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Saturday, October 31, 2009

TMI FLOAT IS ONLY 752k !!!

TMI, a stock I recommended at $8 (upon approval of its business combination)See Blog Post, only has a float of 752k by my research below !!!

TMI is forecasting to earn $42m this year which would equate to approximately $1.45 EPS fully diluted after the transaction.

(23.9 outstanding + Treasury method on the warrants 12.3m warrants X $5.50 conversion = 67.6m dollars divided by current market price $9.15 = 7.4m shares that could be bought back. 12.3m warrants - 7.4m treasury method buyback = 4.9m dillution on warrants. 42m net income divided by 23.9m + 4.9m fully diluted = $1.45 EPS)

Competitors FMCN and VISN have P/E Ratios of 17-20 for this hot chinese sector.

FMCN $12 stock .69 EPS estimate per yahoo finance = 17 P/E
VISN $8 stock and .39 EPS estimate per yahoo finance = 20 P/E

If TMI were to have a 15 P/E on $145 EPS that would be $21.75 share price.


But the best part is that TMI only has a tradeable float of 752k !!


1) 23,917,413 Common shares outstanding after the transaction:

Read Link


Page 187 CME owners received the following in new TMI shares:

Zheng Cheng 13,266,684

Thousand Space Holdings Limited 6,095,085

Bright Elite Management Limited 2,303,231

That equals 21,665,000 of the 23,917,413 (leaving 2,252,413)

The 21,665,000 are locked up (cannot be sold) for 6-12 months

Page 92:

Lock-Up Agreements

At the closing of the Transaction, the Sellers will enter into lock-up agreements with TM, providing, among other things, that they not sell or otherwise transfer any of the shares of TM Common Stock received in the Transaction, subject to certain exceptions, for a period of:


• twelve months from the closing date of the Transaction or, with respect to the earn-out shares, from the date of issuance of such shares, for those shares beneficially owned by Mr. Cheng; and

• six months from the closing date of the Transaction or, with respect to the earn-out shares, from the date of issuance of such shares, for those shares beneficially owned by Thousand Space Holdings Limited and Bright Elite Management Limited.

Read Link

2) Of the 2,252,413 shares remaining, 1,500,00 are owned by the original TMI IPO investors (also on Page 187 of the Proxy). (Leaving 752,413 float).

The 1,500,000 are locked up for one year (cannot be sold) following the business combination, unless the stock trades over $11.50 for 20 consecutive days.

Page 49 of the TMI S-1

All of the initial shares outstanding prior to the date of this prospectus will be placed in escrow with Continental Stock Transfer & Trust Company, as escrow agent, until one year after the consummation of our initial business combination. The
initial shares may be released from escrow earlier than this date if, within the first year after we consummate a business combination:


• the last sales price of our common stock equals or exceeds $11.50 per share for any 20 trading days within any 30-trading day period; or

• we consummate a subsequent liquidation, merger, stock exchange or other similar transaction which results in all of our stockholders having the right to exchange their shares of common stock for cash, securities or other property.

Read Link

THAT LEAVES A TRADING FLOAT TO THE PUBLIC OF 752,413 SHARES !!!

Tuesday, October 20, 2009

TTY Acquisition Approved - Symbol Changed to EDS

2020 ChinaCap Acquirco, Inc. Stockholders Approve Acquisition of Windrace International Company Limited

* Press Release
* Source: 2020 ChinaCap Aquirco
* On 11:25 am EDT, Monday October 19, 2009


MARLBOROUGH, MA--(Marketwire - 10/19/09) - 2020 ChinaCap Acquirco, Inc. ("2020") or (the "Company") (NASDAQ:EDS - News), (NASDAQ:EDSWW - News) and (NASDAQ:EDSUU - News) announced that its stockholders have approved all proposals related to the acquisition by 2020 of Windrace International Company Limited ("WHL"). WHL is one of the largest branded sportswear companies in China that is engaged in the design, manufacturing, trading and distribution of sporting goods, including footwear, apparel and accessories, in the People's Republic of China ("PRC"). The vote to approve the acquisition took place today at the Company's special meeting of stockholders. The transaction is expected to close on October 21, 2009. Prior to the completion of the transaction, the Company will be merged into its wholly-owned subsidiary incorporated in the British Virgin Islands, Exceed Company Limited ("Exceed"), with Exceed as the surviving entity. This will result in the redomestication of the Company to the British Virgin Islands. 2020 changed its ticker symbols from TTY, TTYWW and TTYUU for its common stock, warrants and units respectively to EDS, EDSWW and EDSUU, respectively on October 19, 2009. Upon completion of the transaction, the common stock, warrants and units of Exceed will continue to trade on the NASDAQ Stock Market under the new ticker symbols.

