Another blank check company, Global BPO Services Corp., has filed an S-1. The offering is being underwritten by Deutsche Bank. According to the company, its acquisition efforts will be focused on acquiring an operating entity in the business process outsourcing industry.
Global BPO Services Corp. – STILL IN REGISTRATION
Number of units being offered: 31,250,000
Proposed price per unit: $8.00
Terms of deal: One share of common stock and a warrant to purchase one additional share of common stock at $6.00 per share.
Underwriter: Deutsche Bank
Proposed ticker symbols
Common stock: Not known
Warrants: Not known
Units: Not known
Common shares to be outstanding subsequent to IPO: 39,052,500
Shares to be held by public shareholders: 31,250,000
Shares held by insiders: 7,812,500
Percentage held by public shareholders: 80.00%
Gross proceeds being raised: $250 million
Net proceeds to be held in escrow: $246.3 million (includes $7.5 million from the sale of warrants to the insiders and $7.5 million in commissions deferred by the underwriter). Up to $3,250,000 of the post-offering interest earned on the trust fund balance may be used to finance the search for an acquisition candidate.
Escrowed proceeds per share applicable to future public shareholders: $7.88
Date of IPO: N/A
Date of original filing: July 10, 2007
Current stock price
Common stock: N/A
Warrants: N/A
Units: N/A
Insider shares: 7,812,500 shares purchased at $.0056 per share. Total proceeds: $43,478.
Restrictions on insider shares: The common shares shall remain in escrow until one year after the consummation of an acquisition.
Other insider requirements: Certain of the insiders have agreed to purchase 7,500,000 warrants (@ $1.00 per warrant) in a private placement prior to the offering. The total proceeds of $7.5 million will be placed into the trust account.
The underwriter has agreed to defer sales commissions in the amount of $7.5 million.
In the event that the company is liquidated, the insiders will not receive any of the escrowed proceeds.
Description of business: We are a recently organized Delaware blank check company formed to acquire, through a merger, capital stock exchange, asset or stock acquisition, exchangeable share transaction, joint venture or other similar business combination, one or more domestic or international operating businesses, in the business process outsourcing industry, commonly referred to as BPO, or in any other industry.
Description of principals: R. Scott Murray has been our founder, Chairman of the Board of Directors, President and Chief Executive Officer since our inception on June 26, 2007. Since 2006, Mr. Murray has served as Non-Executive Chairman of the Board of Protocol Communications, Inc., a privately held provider of fully integrated marketing services in the business process outsourcing sector. Mr. Murray has extensive experience in the technology and services sectors, and has held several executive management positions in those sectors. Most recently in 2006, he served as Chief Executive Officer and a director of 3Com Corporation. 3Com is a publicly traded global secure network provider to mid and small enterprise clients. From 2002 to 2004, Mr. Murray was Chief Executive Officer and a director of Modus Media, Inc., a privately held business process outsourcer in the global supply chain and hosting services sector. Modus had operations around the world including North America, Mexico, Europe and Asia (including five locations in mainland China). Mr. Murray was instrumental in completing Modus’ merger with CMGI in 2004. From 2000 until 2002, following its acquisition in 2001 by Solectron Global Services, Inc., Mr. Murray served as President and Chief Operating Officer of Stream International, Inc., a privately held provider of outsourced technical support services with approximately 12,000 employees providing services throughout the United States, Canada, Europe and India. From 1994 through 1999, Mr. Murray served as the Executive Vice President and Chief Financial Officer of The Learning Company, a publicly traded consumer software company. TLC was acquired by Mattel, Inc. in 1999 for approximately $4.2 billion in stock and assumption of net debt. He is a Canadian Chartered Accountant and a graduate of the University of Western Ontario—Finance and Administration degree.
SEC filings: sec.gov |
