Shareholders of Millennium India Acquisition Company Approve Millennium's Acquisition of Minority Equity Interest in SMC Group
January 18 2008 - 12:23PM
PR Newswire (US)
NEW YORK, Jan. 18 /PRNewswire-FirstCall/ -- Millennium India
Acquisition Company, Inc. (AMEX:MQC) today announced that its
stockholders had approved Millennium's acquisition of a minority
equity interest in each of SMC Global Securities Ltd. and SAM
Global Securities Ltd. Closing of the acquisition transaction is
expected to take place in the next several days. In addition to
approving the acquisition transaction, Millennium's shareholders
approved all other proposals voted upon at Millennium's special
meeting of shareholders that was convened on January 17, 2008. A
total of 846,225 shares issued in Millennium's initial public
offering were cast in opposition to the acquisition transaction and
elected to be converted into a pro rate portion of the proceeds
from the initial public offering held in trust, representing
approximately 11.46% of the shares issued in the initial public
offering. Cash in the amount of approximately $6.7 million
(representing $7.96 per share) will be paid to these shareholders.
About Millennium Millennium is a closed-end mutual fund registered
under the Investment Company Act of 1940, as amended. DATASOURCE:
Millennium India Acquisition Company, Inc. CONTACT: F. Jacob
Cherian, President & Chief Executive Officer, Millennium India
Acquisition Company, Inc., +1-212-681-6763
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