Alternative Initial Public Offering Models : the Law and Economics Pertaining of Shell Company Listings on German Capital Markets.
Material type: TextSeries: Studien zum ausl�andischen und internationalen PrivatrechtPublication details: T�ubingen : Mohr Siebeck, 2017.Description: 1 online resource (133 pages)Content type:- text
- computer
- online resource
- 316154000X
- 9783161540004
- 346.065
- K1301 .M645 2016
Print version record.
Cover; Acknowledgements; Summary of Contents; Contents; List of Tables; List of Figures; List of Abbreviations; Introduction ; Outline; Research Topic and Aim; Course of Study; Chapter 1: Background Information on SPAC Shells ; I. Historical Development of SPACs in US and European Capital Markets; II. Fraudulent Blank Cheque Company Listings on the Penny Stock Market; III. The Passing of Corrective Legislation; IV. The Emergence of SEC Rule 419; V. The Emergence of 1st Generation SPACs.
VI. 2nd and 3rd Generation SPACs and the Leap into European Capital MarketsChapter 2: SPAC Anatomy and Transactional Practice ; I. Stakeholders; 1. SPAC Founders and Management Team; 2. SPAC Shareholders; 3. Owners and Management of the Target Corporation; II. Corporate Governance Structures; 1. Stipulated Time Frame; 2. IPO Proceeds Held in Trust; 3. Shareholder Vote and Right to Opt Out; 4. Conversion Threshold Through Share Redemption ; 5. Managerial Compensation and Incentive Scheme vs. "At Risk Capital."
6. Minimum Fair Market Value Multiple7. Interim Result; III. SPAC Transaction: A Twofold Double Trust Dilemma; 1. Moral Hazard between SPAC Shareholders and Managers; 2. Moral Hazard between Target Firm and SPAC Managers; a) Economic Benefits; b) Economic Risk Factors; 3. Interim Result; IV. Case Study: Hicks Acquisition vs. Graham Packaging; 1. Target Description: Graham Packaging I, Inc; 2. Deal Terms; 3. Investment Rationale; a) Premium Asset in the Packing Industry; b) New World-Class Senior Management Installed in 2006; c) Significant Upside Potential to New Investors.
4. Company Overview and Transaction Structure5. Interim Result; V. Summary; Chapter 3: SPACs and the Applicable German Law ; I. Going Public with a SPAC -- Capital Markets Law; 1. Prospectus Requirement; a) SPAC Units Consisting of Shares andWarrants; b) Public Offer; c) Regulated Domestic Market; d) Interim Result; 2. Prospectus Content; a) SPAC-specific Challenges; b) Interim Result; 3. Accessing Alternative Capital Market Segments; a) Admission Through the OTC Market; b) Admission Through the Regulated Market; c) Interim Result.
4. Interim Conclusion: Capital Markets Law II. Corporate Law Aspects Pertaining to SPACs; 1. Aspect 1: SPAC Share Subscriptions and Trust Account; a) SPAC-specific Challenges; b) Interim Result; 2. Aspect 2: Differing Share Classes for Sponsors and Investors; a) SPAC-specific Challenges; b) Interim Result; 3. Aspect 3: SPAC Merger Transaction and Shareholder Approval; a) SPAC-specific Challenges; b) Interim Result; 4. Aspect 4: Opt Out and Share Redemptions; a) SPAC-specific Challenges; b) Interim Result; 5. Aspect 5: Acquisition or Liquidation; a) SPAC-specific Challenges; b) Interim Result.
6. Aspect 6: Naked Warrants.
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