Many Key SPAC Developments (HLD, GHQ, IAQGU, TOH, TTY, NSAQ)

We have seen many significant developments in recent days regarding the field of M&A in form of Special Purpose Acquisition Companies, or SPACs.  SPACUpdate.com sent us some key data on Secure America Acquisition Co. (AMEX: HLD), GHL Acquisition Co. (AMEX: GHQ), Hicks Acquisition Co. (AMEX: TOH), 2020 ChinaCap Acquisition Co. (AMEX: TTY), and in North Shore Acquisition Co. (OTC: NSAQ).  Many have written off SPACs as a class, but based on the calendar and news flow a blanket bet against the class looks like a blind bet.

Secure America Acquisition Co., (AMEX: HLD), as many other blank checks have, decided to pursue a target well outside of its range of industries and has a merger agreement with Ultimate Escapes, a Florida-based luxury resort operator.

GHL Acquisition Co. (AMEX: GHQ) has plans to issue more shares of its stock to execute warrant buybacks, the SPAC revealed. Last week, the SPAC announced buybacks of more than 10 million shares to complete its merger with Iridium Holdings. Sources familiar with the situation say the SPAC will ultimately get its deal completed.

InterAmerican Acquisition Co. (OTC: IAQGU) has its vote date set for Sept. 8, after multiple delays. The blank check could still push the vote date back as far as Sept. 10, but no further, as Thursday is its deal deadline. Despite buybacks of $24 million, sources say the blank check still had more work as of Friday to complete its merger.

Hicks Acquisition Co. (AMEX: TOH) has a potential ally as it looks to bring public Resolute Natural Resources. SPO Advisory, a California-based energy investor, has amassed a stake in the SPAC amounting to more than 22 percent. The blank check’s warrants have traded up substantially since Hicks Acquisition backed out of its deal with Graham Packaging and signed its merger agreement with Resolute. The SPAC’s deal vote date is Sept. 22…

2020 ChinaCap Acquisition Co. (AMEX: TTY) has a new investor; Keywise Greater China Opportunities Fund revealed a stake buy of 6% and Israel Englander’s Integrated Core Strategies also reported holdings in the SPAC’s warrants that amounted to nearly 3 million warrants. Integrated has minimal holdings in the SPAC’s stock, as well.

North Shore Acquisition Co. (OTC: NSAQ), the SPAC that recently saw Tremisis Energy Acquisition Co. II CEO Sang Chul-Kim take its helm, also has a new investor: Tiger Europe Master Fund Ltd. filed at 13G with the SEC revealing it has a 5.5% stake.

–The SPACUpdate Staff
SPACUpdate.COM

SEPTEMBER 8, 2009