UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549



FORM 20-F

(Amendment No. 1)



| |  ̈ | REGISTRATION
                                                                                                                               STATEMENT
                                                                                                                               PURSUANT
                                                                                                                               TO
                                                                                                                               SECTION
                                                                                                                               12(b)
                                                                                                                               OR
                                                                                                                               (g)
                                                                                                                               OF
                                                                                                                               THE
                                                                                                                               SECURITIES
                                                                                                                               EXCHANGE
                                                                                                                               ACT
                                                                                                                               OF
                                                                                                                               1934
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

OR

| |  ̈ | ANNUAL
                                                                                                                               REPORT
                                                                                                                               PURSUANT
                                                                                                                               TO
                                                                                                                               SECTION
                                                                                                                               13
                                                                                                                               OR
                                                                                                                               15(d)
                                                                                                                               OF
                                                                                                                               THE
                                                                                                                               SECURITIES
                                                                                                                               EXCHANGE
                                                                                                                               ACT
                                                                                                                               OF
                                                                                                                               1934
                                                                                                                               For
                                                                                                                               the
                                                                                                                               fiscal
                                                                                                                               year
                                                                                                                               ended
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

OR

| |  ̈ | TRANSITION
                                                                                                                               REPORT
                                                                                                                               PURSUANT
                                                                                                                               TO
                                                                                                                               SECTION
                                                                                                                               13
                                                                                                                               OR
                                                                                                                               15(d)
                                                                                                                               OF
                                                                                                                               THE
                                                                                                                               SECURITIES
                                                                                                                               EXCHANGE
                                                                                                                               ACT
                                                                                                                               OF
                                                                                                                               1934
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

OR

| | x | SHELL
                                                                                                                               COMPANY
                                                                                                                               REPORT
                                                                                                                               PURSUANT
                                                                                                                               TO
                                                                                                                               SECTION
                                                                                                                               13
                                                                                                                               OR
                                                                                                                               15(d)
                                                                                                                               OF
                                                                                                                               THE
                                                                                                                               SECURITIES
                                                                                                                               EXCHANGE
                                                                                                                               ACT
                                                                                                                               OF
                                                                                                                               1934
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Date of event requiring
this shell company report: September 30, 2013



For the transition
period from ________ to ________



Commission file number:
001-35105

__________



PRIME ACQUISITION
CORP.(Exact name of the Registrant as specified in its charter)

__________



Cayman Islands
(Jurisdiction of incorporation or organization)



6369 Mill Street,
Suite 205Rhinebeck, NY 12572
(Address of principal executive offices)



Marco Prete6369 Mill Street, Suite 205Rhinebeck, NY 12572Telephone: (845) 516-4115Fax No.: (845) 876-8714
(Name, Telephone, E-mail and/or Facsimile Number and Address of Company Contact Person)

__________

Securities registered
or to be registered pursuant to Section 12(b) of the Act:

|Title
        of each class       | Name
        of exchange on which registered
|--------------------------------- | --------------------------------------------
|Ordinary Shares, $0.001 par value | NASDAQ Stock Market                         
|Ordinary Shares Purchase Warrants | NASDAQ Stock Market                         
|Units                             | NASDAQ Stock Market                         















Securities registered or to be registered
pursuant to Section 12(g) of the Act:

None

(Title of Class)



Securities for which there is a reporting
obligation pursuant to Section 15(d) of the Act: None.



On September 30, 2013, the
issuer had 3,635,344 ordinary shares outstanding.



