Item 8.01 Other Events.
On June 17, 2014, the registrant issued a press release announcing that, subject
to remaining conditions precedent, it has agreed to purchase the assets of an
activated carbon ("AC") biomass plant. The AC biomass facility represents
approximately $50 million of investment made during the years 2009 to 2012. The
facility commenced operations in 2011, but failed to achieve full commercial
operations and generate profits, and ceased operating in 2012. The facility is
currently in bankruptcy and the registrant would purchase the assets from the
bankruptcy trustee. The closing of the acquisition is subject to remaining
conditions precedent, and there is no assurance that any of these conditions
will be met.
In the press release, the registrant also announced that it has completed a
corporate reorganization which has resulted in the change of its name to
Millennium Investment & Acquisition Company Inc. from Millennium India and
Acquisition Company Inc. The corporate reorganization was undertaken following a
change of investment policy, pursuant to which the registrant's Board of
Directors decided to abandon the registrant's former policy of investing at
least 80% of the value of its net assets and borrowings in equity securities of
companies operating in India. In conjunction with the change in investment
policy, the Board effected the change of name to remove reference to India, in
compliance with the U.S. Investment Company Act of 1940 and the rules
thereunder. Under the laws and procedures of Delaware, the state where the
registrant is incorporated, the change of name became effective as of June 11,
A copy of the press release is attached hereto as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits.
99.1 Press release dated June 17, 2014
announcing potential acquisition and
completion of name change