The shareholders of Prospect Acquisition (stock symbol: [t]PAX[/t]) have approved the acquisition of Kennedy-Wilson:
Kennedy-Wilson, Inc. and Prospect Acquisition Corp. Announce Closing of Business Combination
Press Release
Source: Prospect Acquisition Corp.
On 7:00 pm EST, Friday November 13, 2009
BEVERLY HILLS, Calif., Nov. 13 /PRNewswire-FirstCall/ -- Kennedy-Wilson, Inc. ("Kennedy-Wilson") (KWIC.PK) and Prospect Acquisition Corp. (NYSE Amex: PAX) ("Prospect" or the "Company") announced today that they have completed their business combination following the approval today by Prospect's stockholders of the transaction.
In connection with the business combination, the Company expects to continue trading its common stock and warrants on NYSE Amex under the symbols "KWIC" and "KWIC.WS", respectively.
In addition to approving the business combination, Prospect's stockholders also approved proposals to: (a) amend and restate its amended and restated certificate of incorporation to, among other things, change its name to "Kennedy-Wilson Holdings, Inc.", increase its total number of authorized shares of capital stock, and to provide for the Company's perpetual existence; (b) approve the Kennedy-Wilson Holdings, Inc. 2009 Equity Participation Plan and (c) elect seven directors. The new board of directors of the Company consists of William McMorrow, Cathy Hendrickson, Thomas Sorell, Jerry Solomon, Kent Mouton and Norman Creighton, who were directors of Kennedy-Wilson, and David Minella, who was the Chairman and Chief Executive Officer of Prospect.
The Company also announced that its warrantholders approved a proposal today to: (a) amend the warrant agreement governing the public warrants to allow public warrantholders to either receive, in exchange for their existing public warrants, $0.55 in cash or to continue to hold their public warrants which have been amended to provide for an exercise price of $12.50, a redemption trigger price of $19.50 and an expiration date of November 14, 2013, subject to adjustment and proration; and (b) amend the terms of warrants purchased by certain affiliates of directors of Prospect to provide for an exercise price of $12.50, a redemption trigger price of $19.50 and an expiration date of November 14, 2013, subject to adjustment and proration.
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