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Technology Stocks : Blank Check IPOs (SPACS) -- Ignore unavailable to you. Want to Upgrade?

To: Servjeet813 who wrote (410)	3/11/2006 12:43:25 AM
From: Glenn Petersen	Respond to of 3862

Thanks for the suggestion. International Metal Enterprises, Inc. filed an S-1 with the SEC of February 23, 2005. At that time, the company was looking to raise $180 million. sec.gov The registration statement was withdrawn on July 11, 2005. At that time the company stated, “The application herein is made on the grounds that the Registrant has determined at this time not to proceed with the proposed offering in the United States, as filed, and may undertake a subsequent private offering in reliance on Rule 155(c) and/or may pursue admission for trading on a non-United States public market.” Message 21506054 The company, which is looking to acquire an operating company in the metal and mining industry, subsequently went public in Europe, raising gross proceeds totaling $201 million. On October 3, 2005, the Company sold 33,500,000 units ("Units") in the Offering at a price of $6.00 per Unit, generating gross offering proceeds of $201,000,000. Each Unit consists of one share of the Company's common stock, par value $.0001 per share (the "Common Stock"), and two redeemable common stock purchase warrants ("Warrants"). Each Warrant will entitle the holder to purchase from the Company one share of Common Stock at an exercise price of $5.00 per share commencing the later of the completion of a Business Combination with a target business or October 3, 2006. The Warrants expire on October 3, 2009. advfn.com The common shares, which are listed on the London Stock Exchange and trade under the symbol IML, closed at $5.35 yesterday. advfn.com

To: Servjeet813 who wrote (410)	3/11/2006 12:59:41 AM
From: Glenn Petersen	Respond to of 3862

Energy XXI Acquisition Corp., a Bermuda corporation, is another SPAC that went public overseas. The underwriter for the deal was Sunrise Securities, which has participated in a number of blank check offerings in the U.S. Energy XXI, which was formed for the purpose of acquiring an energy company, went public on October 20, 2005 and raised gross proceeds totaling $300 million. The Company successfully completed the Offering of $300,000,000. The first day of trading was 20 October 2005. However, not all conditions of the Offering were fully met until 31, October 2005. Therefore, the effective closing date of the Offering for accounting purposes has been established as October 31, 2005. The Offering consisted of the sale of 50,000,000 units ("Units"). Each Unit consisted of one share of the Company's common shares, $.001 par value, and two redeemable common share purchase warrants ("Warrants"). Each Warrant will entitle the holder to purchase from the Company one common share at an exercise price of $5.00… On February 21, 2006, Energy XXI Acquisition signed an agreement to acquire Texas-based Marlin Energy Offshore: On 21 February, 2006, the Company entered into a definitive agreement to acquire 100% of the membership interests in Marlin Energy Offshore, L.L.C. and Marlin Texas GP, L.L.C. and the limited partnership interests in Marlin Texas, L.P. collectively the ("Marlin Entities") for a total consideration of approximately $421 million (subject to adjustment at completion). The transaction is effective as of January 1, 2006 and is expected to close early in the second quarter of 2006. Completion of the acquisition, which constitutes a reverse takeover under the Alternative Investment Market ("AIM") Rules, is contingent upon shareholders' approval, financing and re-admission of the Energy XXI ordinary shares and warrants to trading on AIM. Simultaneous with signing the agreement, the Company placed a $500,000 earnest money deposit in escrow. The Marlin Entities have interests in various oil and gas properties located on the Outer Continental Shelf in shallow waters of the U.S. Gulf of Mexico ("GOM") and onshore the U.S. Gulf Coast. Energy XXI, through the Marlin entities, will operate approximately 70% of the net proved reserves. The acquisition will be funded with a portion of the cash proceeds from the placing conducted in October 2005 at the time of Energy XXI's admission and trading on AIM. The net placing proceeds, approximating $278 million, are held in a Bermuda Trust and release of such funds is conditioned on majority shareholder approval of the acquisition. Additionally, the Company has executed commitments letters with The Royal Bank of Scotland and BNP Paribas to arrange for $375 million of financing facilities of which an estimated $210 million is anticipated to be available at closing. The financing will be subject to customary conditions including finalizing commitments and subsequently entering into definitive agreements. advfn.com The shares, which trade under the symbol EGY on the London Stock Exchange, closed at $5.45 on Friday. advfn.com

To: Servjeet813 who wrote (410)	3/11/2006 1:20:04 AM
From: Glenn Petersen	Respond to of 3862

European Finance Investments is another SPAC that went public overseas. The deal was underwritten by Sunrise Securities. The offering, which was completed on November 14, 2005, raised gross proceeds of $275 million. The Chairman of European Finance Investments is Angeliki Frangou, who took the blank check company International Shipping Enterprises public in the U.S. and subsequently orchestrated the acquisition of Navios Maritime Holdings. The company is looking to acquire an operating company in the financial services industry in Europe. advfn.com The shares, which trade on the AIM Market of the London Stock Exchange under the symbol IRF, closed at $5.35 on Friday. advfn.com