March 31, 2010 (FinancialWire) — KHD Humboldt Wedag International Ltd. (NYSE: KHD) said that its shareholders approved the first tranche distribution of 26% of the shares of KHD Humboldt Wedag International AG. This is the first step in the restructuring of KHD into two distinct legal entities: a mineral royalty company, Terra Nova Royalty Corp. and an industrial plant technology, equipment and service company, KID.

KHD said it has changed its name to Terra Nova.

Terra Nova will continue to be listed on the New York Stock Exchange and trade the "regular way" under a new trading symbol TTT, with the first day of trading being on March 31, 2010.

KID will be listed on the regulated market of the Frankfurt Stock Exchange trading under trading symbol KWG.

With the realignment, Silke Stenger and Gerhard Rolf have resigned from the board of Terra Nova and joined the board of KID.

Ian Rigg has joined the board of Terra Nova. Jouni Salo has resigned as president and CEO and has joined KID as managing director. Michael Smith, chairman, has been appointed as interim president and CEO of Terra Nova.

Canada-based Terra Nova Royalty Corp. owns a royalty stream on the Wabush Iron Ore Mine in Labrador Newfoundland and is active in the royalty industry.

FinancialWire(tm) is committed to serving the financial community through true journalism and providing relevant resources to investors. Standards-based, independent equity research on numerous public companies is available through the Investrend Research Syndicate (http://www.investrend.com/reports) written by FIRST Research Consortium (http://www.investrend.com/FIRST) member-providers. Free annual reports and company filings for companies mentioned in the news are available through the Investrend Information Syndicate (at http://investrend.ar.wilink.com/?level=279). FinancialWire(tm), in cooperation with the Investrend Broadcast Syndicate, also provides complete, daily conference call and webcast schedules as a service to shareholders and investors via the FirstAlert(tm) Network’s “FirstAlert(tm) Daily” (http://www.financialwire.net/news-alerts/).

FinancialWire(tm) is a fully independent, proprietary news wire service. FinancialWire(tm) is not a press release service, and receives no compensation for its news, opinions or distributions. Further disclosure is at the FinancialWire(tm) website (http://www.financialwire.net/disclosures.php). Contact FinancialWire(tm) directly via inquiries@financialwire.net.

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.