Indicate by check mark if the registrant
is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes   ̈ No  x



If this report is an annual or transition
report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934. Yes  x  No   ̈



Indicate by check mark whether the registrant
(1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding
12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes  x  No   ̈



Indicate by check mark whether the registrant
has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted
and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such
shorter period that the registrant was required to submit and post such files). Yes  x No   ̈



Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer or a non-accelerated filer. See definition of “accelerated filer and
large accelerated filer” in Rule 12b-2 of the Exchange Act.



| ̈Large Accelerated filer |  ̈Accelerated filer | xNon-accelerated filer
|------------------------ | ------------------ | ----------------------



Indicate by check mark which basis of accounting
the registrant has used to prepare the financial statements included in this filing:

|x	US
    GAAP | x	International
    Financial Reporting Standards as issued by the International Accounting Standards Board |  ̈	Other
|------------- | ----------------------------------------------------------------------------------------------------------- | -------





If “Other” has been checked
in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.
 ̈ Item 17    ̈Item 18



If this is an annual report, indicate by
check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes   ̈ No   ̈



ii









Explanatory Note



The sole purpose of this Amendment No. 1 to Prime
Acquisition Corp.’s Shell Company Report on Form 20-F (the “Report”) filed with the Securities and Exchange
Commission on October 4, 2013, is to amend and restate Item 1.C., Item 3.A., Item 4.A., Item 8.A., Item 17,  Item 18 and Item
19 of the Report in response to comments received from the Securities and Exchange Commission and to disclose that a final
decision relating to the delisting of the Company from Nasdaq was received on December 23, 2013.



No other changes have been made to the Report. Except as
set forth herein, this Amendment No. 1 to the Report does not reflect events that may have occurred subsequent to the original
filing date, and does not modify or update in any way the disclosures made in the original Report.







iii









Table of
Contents



Page





|PART I   |              |                                                       |                                                              | 2
|-------- | ------------ | ----------------------------------------------------- | ------------------------------------------------------------ | -
|         | ITEM 1.      | IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS |                                                              | 2
|         |              | C.      Auditors                                      |                                                              | 2
|         | ITEM
    3.  | KEY
                  INFORMATION                     |                                                              | 2
|         |              | A.                                                    | Selected
    Financial Data                                  |  
|         | ITEM
    4.  | INFORMATION
                  ON THE COMPANY          |                                                              | 5
|         |              | A.                                                    | History
    and Development of the Company                   |  
|         | ITEM
    8.  | FINANCIAL
                  INFORMATION               |                                                              | 5
|         |              | A.                                                    | Consolidated
    Statements and Other Financial Information. |  
|         | ITEM
    9.  | THE
                  OFFER AND LISTING               |                                                              | 6
|         |              |                                                       |                                                              |  
|PART III |              |                                                       |                                                              |  
|         | ITEM
    17. |                                                       | FINANCIAL
    STATEMENTS                                     |  
|         | ITEM
    18. |                                                       | FINANCIAL
    STATEMENTS                                     |  
|         | ITEM
    19. |                                                       | EXHIBITS                                                     |  
|         |              |                                                       |                                                              |  









iv







CERTAIN INFORMATION



Except where the context requires otherwise and for purposes
of this report only:

| | · | “Prime,”
                                                                                                         “we,” “us,”
                                                                                                         “our company,”
                                                                                                         or “our,”
                                                                                                         refers to Prime Acquisition
                                                                                                         Corp., a company with
                                                                                                         limited liability incorporated
                                                                                                         in the Cayman Islands;
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | “Business Combination”
                                                                                                         refer to the acquisition
                                                                                                         by Prime of an initial
                                                                                                         portfolio of 10 properties
                                                                                                         in Italy on September
                                                                                                         30, 2013.
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | “IPO”
                                                                                                         or “initial public
                                                                                                         offering” refer
                                                                                                         to the Company’s
                                                                                                         initial public offering
                                                                                                         pursuant to its prospectus,
                                                                                                         dated March 24, 2011,
                                                                                                         which was consummated
                                                                                                         on March 30, 2011;
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | “shares”
                                                                                                         or “ordinary shares”
                                                                                                         refers to our ordinary
                                                                                                         shares, par value $0.001
                                                                                                         per share;
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | “Manager”
                                                                                                         refers to BHN LLC, our
                                                                                                         manager; and
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | all discrepancies
                                                                                                         in any table between
                                                                                                         the amounts identified
                                                                                                         as total amounts and
                                                                                                         the sum of the amounts
                                                                                                         listed therein are due
                                                                                                         to rounding.
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



