Posts for Ticker ‘PAX’

Long-Past SPAC Deals Reach Back for Warrants, More Deal News (SGS, HOL, EST, CIO, PAX, TMI, CFQCF)

We have been given some exclusive coverage on the recent developments in special purpose acquisition companies and blank check companies from SPACupdate.com this morning.  Stream Global Services (AMEX: SGS), the business outsourcer brought public through SPAC Global BPO Services Co., has launched an offer to buy back its warrants from its blank check merger. As more than a dozen SPAC targets have leaped past their blank check’s IPO value, it is expected that investors will clamor to buy up warrants that offer big discounts on rising stock and that the companies affiliated with those blank checks will set out to curb dilution through buybacks.

Friday, China Holdings Acquisition Co. (AMEX: HOL) will have its deal vote to bring ceramic tile maker Jinjiang Hengda Ceramics Co., Ltd. The SPAC, earlier this week, entered into an agreement with forward contract champ Victory Park Capital Advisors to buy back 4 million shares at a small premium. The $150 million SPAC joins a long list of successful blank checks from this fall—among them, REIT-targeting vehicles Enterprise Acquisition Co. (AMEX: EST)—that used forward contracts to get their deals done.
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Posted on: November 18, 2009 – 8:50 am in IPOs, Mergers and Buy Outs, Private Equity, , , , , , ,

Many Key SPACs on Deck (PAX, TOH, EST, TCW, CFQCF, GQN, NSAQ, CIO)

We have been given some exclusive data from SPACupdate.com on the progress of many blank check and special purpose acquisition companies which their targets and relevant trading data. Prospect Acquisition Co. (AMEX: PAX), Hicks Acquisition Co. (AMEX: TOH), Enterprise Acquisition Co. (AMEX: EST), Triplecrown Acquisition Co. (AMEX: TCW), China Fundamental Acquisition Co. (OTC: CFQCF), Global Brands Acquisition Co. (AMEX: GQN), North Shore Acquisition Co. (OTC: NSAQ), and Asia Special Situation Acquisition Co. (AMEX: CIO) all have very recent or pending data important for SPAC and special situations investing.
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Posted on: November 13, 2009 – 9:23 am in Mergers and Buy Outs, Private Equity, , , , , , , ,

SPAC Developments Heating Up (NAQ, CLA, GHQ, TTY, CADUF, GHC, PAX, TCW, IAQGU)

Money Stack ImageFor the first time in more than a year, a special purpose acquisition company, a SPAC, saw its shares broke through their trust value prior to a deal vote. In the last 12 months, blank checks approaching deal votes saw their redemption value as the ceiling for share worth—and after a transaction’s completion, aggressive sell-offs pummeled their target’s value.

NRDC Acquisition Co. (AMEX: NAQ) broke this painful streak for blank check management teams. Oddly, it is the only SPAC approaching a deal vote that does not have a specific target in mind.  NRDC simply aims to convert itself to REIT status and begin buying up distressed property. The SPAC’s shares traded up to $10.00 each at the close of trading Monday; recently, warrants sold at around $0.77, marking a substantial rebound. The SPAC’s per-share redemption value is $9.91. NRDC’s vote date comes in mid-October.

NRDC is not the only blank check pursuing real estate investments. Capitol Acquisition Co. (AMEX: CLA) has paired up with Pine River Capital Management’s Two Harbors Investment Corp.  The SPAC’s deal vote must come by early November.

As you will see below, there are many more recent developments in other SPACs and overlapping SPACs that will be coming front and center in the coming weeks.
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Posted on: September 15, 2009 – 9:50 am in IPOs, Mergers and Buy Outs, Private Equity, , , , , , , , ,