Management Grp Purchases Controlling Shareholding

RNS Number : 9735T

Titanium Asset Management Corp

20 December 2012

 



Titanium Asset Management Corp. 

Management Group Purchases Controlling Shareholding

Milwaukee, WI, December 19, 2012 - Titanium Asset Management Corp. (AIM - TAM) (the "Company") is pleased to announce that as of December 18, 2012, TAMCO Holdings, LLC ("TAMCO"), an entity principally owned and controlled by the senior management of the Company, including Robert Brooks and Brian Gevry who are directors of the Company, acquired all 10,585,400 shares of common stock held by Clal Finance Ltd. ("Clal") for $18,500,000.  Following the purchase, TAMCO and its affiliates hold total beneficial interests in 11,920,569 shares of common stock of the Company, representing approximately 57.8% of the issued and outstanding shares.

TAMCO's funding was provided through equity contributions indirectly provided principally by members of the senior management of Titanium and through a bank facility provided by Park Bank, secured by the shares of the Company acquired by TAMCO.  Mr. Brooks and Mr. Gevry hold indirect interests in TAMCO of 6.5% and 6.1%, respectively, and directly hold 122,874 and 37,440 shares of common stock of the Company, respectively.

Immediately prior to the acquisition by TAMCO, Clal initiated the following changes to the Board:

·     Yoram Naveh, Avigdor Kaplan, Shy Talmon, Emmanuel Gill and Hanna David, previously placed on the Board by Clal, stepped down from the Board with immediate effect; and

·     Norman Sidler, Timothy Hyland, Michael Bee and Bartlett McCartin were appointed to serve on the Board as directors with immediate effect.

Mr. Sidler, 43, currently serves as a Managing Director and Head of Sales for National Investment Services ("NIS"), a subsidiary of the Company.  Mr. Sidler has served in sales and marketing roles for NIS since 1999.  Previously, Mr. Sidler served as a vice president for Duff and Phelps Investment Management.  Mr. Sidler holds a master's degree in business administration from DePaul University and a bachelor's of science degree in finance from Bradley University.  Mr. Sidler holds an indirect interest of 6.5% of TAMCO and directly holds 45,000 shares of common stock of the Company.

Mr. Hyland, 58, currently serves as a Managing Director and Head of Sales for Boyd Watterson Asset Management, LLC ("Boyd"), a subsidiary of the Company and has served in various sales and marketing roles with the Boyd and its predecessor since 1994.  Mr. Hyland holds a bachelor's of science degree from the Georgia Institute of Technology and is a member of the Association for Investment Management Sales Executives.  Mr. Hyland holds an indirect interest of 6.2% of TAMCO and directly holds 73,440 shares of common stock of the Company.

Mr. Bee, 46, currently serves as a Managing Director for Boyd.  Mr. Bee has served Boyd in several investment and marketing roles since 1990.  Mr. Bee holds a master's degree in business administration from John Carroll University and a bachelor's of science degree from DePaul University and is a member of the CFA Society of Chicago.  Mr. Bee holds an indirect interest of 8.1% of TAMCO and directly holds 36,000 shares of common stock of the Company.

Mr. McCartin, 40, currently serves a Managing Director for NIS.  From 2006 to 2009, Mr. McCartin served as an Executive Vice President for Aker Solutions, an industrial construction and engineering firm.  From 1999 to 2006, Mr. McCartin served as the President and Chief Executive Officer of The McCartin Group, which was the family owned predecessor to the business sold to Aker Solutions.  Mr. McCartin holds a bachelor's degree in business administration from Pepperdine University.  Mr. McCartin holds an indirect interest of 6.5% of TAMCO and directly holds 45,000 shares of common stock of the Company.

For further information please contact:

Titanium Asset Management Corp.

Robert Brooks, CEO                                            [phone]

Seymour Pierce Ltd

Jonathan Wright                                                    [phone]

Notes:

Norman E. Sidler is, or has been in the past five years, a director of the following companies:

Current

National Investment Services, Inc.

Timothy Michael Hyland is, or has been in the past five years, a director of the following companies:

Current

Boyd Watterson Asset Management, LLC

Michael Edward Bee is, or has been in the past five years, a director of the following companies:

Current

Boyd Watterson Asset Management, LLC

Speedeon Data Corp LLC

Lake Erie College

Bartlett Joseph McCartin is, or has been in the past five years, a director of the following companies:

Current

Power Maintenance & Constructors, LLC

McCartin McAuliffe Mechanical Contractors, Inc.

Boys and Girls Clubs of Chicago

Advocate South Suburban Hospital

Past

McCartin Industrial Services, Inc.

Aker Kvaerner Union Construction, Inc.

 

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