FORWARD-LOOKING STATEMENTS



The statements contained in this report that are not purely
historical are forward-looking statements. Our forward-looking statements include, but are not limited to, statements regarding
our or our management’s expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements
that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions,
are forward-looking statements. The words “anticipates,” “believe,” “continue,” “could,”
“estimate,” “expect,” “intend,” “may,” “might,” “plan,”
“possible,” “potential,” “predict,” “project,” “should,” “would”
and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement
is not forward-looking. Forward-looking statements in this report may include, for example, statements about our:

| | · | Continued compliance
                                                                                                         with government regulations;
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | Changing legislation
                                                                                                         or regulatory environments;
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | Requirements or changes
                                                                                                         affecting the businesses
                                                                                                         in which bhn is engaged;
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | Industry trends,
                                                                                                         including factors affecting
                                                                                                         supply and demand;
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | Labor and personnel
                                                                                                         relations;
| | - | ---------------------------------------------------------------------------------------------------------------------------------------

| | · | Credit risks affecting
                                                                                                         the combined business’
                                                                                                         revenue and profitability;
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | Changes in the real
                                                                                                         estate industry;
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------

| | · | Bhn’s ability
                                                                                                         to effectively manage
                                                                                                         Prime’s growth,
                                                                                                         including implementing
                                                                                                         effective controls and
                                                                                                         procedures and attracting
                                                                                                         and retaining key management
                                                                                                         and personnel;
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | Changing interpretations
                                                                                                         of generally accepted
                                                                                                         accounting principles;
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | delisting of our
                                                                                                         securities from the NASDAQ
                                                                                                         Capital Market or the
                                                                                                         ability to have our securities
                                                                                                         listed on the NASDAQ
                                                                                                         Capital Market following
                                                                                                         our initial acquisition
                                                                                                         transaction;
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | public securities’
                                                                                                         limited liquidity and
                                                                                                         trading;
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | General economic
                                                                                                         conditions; and
| | - | -----------------------------------------------------------------------------------------------------------------------------------------

| | · | Other relevant risks
                                                                                                         detailed in Prime’s
                                                                                                         filings with the Securities
                                                                                                         and Exchange Commission.
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



The forward-looking statements contained in this report are
based on our current expectations and beliefs concerning future developments and their potential effects on us. There can be no
assurance that future developments affecting us will be those that we have anticipated. These forward-looking statements involve
a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or
performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties
include, but are not limited to, those factors described under the heading “Risk Factors.” Should one or more of these
risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects
from those projected in these forward-looking statements. We undertake no obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws
and/or if and when management knows or has a reasonable basis on which to conclude that previously disclosed projections are no
longer reasonably attainable.





1







part i



ITEM
1.IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS



C. Auditors



The audited balance sheet of Prime as of December 31, 2011
and the related statements of operations, changes in shareholders’ equity, and cash flows for the year then ended and the
period from February 4, 2010 (inception) to December 31, 2011, have been included in this Shell Company Report in reliance on
the report of Crowe Horwath LLP, an independent registered public accounting firm, appearing elsewhere in this report upon the
authority of the said firm as experts in accounting and auditing.



The
audited balance sheet of Prime as of December 31, 2012, and the related statements of operations, changes in shareholders’
equity and cash flows for the year then ended and for the cumulative period from February 4, 2010 (inception) to December 31,
2012 (the financial statements for the period from February 4, 2010 (inception) through December 31, 2011 were audited by other
auditors) have been included in this Shell Company Report in reliance on the report of Marcum Bernstein & Pinchuk LLP, an
independent registered public accounting firm, appearing elsewhere in this report upon the authority of the said firm as experts
in accounting and auditing.





The
combined financial statements of the Bell Group, comprising Ellegi S.r.l. and GSI S.r.l. (together with their subsidiaries Magfin
S.r.l., Dieci Re S.r.l., Delfin S.r.l. and Sim S.r.l.) as of December 31, 2012, December 31, 2011 and January 1, 2011 and for
each of the two years in the period ended December 31, 2012; the statement of revenue and certain expenses of the Seba S.r.l.
Portfolio for the year ended December 31, 2012 and the statement of revenue and certain expenses of the Nova S.r.l. Portfolio
for the year ended December 31, 2012, incorporated by reference in this report have been so incorporated in reliance on the reports
of BDO S.p.A., an independent registered public accounting firm, appearing elsewhere herein, given on the authority of said firm
as experts in auditing and accounting.





