Santa Monica Media Corporation Shareholders Vote to Liquidate the Trust and Distribute the Trust Proceeds
August 31 2009 - 5:46PM
Business Wire
On August 27, 2009, Santa Monica Media Corporation (NYSE AMEX:
MEJ) (NYSE AMEX: MEJ.U) (NYSE AMEX: MEJ.WS) (“SMMC”), a special
purpose acquisition company (SPAC) that completed its IPO in April
2007 held a special meeting of its stockholders. At the meeting
stockholders voted in favor of three proposals that allowed for the
continuation of the existence of the corporation as well as for the
distribution of the trust proceeds to the stockholders holding
shares of its common stock issued in its initial public offering
(“IPO Shares”).
There were 14,540,179 common shares present at the meeting
represented by proxy, which is 90.7% of the total outstanding
shares. Proposal Number One, to permit the continuance of the
Company as a corporation without the restrictions relating to blank
check companies, was approved by a vote of 13,096,144 for and
1,444,035 against the Proposal. Proposal Number Two authorized the
Company to enter into an agreement to amend the trust agreement to
permit the distribution of assets to holders of IPO Shares. The
Proposal was approved by a vote of 13,792,064 for (including
10,599,491 IPO Shares) and 748,115 against. Proposal Number Three,
to permit the Company to distribute the assets of the trust account
to the holders of IPO Shares, was approved by a vote of 13,952,479
for and 587,700 against.
The liquidation value of the trust account is $100,724,231,
therefore the holders of record as of August 5, 2009 will receive
approximately $8.06 per IPO Share held. Distributions are expected
to be made as soon as practicable.
About Santa Monica Media Corporation
Santa Monica Media Corporation was a blank check company
organized for the purpose of acquiring one or more operating
businesses in the communications, media, gaming and/or
entertainment industry. As a result of the stockholders meeting,
the Company will continue to seek acquisitions but without the
restrictions applicable to special purpose acquisition
companies.
This release contains forward-looking statements including
financial projections as to operating cost savings and the
Company’s plans. These forward-looking statements are not
historical facts but rather are based on current expectations and
projections about the Company and management’s beliefs and
assumptions. Words such as “may,” “will,” “anticipates,” “expects,”
“intends,” “plans,” “believes,” “ seeks” and “estimates” and
variations of these words and similar expressions are intended to
identify forward-looking statements. The Company’s actual results
may differ materially from those projected in these forward-looking
statements as a result of a number of factors. Readers of this
release are cautioned not to place undue reliance on these
forward-looking statements.
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