PROFILES OF LIQUIDATED COMPANIES - JUNE 15, 2007
China Mineral Acquisition Company (stock symbol: CMAQ), which raised $24 million when it went public on August 30, 2004, announced on February 23, 2006, that it was acquiring Sunwing Energy, Ltd., the China-based oil and gas subsidiary of Ivanhoe Energy. The company failed to close on the acquisition and announced on November 28, 2006 that its shareholders had approved the liquidation of the company. It also announced that the shareholders would receive a distribution approximately $5.45 per share. The common shares and warrants last traded at $5.35 and $.008, respectively, giving the units, which last traded at $5.45, a value of $5.37. The units were originally priced at $6.00.
Millstream II Acquisition (stock symbol: MSMA), which raised $27.6 million when it went public on December 23, 2004, announced on June 12, 2006 that it was acquiring Specialty Surfaces International (d/b/a Sprinturf), a manufacturer of synthetic turf systems. The company failed to close on the acquisition and announced on April 17, 2007 that its shareholders had approved the liquidation of the company. The common shares and warrants last traded at $5.45 and $.01, respectively, giving the units, which last traded at $5.45, a value of $5.47. The units were originally priced at $6.00.
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Coastal Bancshares Acquisition Corp. (stock symbol: CBAS), which raised $33.12 million when it went public on February 14, 2005, announced on April 6, 2006, that it was acquiring Intercontinental Bank Shares Corporation, a bank holding company with three branches in San Antonio, Texas and an office in Mexico City. On October 26, 2006, the company announced that its shareholders had not approved the transaction, and that its board of directors was recommending that the company be liquidated. In March 2007, the company distributed $5.50 to each of its non-insider shareholders and terminated its registration with the SEC. The securities have ceased trading. The units were originally priced at $6.00.
TAC Acquisition Corp. (stock symbol: TACA), which raised $132 million when it went public on June 29, 2005, announced on June 12, 2006 that it had reached an agreement to acquire AVIEL Systems, Inc., a provider of IT and management consulting solutions to the federal government in areas critical to national security, transportation and defense. The shareholders did not approve the acquisition and subsequently voted to liquidate the company. In February 2007, the company distributed $5.6941 to each of the non-insider shareholders. The units were originally priced at $6.00.
Cold Spring Capital, Inc. (stock symbol: CDS), which raised $120 million when it went public on November 11, 2005, announced on November 3, 2006 that it had reached an agreement to acquire Sedona Development Partners LLC, a specialty real estate developer. The shareholders did not approve the acquisition and subsequently voted to liquidate the company. On May 10, 2007, the company distributed $5.74 to each of the non-insider shareholders. The units were originally priced at $6.00. |