ITEM
3.KEY INFORMATION



| | A. | Selected
                                                                                                                                              Financial
                                                                                                                                              Data
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Bell Group Selected Financial Data



The following selected consolidated financial data, other than
selected operating data, have been derived from the Bell Group audited consolidated financial statements as of December 31, 2012
and for the year then ended, which are included elsewhere in this report. The consolidated financial statements are prepared and
presented in accordance with IFRS. The Bell Groups results of operations in any period may not necessarily be indicative of the
results that may be expected for any future period. See “Risk Factors” included elsewhere in this report. The selected
consolidated financial information as of December 31, 2012 and 2011 and for the years ended December 31, 2012 and 2011 should
be read in conjunction with those consolidated financial statements and the accompanying notes and “Management’s Discussion
and Analysis of Financial Condition and Results of Operations” included elsewhere in this report.

|                                                                               |  | As
    of December 31, |           
|------------------------------------------------------------------------------ |  | ---------------------- | ----------
|Balance Sheet Data                                                             |  | 2012                   |           
|Working capital                                                                |  | $                      | (7,576,816
|Total assets                                                                   |  |                        | 52,886,512
|Total liabilities                                                              |  |                        | 47,667,729
|Value of ordinary shares which may be
    redeemed for cash ($10.02 per share) |  |                        | 0         
|Shareholders’ equity                                                           |  |                        | 5,218,783 





|Selected statement of operation
    data: |  | For
    the year ended December 31, 2012 |           
|----------------------------------------- |  | ---------------------------------------- | ----------
|Operating expenses                        |  | $                                        | (6,520,347
|Total operating expenses                  |  |                                          | (6,520,347
|Net loss                                  |  |                                          | (2,112,514







2







Prime Acquisition Corp. Selected Financial Data



The following selected consolidated financial data, other than
selected operating data, have been derived from our audited consolidated financial statements as of December 31, 2012 and 2011
and for the years ended December 31, 2012 and 2011, which are included elsewhere in this report. The consolidated financial statements
are prepared and presented in accordance with U.S. GAAP. Our results of operations in any period may not necessarily be indicative
of the results that may be expected for any future period. See “Risk Factors” included elsewhere in this report. The
selected consolidated financial information as of December 31, 2012 and 2011 and for the years ended December 31, 2012 and 2011
should be read in conjunction with those consolidated financial statements and the accompanying notes and “Management’s
Discussion and Analysis of Financial Condition and Results of Operations” included elsewhere in this report.



|                                                                               |  | As
    of December 31, |           
|------------------------------------------------------------------------------ |  | ---------------------- | ----------
|Balance Sheet Data                                                             |  | 2012                   |           
|Working capital                                                                |  | $                      | 34,655,523
|Total assets                                                                   |  |                        | 36,639,978
|Total liabilities                                                              |  |                        | 1,980,860 
|Value of ordinary shares which may be
    redeemed for cash ($10.02 per share) |  |                        | 30,380,329
|Shareholders’ equity                                                           |  |                        | 4,278,789 





|Selected statement of operation
    data: |  | For
    the year ended December 31, 2012 |            |   | For
    the year ended December 31, 2011 |  
|----------------------------------------- |  | ---------------------------------------- | ---------- | - | ---------------------------------------- | -
|Operating expenses                        |  | $                                        | (1,120,793 | ) |                                          | $
|Total operating expenses                  |  |                                          | (1,120,793 | ) |                                          |  
|Net loss                                  |  |                                          | (1,088,874 | ) |                                          |  
|Weighted average shares outstanding       |  |                                          | 4,894,623  |   |                                          |  
|Basic and diluted net loss per share      |  |                                          | (0.22      | ) |                                          |  



