GHL Acquisition Corp. Announces Additional Share Repurchase Agreements
12 September 2009 - 7:21AM
PR Newswire (US)
- 1,175,205 additional common shares to be repurchased at closing -
Total of 15,925,896 common shares now subject to repurchase
agreements - Repurchased shares to be voted in favor of Iridium
acquisition NEW YORK, Sept. 11 /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 1,175,205 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 15,925,896. 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 39.8% 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 will
continue its on-going discussions with certain other holders of its
common stock regarding potential acquisitions of the shares held by
such holders on similar terms. There can be no assurance that GHL
Acquisition will acquire any additional shares of its common stock.
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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