitanium Asset Management Corp.\nNigel Wightman, Chairman and CEO + 44 7789 277849\n\nSeymour Pierce Ltd\nJonathan Wright +44 20 7107 8000\n \n\nTitanium Asset Management Corp.\nInterim report and unaudited accounts for the period from\nJanuary 1, 2008 to June 30, 2008\n(Restated)\n \nBALANCE SHEET as at June 30, 2008 (Unaudited)\n(amounts in thousands)\n \n \n \n\n\n\n\n\n\n\n\nNote\n\n\nJune 30,\n2008\n(restated)\n\n\nJune 30, 2007\n\n\n\n\nASSETS\n\n\n\n\n\n\n\n\n\n\n\n\n\nCurrent Assets\n\n\n\n\n\n\n\n\n\n\n\n\n\nDebtors - trade debto...