Churchill Ventures Ltd. of Scarborough said its shareholders voted today to dissolve the company after it was unable to consummate a business deal for which it was created. Formed in June 2006, Churchill Ventures raised $107.5 million to buy an operating business in the communications, media or technology industries within an 18- to 24-month period.
NRDC Acquisition Corp. Ã¢â‚¬â€ a company formed this month by NRDC Equity Partners LLC of Purchase to make acquisitions Ã¢â‚¬â€ completed its initial public offering and is now trading on the American Stock Exchange. The ticker symbol is NAQ-U. For last weekÃ¢â‚¬â„¢s IPO, 41.4 million units were sold at an offering price of $10 a unit, with each unit containing a share of common stock and a warrant to purchase additional shares at $7.50.
NRDC Equity is the real estate investment trust that purchased Lord & Taylor a year ago for $1.1 billion and Linens NÃ¢â‚¬â„¢ Things earlier in 2006. This year, the company said it was considering more retail acquisitions. Last month it bought a majority stake in New York fashion designer Peter Som Inc. for about $10 million.
MVC Capital Inc., a Purchase-based company that invests in small businesses, announced that it has priced a public stock offering of 5 million shares at $16.25 per share. MVC, whose shares are already publicly traded on the New York Stock Exchange, said that the offering raised nearly $81.3 million. The company added that it expects to use the net proceeds of the offering to fund additional investments and for general corporate purposes, including repayment of debt.
Shares of USA Bank are up less than 1 percent since the Port Chester-based bank began after an initial public offering in mid-October. The stock trades under the ticker symbol USBK on the OTC Bulletin Board.
The bank, which opened in December at 211 Irving Ave. in Port Chester, now has more than 2,500 shareholders after the offering raised $34.5 million. The bank reported assets of $82 million as of Sept. 30.
Ã¢â‚¬Å“This is a tremendous milestone for our bank,Ã¢â‚¬? said Fred A. DeCaro Jr., USA BankÃ¢â‚¬â„¢s chairman and chief executive officer. Ã¢â‚¬Å“We are very pleased to be trading.Ã¢â‚¬?
The stock began trading on the OTC Bulletin Board at $6 a share on Oct. 18. The shares closed today at $6.05, up 10 cents. The bank hopes to move its listing to the American Stock Exchange within the next two months after appointing two independent directors to comply with the exchangeÃ¢â‚¬â„¢s listing standards and the Sarbanes-Oxley law on corporate governance. Two independent directors have been approved by the companyÃ¢â‚¬â„¢s board and are waiting federal regulatory approval, according to the bank.
In addition to its headquarters and branch in Port Chester, the bank has 15,000 square feet of administrative offices at 800 Westchester Ave. in Rye Brook. The bank also is building a second branch on Route 1 in Port Chester and intends to open up additional branches in Connecticut.