"We are very pleased that our stockholders approved the acquisition of WHL," stated George Lu, Chairman and Chief Executive Officer of 2020. "This transaction provides the business of WHL with a public listing on NASDAQ and the capital to execute its growth strategy of scaling up its distribution network through continued supply chain management enhancements and expansion as well as continued product innovation. WHL has a strong track record of growth, having emerged as one of the leading sporting goods companies in China over the last six years, and we look forward to working with the WHL management team to take the business to the next level and build shareholder value over the long-term."

ABOUT 2020 CHINACAP ACQUIRCO, INC.

2020 is a public acquisition company organized as a corporation under the laws of the State of Delaware on August 21, 2006. It was formed to effect a business combination with an unidentified operating business having its operations in China. In November 2007, it consummated its IPO from which it derived gross proceeds of $69 million, including proceeds from the exercise of the underwriters' over-allotment option. $68 million of the net proceeds of the IPO and a private placement completed prior to the IPO were deposited in a trust account and such funds and a portion of the interest earned thereon will be released only upon the consummation of the business combination or to holders of 2020's common stock in connection with its liquidation and dissolution. Other than its IPO and the pursuit of a business combination, 2020 has not engaged in any business to date.

Thursday, October 15, 2009

TMI Deal Approved and Final Oct 16

TM Entertainment and Media, Inc. Announces Shareholder Approval of Business Combination with Hong Kong Mandefu Holding Limited (d/b/a China MediaExpress "CME")



NEW YORK--(BUSINESS WIRE)--TM Entertainment and Media, Inc. (NYSE Amex: TMI; TMI/U; TMI/WS) (“TM”) announced that the proposed business combination with the shareholders of privately-held Hong Kong Mandefu Holding Limited (d/b/a China MediaExpress) (“CME” or the “Company”) was approved at the special meeting of its stockholders held this morning. Additionally, TM stockholders approved all other related proposals that were voted upon at the special meeting. The transaction is expected to be consummated by October 16, 2009, subject to satisfaction of all closing conditions of which there can be no assurance.


About TM Entertainment and Media, Inc.

TM Entertainment and Media, Inc. is a Delaware blank check company incorporated on May 1, 2007 in order to serve as a vehicle for the acquisition of an operating business in the entertainment, media, digital and communications industries and to seek out opportunities both domestically and internationally to take advantage of its management team’s experience in these markets. The entertainment, media, digital and communications industries encompass those companies which create, produce, deliver, own, distribute or market entertainment and information content, products and services.

About CME

CME is China’s largest television advertising operator on inter-city express buses. The Company generates revenue by selling advertisements on its network of television displays installed on over 18,000 express buses originating in twelve of China’s most prosperous regions, including the four municipalities of Beijing, Shanghai, Tianjin and Chongqing and eight economically prosperous provinces, namely Guangdong, Jiangsu, Fujian, Sichuan, Hebei, Anhui, Hubei and Shandong which generate nearly half of China’s GDP.

Tuesday, October 13, 2009

3 New China Stocks May Be Coming To Market

A special purpose acquisition company, or (SPAC), (sometimes called a blank check company or an empty shell company), uses an initial public offering (IPO) to raise money it will use to purchase or merge with an existing company. Definition

The acquisitions close after shareholder vote approval. It is not recommended to buy them prior to shareholder approval / acquisition close. If they do not get an approved acquisition, SPAC's can sometimes liquidate and distribute cash back to shareholders.

There are 3 SPAC's about to conduct shareholder votes to purchase Chinese Companies:


1) TMI - TM Entertainment & Media, Inc.
Current Price : $7.50
Cash per last 10-Q - $81m
Current common O/S - 12.5m
Cash Per current common O/S = $6.48

Company to Acquire : China MediaExpress - CME is China’s largest television advertising operator on inter-city express buses. The Company generates revenue by selling advertisements on its network of television displays installed on over 16,000 express buses originating in eleven of China’s most prosperous regions, including the four municipalities of Beijing, Shanghai, Tianjin and Chongqing and seven economically prosperous provinces, namely Guangdong, Jiangsu, Fujian, Sichuan, Hebei, Anhui and Hubei, which generate nearly half of China’s GDP.

Date of Shareholder Vote on Acquisition - October 15, 2009

Approximate Fully Diluted Shares upon closing : 33 million

2008 Net Income : $26m
2009 Projected Net Income : $42m
2009 Projected EPS : Approximately $1.27 ($42m/33m O/S)
Competitor's P/E : FMCN trades at $12 with .65 avg EPS estimates = 18 P/E
VISN trades at $8.72 with .39 avg EPS estimates = 22 P/E
AMCN trades at $7 with .20 avg EPS estimates = 35 P/E

If TMI can achieve $1.27 EPS in 2009, a 15 P/E would be $19.05

super-trades 1-12 month target range if deal is approved - $13-$20

Investor Presentation


2) TTY - 2020 ChinaCap Acquirco Inc (The Nike of China?)
Current Price : $7.90
Cash per last 10-Q - $68m
Current common O/S - 10.5m
Cash Per current common O/S = $6.48

Company to Acquire : WINDRACE INTERNATIONAL COMPANY LIMITED
Windrace designs, develops and engages in wholesale of footwear, apparel and accessories under its own brand, XIDELONG, in China. It is one of the leading domestic sports and leisurewear brands in China in terms of market share by sales revenue. Since operations began in 2002, Windrace has experienced significant growth in the mass market concentrated in the second and third tier cities in China and has established a market leading position as one of the top five Chinese sportswear brands. Windrace has three principal categories of products: (i) footwear, which comprises running, leisure, basketball, skateboarding and canvas footwear, (ii) apparel, which mainly comprises sports tops, pants, jackets, track suits and coats, and (iii) accessories, which mainly comprise bags, socks, hats and caps.


Date of Shareholder Vote on Acquisition - October 19, 2009

Approximate Fully Diluted Shares upon closing : 27 million

2008 Net Income : $24m
2009 Projected Net Income : $38m
2009 Projected EPS : Approximately $1.41 ($38m/27m O/S)
Competitor's P/E : NKE trades at $63 with $3.63 avg EPS estimates = 17 P/E
Per Page 7 of presentation, Chinese traded competitors avg 17 P/E

If TTY can achieve $1.41 EPS in 2009, a 15 P/E would be $21.15

super-trades 1-12 month target range if deal is approved - $13-$20

Investor Presentation


3) IDI - IDEATION ACQUISITION
Current Price : $7.85
Cash per last 10-Q - $79m
Current common O/S - 12.5m
Cash Per current common O/S = $6.32

Company to Acquire : SearchMedia
SearchMedia is a leading nationwide multi-platform media company and one of the largest operators of integrated outdoor billboard and in-elevator advertising networks in China. SearchMedia currently operates a network of over 1,500 high-impact billboards with over 500,000 square feet of surface display area and one of China's largest networks of in-elevator advertisement panels consisting of over 175,000 frames in 57 cities throughout China. SearchMedia ranked first in market share of in-elevator advertising displays in 13 out of the 26 most affluent cities in China and ranked second in an additional nine of these cities, according to Nielsen Media Research. Additionally, SearchMedia operates a network of large-format light boxes in concourses of eight major subway lines in Shanghai. SearchMedia's core outdoor billboard and in-elevator platforms are complemented by its subway advertising platform, which together enable it to provide multi-platform, "one-stop shop" services for its local, national and international advertising clients that numbered more than 780 cumulatively from its inception to July 31, 2009.

Date of Shareholder Vote on Acquisition - October 27, 2009

Approximate Fully Diluted Shares upon closing : 22 million

2008 Net Income : $16m
2009 Projected Net Income : $26m
2009 Projected EPS : Approximately $1.18 ($26m/22m O/S)
Competitor's P/E : FMCN trades at $12 with .65 avg EPS estimates = 18 P/E
VISN trades at $8.72 with .39 avg EPS estimates = 22 P/E
AMCN trades at $7 with .20 avg EPS estimates = 35 P/E

If IDI can achieve $1.18 EPS in 2009, a 15 P/E would be $17.70

super-trades 1-12 month target range if deal is approved - $12-$17

Investor Presentation

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