Prime Acquisition And Bhn To Acquire Ten Properties In Italy - Quick Facts

(RTTNews) - Prime Acquisition Corp. (PACQ) and privately held bhn LLC, the U.S. affiliate of leading financial and strategic advisory boutique bhn S.r.l. in Milan, have entered into Share Purchase Agreements with sellers Seba S.r.l. and Nova S.r.l., effective June 22, 2013, to purchase their respective interests in an entity holding an office building in Milan for an aggregate purchase price of approximately 20.0 million euros, in connection with the previously announced proposed business combination transaction.

The company said the property was designed and built by architect Vico Magistretti in 1955 and was recently restored. It is located in central Milan, near San Babila Square, just 500 meters from the Duomo, at Corso Europa 22. The six-story property is 100% occupied, contains approximately 1,800 square meters, and is leased to LabLaw, one of the leading Italian labor and employment law firms.

Prime and bhn also entered into Share Purchase Agreements with sellers Bell Real Estate S.r.l., Cesare Lanati, Stefano Lanati, Davide Rigamonti, G.S.I. S.r.l., Ellegi S.r.l., and IGS S.r.l., effective July 9, 2013, to purchase entities holding nine properties in the southern part of Milan for a total purchase price of approximately 33.0 million eurps, in connection with the previously announced proposed business combination transaction.

Prime's and bhn's management teams announced the signing of a Letter of Intent with Union European Concept Futurum Geie, a Romanian company that has partnership agreements with companies to build renewable energy plants (photovoltaic plants) obtaining these green certificates, and Swiss electronics company Radiomarelli SA, one of the companies with which Union European Concept Futurum Geie has an agreement.

As per the Letter of Intent, Prime may purchase (for later resell) green certificates issued to the renewable energy plants (photovoltaic plants) valued at approximately $110 million at a price of 1.2 million euros per megawatt hour peak, in exchange for stock certificates representing an aggregate of up to 11.55 million shares of the company's common Stock.

The company reiterates its intention for the post-business combination company to pay an annual cash dividend after the closing, which it expects will be a dividend of $0.50 per share of common stock. The Company expects to announce the timing of the dividend payment within 60 days of closing, which it now expects to take place in the third quarter of 2013.