The acquisition of Brooke Credit was narrowly approved by the shareholders of OMAC. Only 83.4% of the shareholders voted to approve the deal; the holders of "1,156,249 of...shares duly elected to convert their shares into a pro rata portion of the IPO trust account.
This deal would not have been approved if the insiders had not purchased 850,000 shares on the open market.
Oakmont Stockholders Approve Merger with Brooke Credit
Corporation and Oakmont Completes Merger with Brooke Credit Corporation
Wednesday July 18, 2:57 pm ET
BLOOMFIELD HILLS, Mich., July 18 /PRNewswire-FirstCall/ -- Oakmont Acquisition Corp. (OTC Bulletin Board: OMAC.OB - News) announced today that its stockholders have approved Oakmont's previously announced proposed merger with Brooke Credit Corporation, and that the merger was completed. Stockholders also approved a number of related proposals, including an equity incentive plan for the combined company, and revised charter provisions that include an increase in the number of authorized shares, the annual election of all directors and a name change of the post-merger combined company to "Brooke Credit Corporation."
Of the 9,643,698 Oakmont common shares voted at the meeting (representing approximately 91.2% of the shares entitled to vote on the merger proposal), 8,039,219 or approximately 83.4% voted in favor of the acquisition. 1,604,479 of the shares issued in the company's 2005 IPO voted against the merger and the holders of 1,156,249 of those shares duly elected to convert their shares into a pro rata portion of the IPO trust account.
The common stock, warrants and units of Brooke Credit Corporation, the post-merger combined company, are expected to begin trading on the OTC Bulletin under the symbols "BRCR," "BRCRW" and "BRCRU," respectively, beginning at the open of business on Thursday, July 19, 2007.
Robert J. Skandalaris, Oakmont's Chairman, commented "We are extremely pleased to have completed this merger. The transaction fulfills Oakmont's goal of finding a suitable merger candidate and we believe that we have found one which offers our shareholders a great opportunity. Brooke Credit has a young, talented and motivated management team which we believe will serve our shareholders well."
"We are very pleased to have completed this transaction. The Brooke Credit team would like to express a special thanks to Oakmont stockholders for their vote of confidence in our business. Brooke Credit is excited to begin this new chapter in its history and is committed to building long-term value for our new shareholders," said Michael S. Lowry, who is the Chief Executive Officer of Brooke Credit Corporation.
The merger of Oakmont and Brooke Credit Corporation and related proposals were described in a proxy statement Oakmont filed with the SEC. Investors and security holders are advised to read the proxy statement for additional information regarding the merger and Brooke Credit Corporation. Investors and security holders may obtain such materials and other documents filed by Oakmont from the SEC's website at sec.gov.
Oakmont was formed for the specific purpose of consummating a business combination. In July 2005, Oakmont completed its initial public offering.
Brooke Credit Corporation is a specialty finance company based in Overland Park, Kansas that lends primarily to locally-owned businesses that sell insurance. Brooke Credit's loan portfolio balances totaled approximately $512.7 million on March 31, 2007. Loans have been mostly sold as individual loans to participating lenders or pooled loans to investors through asset- banked securitizations.
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