GHL Acquisition Corp. Announces Additional Share Repurchase Agreements
September 09 2009 - 3:01PM
PR Newswire (US)
- 1,941,100 additional common shares to be repurchased at closing -
Total of 14,750,691 common shares now subject to repurchase
agreements - Repurchased shares to be voted in favor of Iridium
acquisition NEW YORK, Sept. 9 /PRNewswire-FirstCall/ -- GHL
Acquisition Corp. ("GHL Acquisition") (NYX: GHQ, GHQ.U and GHQ.WS)
announced today that it has entered into additional agreements with
certain holders of its common stock as a result of which an
additional 1,941,100 million shares of GHL Acquisition common stock
will be repurchased upon closing of its acquisition of Iridium
Holdings LLC ("Iridium"). The aggregate number of GHL Acquisition
common shares subject to repurchase agreements now totals
14,750,691. The agreements provide that the shares will be
repurchased for a price per share equal to the greater of $10.10
per share and the price per share at which GHL Acquisition common
stock are sold in a future public offering. The sellers of the
shares have also granted GHL Acquisition a proxy over the shares to
be repurchased, and GHL Acquisition intends to vote the repurchased
shares in favor of the acquisition of Iridium at the special
meeting of shareholders scheduled for September 23, 2009. The
aggregate number of shares now subject to these agreements
represents approximately 36.9% of the 40 million shares of common
stock eligible to vote on the acquisition proposal at the special
meeting. The repurchases of the shares are subject to the closing
of the Iridium acquisition and GHL Acquisition intends to use the
proceeds of a future offering of common stock to finance these
repurchases. GHL Acquisition will continue its on-going discussions
with certain other holders of its common stock regarding potential
acquisitions of the shares held by such holders on similar terms.
There can be no assurance that GHL Acquisition will acquire any
additional shares of its common stock. The special meeting of
shareholders of GHL Acquisition to vote on the Iridium acquisition
is scheduled for September 23, 2009, and the proxy statement
describing the meeting has been mailed to holders of record of GHL
Acquisition common stock as of August 27, 2009. Copies of the proxy
statement can be obtained from MacKenzie Partners, Inc., by calling
800-322-2885, or from the SEC's website at http://www.sec.gov/.
About GHL Acquisition Corp. GHL Acquisition is a special purpose
acquisition company launched in February 2008 in an initial public
offering raising $400 million of gross proceeds. Founded by
Greenhill, GHL Acquisition was formed for the purpose of acquiring,
or acquiring control of, through a merger, capital stock exchange,
asset acquisition, stock purchase, reorganization or similar
business combination, one or more businesses or assets. It
currently has no operating businesses. Forward-Looking Statements
and Other Disclosure This press release contains, and GHL
Acquisition's management may make, certain "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. The words "anticipates," "may," "can,"
"believes," "expects," "projects," "intends," "likely," "will," "to
be" and other expressions that are predictions of or indicate
future events, trends or prospects identify forward-looking
statements. These forward-looking statements involve known and
unknown risks, uncertainties and other factors that may cause the
actual results, performance or achievements of GHL Acquisition to
differ materially from any future results, performance or
achievements expressed or implied by such forward-looking
statements. These risks and uncertainties include, but are not
limited to, uncertainties regarding the timing of the proposed
transaction with Iridium, whether the transaction will be approved
by GHL Acquisition's stockholders, whether the closing conditions
will be satisfied (including receipt of regulatory approvals), as
well as industry and economic conditions, and competitive, legal,
governmental and technological factors. There is no assurance that
GHL Acquisition's expectations will be realized. If one or more of
these risks or uncertainties materialize, or if GHL Acquisition's
underlying assumptions prove incorrect, actual results may vary
materially from those expected, estimated or projected. GHL
Acquisition's forward-looking statements speak only as of the date
of this press release or as of the date they are made, and, except
as required by law, GHL Acquisition undertakes no obligation to
update forward-looking statements. This press release is for
informational purposes only and does not constitute an offer of any
securities for sale. Contact: James Babski GHL Acquisition Corp.
+1-212-372-4180 DATASOURCE: GHL Acquisition Corp. CONTACT: James
Babski, GHL Acquisition Corp., , +1-212-372-4180
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