Jul 25 2007
Timminco Limited today announced that AMG Advanced Metallurgical Group N.V. (“AMG”, Euronext: AMG) increased its ownership position in Timminco to 50.6% by exercising its call option to acquire 913,500 Timminco common shares from Safeguard International Fund, L.P. (“Safeguard”). Safeguard received the shares through the conversion of US$350,000 principal amount of its US$3,000,000 Promissory Note dated August 31, 2006.
Following the recent exercises of options by Timminco employees, AMG’s ownership in Timminco had been reduced to 50.1%. AMG exercised its call option under its existing agreement with Safeguard. Following the exercise, AMG retains call option rights on approximately 17.6 million Timminco common shares under this agreement.
AMG assumed its initial ownership position in Timminco on March 31, 2007 when Becancour L.P., a wholly-owned affiliate of Safeguard, contributed all of its Timminco common shares to AMG.