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Trian
Acquisition I Corp. Announces Liquidation
New York, December 18, 2009 --
Trian Acquisition I Corp. (NYSE Amex: TUX) (the “Company”) announced that
its Board of Directors has approved a plan of distribution. The
Company expects that liquidating distributions will commence as soon as
practicable following January 23, 2010. The Company also expects that
its warrants will cease trading on the NYSE Amex after the close of business on
December 17, 2009 and that its shares and units will cease trading on the NYSE
Amex after the close of business on January 22, 2010.
The
Company is a special purpose acquisition company formed in October 2007 for the
purpose of effecting a merger, capital stock exchange, asset acquisition, stock
purchase, reorganization or similar business combination with one or more
domestic or international operating businesses or assets, within a prescribed
time frame required by its amended and restated certificate of incorporation and
the terms of its January 2008 initial public offering.
The
Company has evaluated numerous potential business
combination opportunities since its initial public offering. Ultimately,
the Company was not able to consummate a transaction that met its disciplined
investment criteria. Therefore, the Board of Directors of the
Company has concluded that it is in the best interest of its stockholders to
liquidate and return proceeds in the trust account to stockholders.
The
Company will liquidate the amounts held in its trust account, which consist of
proceeds from the Company’s initial public offering and private placement of
warrants, together with the deferred portion of the underwriters’ discount and
commission and interest (net of applicable taxes and amounts withdrawn from the
trust account to cover working capital expenses). Payable upon
presentation, liquidating distributions will be made to holders of shares of the
Company’s common stock issued in its initial public
offering. Stockholders whose stock is held in “street name” through a
broker will automatically receive payment through the Depository Trust
Company. As of December 17, 2009, the balance in the trust account
(net of expected payments of expenses) was approximately $909 million, or
approximately $9.88 per share of common stock issued in the Company’s initial
public offering. The Company may incur additional expenses prior to
the distribution date that may reduce the per share value of the trust
account. No payments will be made with respect to any of the
Company’s outstanding warrants or shares of common stock that were acquired
prior to the Company’s initial public offering.
The
Company will file with the Securities and Exchange Commission a Certification
and Notice of Termination of Registration on Form 15 for the purpose of
deregistering its securities under the Securities Exchange Act of 1934, as
amended, and the Company will delist its shares, warrants and units from the
NYSE Amex. As a result, the Company will no longer be a public
reporting company.
Questions
regarding the Company’s liquidation should be directed to Shareholder Services
at American Stock Transfer & Trust Company at (800) 937-5449.
Forward-Looking
Statements
This
press release includes forward-looking statements made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act of 1995 that
involve risks and uncertainties. Forward-looking statements are statements that
are not historical facts. Such forward-looking statements, based upon the
current beliefs and expectations of the Company’s management, are subject to
risks and uncertainties, which could cause actual results to differ from the
forward-looking statements.