This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Australia Acquisition Corp. And Harbinger Capital Partners Terminate Stock Purchase Agreement

NEW YORK, Nov. 15, 2012 /PRNewswire/ -- Australia Acquisition Corp. ("AAC") (OTCQB: AACPF; AACOW; AACOU) and Harbinger Capital Partners LLC (including certain affiliated funds, "HCP") announced today that they have mutually agreed to terminate a previously announced Stock Purchase Agreement (as amended, the "Agreement") after determining that certain of the conditions to closing the proposed transaction will not be satisfied by the current expiration date of November 15, 2012.   In light of such developments, AAC and HCP have determined that seeking a further extension of the expiration date and proceeding with the proposed transaction are no longer in the best interests of AAC and its shareholders, or HCP and its various funds' investors.

AAC and HCP announced in July that they had entered into an agreement whereby AAC would acquire certain assets held by funds managed by HCP in exchange for newly issued common shares in AAC.  The assets to be acquired by AAC included a majority interest in Asian Coast Development ( Canada) Ltd., an international hotel and casino development company focused in Vietnam, and a minority interest in Ferrous Resources Limited, an iron ore producer focused on the expansion of an export iron ore business in the Iron Quadrangle in Minas Gerais, Brazil.

While both AAC and HCP worked diligently and in good faith to consummate the transaction, they have concluded that the time constraints and additional funding requirements, as well as other considerations, make attempting to proceed with the proposed transaction no longer, at this time, in the best interests of AAC and its shareholders, or HCP and its various funds' investors.

About Australia Acquisition Corp.



Australia Acquisition Corp. is a special purpose acquisition company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination.  Australia Acquisition Corp. is a Cayman Islands corporation formed in 2010 with Peter Ziegler as its Chairman and Chief Executive Officer, Charbel Nader as its Executive Vice President, and Stephen Streeter as its Chief Financial Officer and Executive Vice President.



1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,055.87 -116.81 -0.68%
S&P 500 1,982.77 -11.52 -0.58%
NASDAQ 4,508.6880 -19.0010 -0.42%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs