Kennedy-Wilson, Inc. (PK: KWIC) and Prospect Acquisition Corp. (NYSE Amex: PAX)" recently stated that they have completed their business combination following the approval by Prospect's stockholders of the transaction. In connection with the business combination, Prospect' expects to continue trading its common stock and warrants on NYSE Amex under the symbols "KWIC" and "KWIC.WS", respectively.
Best Damn Penny Stocks, a leading financial publication, is pleased to alert investors of stocks on the move. Sign Up for our Free Stock Newsletter
In addition to approving the business combination, Prospect's stockholders also approved proposals to: (a) amend and restate its amended and restated certificate of incorporation to, among other things, change its name to "Kennedy-Wilson Holdings, Inc.", increase its total number of authorized shares of capital stock, and to provide for the Company's perpetual existence; (b) approve the Kennedy-Wilson Holdings, Inc. 2009 Equity Participation Plan and (c) elect seven directors. The new board of directors of the Company consists of William McMorrow, Cathy Hendrickson, Thomas Sorell, Jerry Solomon, Kent Mouton and Norman Creighton, who were directors of Kennedy-Wilson, and David Minella, who was the Chairman and Chief Executive Officer of Prospect. Prospect Acquisition also announced that its warrantholders approved a proposal recemt;u to: (a) amend the warrant agreement governing the public warrants to allow public warrantholders to either receive, in exchange for their existing public warrants, $0.55 in cash or to continue to hold their public warrants which have been amended to provide for an exercise price of $12.50, a redemption trigger price of $19.50 and an expiration date of November 14, 2013, subject to adjustment and proration; and (b) amend the terms of warrants purchased by certain affiliates of directors of Prospect to provide for an exercise price of $12.50, a redemption trigger price of $19.50 and an expiration date of November 14, 2013, subject to adjustment and proration Founded in 1977, Kennedy-Wilson is a vertically-integrated real estate investment and services company headquartered in Beverly Hills, CA with 21 offices in the U.S. and Japan. Prospect Acquisition offers a comprehensive array of real estate services including property and asset management, brokerage and auction services, and construction and trust management. Through its fund management and separate account businesses, Kennedy-Wilson is a strategic investor and manager of real estate investments in the
Sign up for the free Best Damn Penny Stocks newsletter. To subscribe, enter your e-mail address into the frame at the bottom of this press release or visit our website
About Us
Best Damn Penny Stocks is a leading stock web site that allows investors and interested parties to research stocks that are on the move. We also track small cap companies that are on the brink of a financial breakout. To feature a company on our web site please contact us at the email listed below.
Please click here to read the full disclaimer