Pro Forma Selected Financial Data



The selected unaudited pro forma financial information has
been prepared assuming that the Business Combination had occurred (i) at the beginning of the pro forma statement of operations
for the year ended December 31, 2012 and (ii) at December 31, 2012 for the pro forma balance sheet. The unaudited pro forma condensed
combined financial information has been prepared reflecting the redemption of 3,008,955 ordinary shares of Prime in association
with the tender offer that expired on March 28, 2013 (“Extension Tender Offer”) for an aggregated purchase price of
$30,149,729, and reflecting the redemption of one ordinary share of Prime in association with the tender offer that expired on
September 27, 2013 (“Business Combination Tender Offer”) for an aggregated purchase price of $10.02. The aggregate
number of ordinary shares redeemed represented approximately 82.4% of the Company's ordinary shares issued in connection with
Prime’s initial public offering. Payment for the shares that were redeemed was made promptly.



The selected unaudited pro forma financial information is provided
for illustrative purposes only. The historical financial information in the unaudited pro forma condensed combined balance sheet
has been adjusted to give effect to pro forma events that are directly attributable to the business combination and are factually
supportable. The assets and liabilities are measured on their acquisition-date fair value. The historical financial information
in the unaudited pro forma condensed combined statements of operations has been adjusted to give effect to pro forma events that
are directly attributable to the business combination, are factually supportable and are expected to have a continuing impact
on the combined results.



The historical financial statements of Prime for the year ended
December 31, 2012 were prepared under U.S. GAAP and presented in U.S. dollars. For purposes of the pro forma condensed combined
financial information, these statements have been converted to IFRS. Bell Group’s historical financial statements have been
prepared under IFRS and presented in Euros. The historical financial statements of Seba S.r.l. (“Seba”) and NOVA S.r.l.’s
(“Nova”) have also been prepared under IFRS and presented in Euros. For purposes of the pro forma condensed combined
financial information, all of these statements have been translated to U.S. dollars. All of the selected unaudited pro forma condensed
combined financial statements included herein are therefore prepared under IFRS and presented in U.S. dollars.





3











You should not rely on the selected unaudited pro forma financial
information as being indicative of the historical financial position that would have been achieved had the business combination
been consummated as of December 31, 2012, or as being indicative of the historical financial results of operations that would
have been achieved had the business combination been consummated on the first day of such period. See “Risk Factors”
in this report for further information.



We are providing the following information to aid you in your
analysis of the financial aspects of the business combination. We derived the historical financial information of Prime from the
audited financial statements for the year ended December 31, 2012 included elsewhere in this proxy statement. We derived the historical
financial information of Bell Group, Seba, and Nova (collectively as the “Targets”) from the audited combined financial
statements of Bell Group for the year ended December 31, 2012. Seba, and Nova’s financial statements for the year ended
December 31, 2012 are prepared in accordance with Rule 3-14 of Regulation S-X (“S-X 3-14”) for the year ended December
31, 2012, included elsewhere in this proxy statement. This information should be read together with Prime’s and Targets’
audited financial statements and related notes, “Targets’ Management’s Discussion and Analysis of Financial
Condition and Results of Operations ” and “Other Information Related to Prime — Management’s Discussion
and Analysis of Financial Condition and Results of Operations,” and other financial information included elsewhere in this
proxy statement.



