Millennium India Acquisition Company Announces Indications of Interest from Certain Investors to Purchase Outstanding Shares of
January 14 2008 - 1:48PM
PR Newswire (US)
NEW YORK, Jan. 14 /PRNewswire-FirstCall/ -- Millennium India
Acquisition Company Inc. ("Millennium") (AMEX:MQC) today announced
that certain investors have indicated an interest in purchasing
outstanding shares of Millennium's common stock and using their
reasonable efforts to assist brokers in causing such shares to be
voted in favor of Millennium's proposed acquisition of minority
equity interests in each of SAM Global Securities Limited and SMC
Global Securities Limited (collectively, the "Proposed
Acquisition") at Millennium's upcoming Special Meeting of
Stockholders to be held on January 16, 2008. These investors have
indicated that these purchases would be conditioned on receiving
additional shares of Millennium common stock from Millennium's
founders upon the closing of the Proposed Acquisition. The
Millennium founders have proposed to deliver to such investors an
aggregate of up to approximately 900,000 shares of Millennium
common stock. As described in Millennium's proxy statement filed
with the Securities and Exchange Commission, the Proposed
Acquisition requires that holders of less than 1,449,275 shares of
Millennium common stock vote against the Proposed Acquisition and
demand conversion of their shares. As of January 14, 2008,
Millennium believes that holders of approximately 3,200,000 shares
of Millennium common stock have either delivered proxy cards
indicating a vote against the Proposed Acquisition or have advised
Millennium and its advisors that they intend to vote against the
Proposed Acquisition. Accordingly, the proposed share deliveries by
Millennium's founders are each conditioned on the investors
agreeing to purchase and use their reasonable efforts to assist
brokers in causing an aggregate of approximately 3,000,000 shares
to be voted in favor of the Proposed Acquisition and the other
items of business to be considered at Millennium's Special Meeting
of Stockholders to be held on January 16, 2008. Millennium expects
that any purchases by these investors would be effected in
privately negotiated transactions with Millennium stockholders who
were stockholders of Millennium as of the December 21, 2007 record
date and who have voted against the Proposed Acquisition and have
stated their intention to seek conversion of their shares into a
pro rate share of the trust fund established in connection with
Millennium's initial public offering. These shares would be
purchased at prices to be negotiated between the sellers and the
investors, although it is expected that the per share price would
be equal to the per share amount held in trust for payment to the
holders of Millennium common stock who vote against the Proposed
Acquisition and request conversion of their shares. The amount in
the trust is currently estimated at $7.96 per share (net of taxes).
The investors also would be entitled to certain demand and
piggyback registration rights that were granted to the Millennium
founders in respect of their pre-IPO shares. Millennium's
stockholders and other interested parties are urged to read the
proxy statement regarding the Proposed Acquisition because it
contains important information. Copies of the proxy statement and
other relevant documents are available without charge online at the
Securities and Exchange Commission's web site (http://www.sec.gov/)
and by mail through requests to Millennium India Acquisition
Company Inc., 330 East 38th Street, Suite 46C, New York, New York
10016, attention: F. Jacob Cherian. For further information, please
contact: F. Jacob Cherian Chief Executive Officer Millennium India
Acquisition Company, Inc. (212) 681-6763 DATASOURCE: Millennium
India Acquisition Company Inc. CONTACT: F. Jacob Cherian, Chief
Executive Officer, Millennium India Acquisition Company, Inc.,
+1-212-681-6763
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