The business combination is subject to the negotiation and execution of definitive documentation, as well as the approval by the shareholders of Prime and the Target, as well as regulatory approval and other customary closing conditions. Prime will grant shareholders of the combined company who elect not to redeem their shares prior to the completion of the business combination one warrant for every four shares not redeemed at the time of the transaction’s completion. Such warrants will be identical to the warrants included in the units issued in Prime’s IPO.
All of the assets in the Initial Portfolio will be commercial real estate assets based in Italy. The properties in the Initial Portfolio will have low vacancy rates less than 2% with an average lease expiration of approximately eight years. The properties will mainly be commercial and office buildings, located in major cities in central and northern Italy, with approximately 120,000 square meters of gross leasable area and approximately $15 million annual rental income in 2012.
Additional InformationFor additional information on the acquisition, see the Form 6-K describing the Letter of Intent that will be filed by Prime in the coming days and can be obtained without charge, when available, at the Securities and Exchange Commission’s website ( http://www.sec.gov). Bhn’s website is http://bhn.it. About Prime Acquisition Corp. Prime Acquisition Corp., a Cayman Islands corporation, is a special purpose acquisition company formed for the purpose of acquiring an operating business. Prime consummated its initial public offering on March 30, 2011, and generated aggregate gross proceeds of $36 million. Each unit issued in the IPO consists of one ordinary share, par value $0.001 per share, and one redeemable warrant. Each redeemable warrant entitles the holder to purchase one ordinary share at a price of $7.50. On May 25, 2011, the ordinary shares and warrants underlying the units sold in the IPO began to trade separately on a voluntary basis.
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