Prime Acquisition Corp. Announces Final Results of Tender Offer


Shijiazhuang, China – March 28, 2013 – Prime Acquisition Corp. (“Prime” or the “Company”) (NASDAQ: Ordinary Shares: “PACQ”, Units: “PACQU”, Warrants: “PACQW”), a special purpose acquisition company, today announced the expiration and final results of the Company’s tender offer to purchase all of its outstanding ordinary shares at a price of $10.02 per share, net to the seller in cash, without interest. The tender offer expired at 5 p.m., New York City time, on Wednesday, March 28, 2013, with 3,009,255 shares tendered.


Based upon information provided by the depositary for the tender offer, American Stock Transfer & Trust Company, as of the expiration of the tender offer, a total of 3,009,255 shares have been validly tendered and not withdrawn for a total cost of approximately $30,152,735.10. The ordinary shares accepted for purchase represent approximately 82.4% of the Company's issued and outstanding shares as of March 28, 2013. Payment for the shares accepted for purchase will be made promptly.


Advantage Proxy is acting as the information agent, and the depositary is American Stock Transfer & Trust Company. For questions and information, call the information agent toll free at (877) 870-8565.


This announcement does not constitute an offer to purchase nor a solicitation of an offer to sell ordinary shares of the Company.


About Prime Acquisition Corp.

Prime Acquisition Corp., a Cayman Islands corporation, is a special purpose acquisition company formed for the purpose of acquiring an operating business. Prime consummated its initial public offering on March 30, 2011, and generated aggregate gross proceeds of $36 million. Each unit issued in the IPO consists of one ordinary share, par value $0.001 per share, and one redeemable warrant. Each redeemable warrant entitles the holder to purchase one ordinary share at a price of $7.50. On May 25, 2011, the ordinary shares and warrants underlying the units sold in the IPO began to trade separately on a voluntary basis.


Forward Looking Statements

This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about Prime Acquisition Corp., bhn S.r.l., and their combined business after completion of the proposed transaction. Forward-looking statements are statements that are not historical facts. Such forward-looking statements, based upon the current beliefs and expectations of Prime’s and bhn’s managements, are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. The following factors, among others, could cause actual results to meaningfully differ from those set forth in the forward-looking statements:




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The information set forth herein should be read in light of such risks. Neither Prime nor bhn assumes any obligation to update the information contained in this press release.


Contact Information:


At the Company

Prime Acquisition Corp.

Diana Liu



Investor Relations  
The Equity Group Inc.
Carolyne Yu Adam Prior
Senior Associate Senior Vice President
(212) 836-9610 (212) 836-9606