PROFILES - COMPANIES BEING LIQUIDATED
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 in early December. The common shares and warrants last traded at $5.41 and $.008, respectively, giving the units, which last traded at $5.35, a value of $5.43. 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. As of September 30, 2006, the shares held by insiders had a cash value of $5.49. The common shares and warrants last traded at $5.36 and $.003, respectively, giving the units, which last traded at $5.37, a value of $5.36, The units were originally priced at $6.00 |
