SPACs’ Dead Deals, New Deals and Deal Votes (URX, KWIC, CFQCF, TGY, NSAQ, GSMEF)

Banking, finance, and taxes

Published: December 1, 2009 8:53 am

Last Updated: December 1, 2009 5:51 pm

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. There are deal updates and calendar events in United Energy Refining Corp. (AMEX: URX), Kennedy-Wilson Inc. (AMEX: KWIC), China Fundamental Acquisition Co. (OTC: CFQCF), Tremisis Energy Acquisition II (AMEX: TGY), North Shore Acquisition Co. (OTC: NSAQ), and GSME Acquisition Partners (OTC: GSMEF).

United Energy Refining Corp. (AMEX: URX) will have its shareholder meeting to bring public Chaparral Energy, a privately-held gas and oil company, on Dec. 10, a day short of the SPAC’s deal deadline. Last week, the SPAC sweetened the terms for its own shareholders and warrant holders in the $1.7 billion deal, taking a little more back from its target. The SPAC’s warrants are trading at $0.49.

Kennedy-Wilson Inc. (AMEX: KWIC), the company brought public through Prospect Acquisition Co., wasted little time. The company teamed up with Siguler Guff, another equity investor, to deploy up to $108 million in a joint venture that will have the entities buying into residential condominiums in California and elsewhere.

China Fundamental Acquisition Co. (OTC: CFQCF) will bring public Beijing Wowjoint Machinery Co. Ltd., a Chinese construction machinery company. The SPAC aims to extend its deal deadline from May 2010 to May 2011 and has not announced its specific plans for how it will handle warrants through the transaction. At most, 35% of the SPAC’s shareholders can vote against the $44 million deal.

On Friday and Monday, Sang Chul-Kim SPACs Tremisis Energy Acquisition II (AMEX: TGY) and North Shore Acquisition Co. (OTC: NSAQ) each revealed their merger agreements had collapsed and that they would refund shareholders from trust.

Not surprisingly, Bulldog Investors was the first large buyer to identify itself as a shareholder in GSME Acquisition Partners (OTC: GSMEF), taking a stake of more than 10 percent.

For more on these mergers and other deal votes, please visit www.SPACupdate.com.

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