Notifiable Interests and Directorate Changes
September 15 2010 - 10:02AM
UK Regulatory
TIDMTXR
RNS Number : 7622S
Titanium Resources Group Ltd
15 September 2010
Titanium Resources Group
Notifiable Interests and Directorate Changes
15 September 2010: Titanium Resources Group Ltd ("TRG" or the "Company")
announces that it has been notified that Pala Investment Holdings Limited
("Pala") today purchased 114,981,497 ordinary shares of no par value in the
Company ("Ordinary Shares"), representing approximately 29.8 per cent. of the
Company's issued Ordinary Shares from Mr Jean-Raymond Boulle.
As a result of this sale, Mr. Boulle (through Leopard Titanium Limited, a
company registered in the British Virgin Islands in which he is the sole
shareholder and sole director) is now interested in 31,459,856 Ordinary Shares,
representing approximately 8.15 per cent. of the Company's issued Ordinary
Shares.
Pala is a US$1 billion multi-strategy investment company with a particular focus
on mining and natural resource companies in both developed and emerging markets.
Pala's exclusive investment advisor, Pala Investments AG, is a Swiss based team
with extensive experience within the mining and natural resource sectors. Pala
seeks to assist companies in which it has long-term shareholdings by providing
strategic advice and innovative financing solutions.
The Board of TRG has agreed that Pala will be entitled to nominate three
Directors of the Company for so long as Pala holds 20 per cent. or more of the
issued share capital of the Company. In the event that Pala's shareholding is
reduced to between 10 per cent. and 20 per cent. of the issued share capital of
the Company, Pala will be entitled to nominate two Directors of the Company.
The Company also announces that Rod Baker has today resigned from his position
as a Non-executive Director of TRG with immediate effect.
A further announcement regarding the appointment of Directors will be made in
due course.
Commenting on the announcement, Wayne Malouf, Executive Chairman of TRG said:
"I and the rest of the Board would like to thank Rod Baker for his hard work and
wise council over the last five years and we wish him all the best for the
future.
"I would also like to take the opportunity to welcome Pala as new shareholders
in TRG. I look forward to working with them to help capture the value inherent
in the Company's assets."
--ENDS--
For further information:
Titanium Resources Group
Wayne Malouf (Executive Chairman)
John Sisay (Chief Executive)
Telephone: +44 (0) 207 321 0000
Arbuthnot Securities
Nominated Adviser & Broker
Hugh Field / Richard Johnson
Telephone: +44 (0) 20 7012 2000
Aura Financial
Michael Oke / Andy Mills
Telephone: +44 (0) 207 321 0000
This information is provided by RNS
The company news service from the London Stock Exchange
END
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