GHL Acquisition Corp. Announces Additional Share Repurchase Agreements
15 September 2009 - 9:45AM
PR Newswire (US)
- 399,300 additional common shares to be repurchased at closing -
Total of 16,325,196 common shares now subject to repurchase
agreements - Repurchased shares to be voted in favor of Iridium
acquisition - No further share repurchase agreements anticipated
prior to closing of Iridium acquisition NEW YORK, Sept. 14
/PRNewswire-FirstCall/ -- GHL Acquisition Corp. ("GHL Acquisition")
(NYX: GHQ, GHQ.U and GHQ.WS) announced today that it has entered
into additional agreements with certain holders of its common stock
as a result of which an additional 399,300 shares of GHL
Acquisition common stock will be repurchased upon closing of its
acquisition of Iridium Holdings LLC ("Iridium"). The aggregate
number of GHL Acquisition common shares subject to repurchase
agreements now totals 16,325,196. The agreements provide that the
shares will be repurchased for a price per share equal to the
greater of $10.10 per share and the price per share at which GHL
Acquisition common stock are sold in a future public offering. The
sellers of the shares have also granted GHL Acquisition a proxy
over the shares to be repurchased, and GHL Acquisition intends to
vote the repurchased shares in favor of the acquisition of Iridium
at the special meeting of shareholders scheduled for September 23,
2009. The aggregate number of shares now subject to these
agreements represents approximately 40.8% of the 40 million shares
of common stock eligible to vote on the acquisition proposal at the
special meeting. The repurchases of the shares are subject to the
closing of the Iridium acquisition and GHL Acquisition intends to
use the proceeds of a future offering of common stock to finance
these repurchases. GHL Acquisition does not plan to enter into
further share repurchase agreements prior to the closing of its
acquisition of Iridium. The special meeting of shareholders of GHL
Acquisition to vote on the Iridium acquisition is scheduled for
September 23, 2009, and the proxy statement describing the meeting
has been mailed to holders of record of GHL Acquisition common
stock as of August 27, 2009. Copies of the proxy statement can be
obtained from MacKenzie Partners, Inc., by calling 800-322-2885, or
from the SEC's website at http://www.sec.gov/. About GHL
Acquisition Corp. GHL Acquisition is a special purpose acquisition
company launched in February 2008 in an initial public offering
raising $400 million of gross proceeds. Founded by Greenhill, GHL
Acquisition was formed for the purpose of acquiring, or acquiring
control of, through a merger, capital stock exchange, asset
acquisition, stock purchase, reorganization or similar business
combination, one or more businesses or assets. It currently has no
operating businesses. Forward-Looking Statements and Other
Disclosure This press release contains, and GHL Acquisition's
management may make, certain "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995. The words "anticipates," "may," "can," "believes," "expects,"
"projects," "intends," "likely," "will," "to be" and other
expressions that are predictions of or indicate future events,
trends or prospects identify forward-looking statements. These
forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause the actual results,
performance or achievements of GHL Acquisition to differ materially
from any future results, performance or achievements expressed or
implied by such forward-looking statements. These risks and
uncertainties include, but are not limited to, uncertainties
regarding the timing of the proposed transaction with Iridium,
whether the transaction will be approved by GHL Acquisition's
stockholders, whether the closing conditions will be satisfied
(including receipt of regulatory approvals), as well as industry
and economic conditions, and competitive, legal, governmental and
technological factors. There is no assurance that GHL Acquisition's
expectations will be realized. If one or more of these risks or
uncertainties materialize, or if GHL Acquisition's underlying
assumptions prove incorrect, actual results may vary materially
from those expected, estimated or projected. GHL Acquisition's
forward-looking statements speak only as of the date of this press
release or as of the date they are made, and, except as required by
law, GHL Acquisition undertakes no obligation to update
forward-looking statements. This press release is for informational
purposes only and does not constitute an offer of any securities
for sale. Contact: James Babski GHL Acquisition Corp.
+1-212-372-4180 DATASOURCE: GHL Acquisition Corp. CONTACT: James
Babski, GHL Acquisition Corp., +1-212-372-4180,
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