Monday, April 9, 2012

Kicking the Tires on Shipping: "Aquasition Corp plans $50m offering"

Cute name.
Edgar CIK 0001546383
They're early, but so is W.L. Ross & Co.
The difference is, Wilbur has a lot more money.
From Nasdaq:
Aquasition Corp. is a newly-organized blank check company formed on January 26,
2012, pursuant to the laws of the Republic of the Marshall Islands for the 
purpose of acquiring through a merger, capital stock exchange, asset 
acquisition, stock purchase, or similar acquisition transaction, one or more 
operating businesses or assets. Although our Amended and Restated Articles of 
Incorporation and by-laws do not limit us to a particular geographic region or 
industry, we intend to focus on operating businesses and assets in the 
international maritime transportation, offshore and related maritime services 
industries, especially those requiring energy, commodity, transportation or 
logistics expertise. To date, our efforts have been limited to organizational 
activities and financing activities. 

We do not have any specific acquisition transaction under consideration or 
contemplation, and we have not, nor has anyone on our behalf, contacted any 
prospective acquisition target or holder of assets, or had any discussions, 
formal or otherwise, with respect to such a transaction. We have not, in any 
capacity (nor has any of our agents or affiliates) been approached by, any 
candidates (or representative of any candidates), with respect to a possible 
acquisition transaction with our company....
They have 18 months to get a deal done so maybe the timing is better than I give them credit 
for in the first paragraph.
Here's the Preliminary Prospectus on Form F-1  
From Lloyd's List:
...Leonidas Polemis, 43, will serve as non-executive chairman and, together with sister Anna Polemis, is among the shareholders of Aqua Investments which currently owns 100% of the company and, it is anticipated, will hold a 20% stake after the offering.

Other shareholders include Matthew Los, Aquasition’s chief executive, Stergios Sougioultzoglou, the company’s chief financial officer, and directors Nicholas John Frangos and Themistoklis Kalapotharakos.
The business address for the new venture is given as that of London based Seacrest Shipping, headed by the Polemis siblings’ father Spyros Polemis, chairman of the International Chamber of Shipping....