The business combination will be accounted for as a forward
acquisition under Acquisition method and management has concluded that Prime is the accounting acquirer based on its evaluation
of the facts and circumstances of the acquisition. Some of the factors considered include immediately following completion of
the transaction, the shareholders of Prime will have effective control of the post-merger entity through (1) retaining BHN LLC
(“BHN”) in the form of a management agreement to manage the assets acquired and to provide investment advisory services,
(2) significant representation on post-merger entity’s board of directors with 1 from Prime’s management team and
6 to be assigned by BHN with 3 (out of 6 assigned by BHN) being independent and mutually agreed upon by Prime and BHN. No management
of the Targets will be anticipated to be part of Prime or BHN’s management team or board of directors following the business
combination. In addition, the Bell Group has been determined to be the predecessor in this business combination due to its relative
larger assets, operating revenue and expenses size in comparison to Seba and Nova. Accordingly, the combined assets, liabilities
and results of operations of the Bell Group will become the historical financial statements of post-merger entity at the closing
of the transaction, and Prime’s assets (primarily cash and cash equivalents), liabilities and results of operations will
be consolidated with Targets’ assets, liabilities and results of operations on the closing date of the business combination.
The Targets’ assets and liabilities are measured at their acquisition-date fair value and no material change to the fair
value is expected at closing. The purchase price is allocated over the fair value of assets and liabilities purchased with any
excess of purchase price over the fair value of assets and liabilities acquired recorded as goodwill. All direct costs of the
transaction will be charged to operations in the period that such costs are incurred. Actual results could differ from the unaudited
pro forma condensed combined financial information presented.



|                                                                               |  | As
    of December 31, |            
|------------------------------------------------------------------------------ |  | ---------------------- | -----------
|Balance Sheet Data                                                             |  | 2012                   |            
|Working capital                                                                |  | $                      | 121,223,399
|Total assets                                                                   |  |                        | 594,075,321
|Total liabilities                                                              |  |                        | 70,766,956 
|Value of ordinary shares which may be
    redeemed for cash ($10.02 per share) |  |                        | -          
|Shareholders’ equity                                                           |  |                        | 523,308,365





|Selected statement of operation
    data:     |  | For
    the year ended December 31, 2012 |            
|--------------------------------------------- |  | ---------------------------------------- | -----------
|Operating expenses                            |  | $                                        | 19,286,642 
|Total operating expenses                      |  |                                          | 19,286,642 
|Net profit/(loss)                             |  |                                          | (13,991,788
|Weighted average shares outstanding           |  |                                          | 55,140,446 
|Basic and diluted net profit/(loss) per share |  |                                          | (0.25      







4







ITEM
4.INFORMATION ON THE COMPANY



| | A. | History
                                                                                                                                              and
                                                                                                                                              Development
                                                                                                                                              of
                                                                                                                                              the
                                                                                                                                              Company
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



The history and development of Prime are described in the Offer
Letter under the heading “Summary— Background Information” beginning on page 9 and the heading “Information
About Prime” beginning on page 49, which description is incorporated herein by reference.



In addition, on September 27, 2013, Prime completed the Business
Combination Tender Offer and redeemed the one share validly tendered and not withdrawn, and on September 30, 2013, it consummated
the Business Combination by acquiring the Bell Group, Seba and Nova for an aggregate of 1,719,317 ordinary shares. As a result,
following consummation of the Business Combination, Prime had a total of 3,635,344 ordinary shares outstanding.



Prime anticipates completing two additional transactions in
the coming weeks: a private placement of $130 million worth or ordinary shares; and the acquisition of the right to certain green
certificates.



Private Placement



On August 30, 2013, Prime signed a Securities Purchase Agreement
with Radiomarelli SA for a private placement to purchase 14,285,714 ordinary shares at $9.10 per share, generating gross proceeds
of $130,000,000. The $9.10 price was determined by providing a 9% discount to the offering price of the Company’s units
in its initial public offering.



Description of Green Certificates



On August 30, 2013, Prime and BHN entered into Purchase Agreements
with Radiomarelli SA, a Swiss company, and Futurum Energy SA, a Swiss investment company. Pursuant to the Purchase Agreements,
Prime agreed to purchase a 10% minority interest in 50 renewable energy plants (photovoltaic plants) and the right to all the
proceeds from the sale of green certificates, which we refer to as the green certificates or GCs, that will be issued by the Romanian
government to these photovoltaic plants, for approximately $372,493,880 in ordinary shares (an aggregate of 37,249,388 ordinary
shares), reflecting a price of €1.25 million per megawatt peak installed, subject to adjustment depending on the actual number
of green certificates that will be issued.



Green certificates are tradable certificates evidencing a megawatt
amount of electricity generated from renewable energy sources and injected into the public grid, issued by a government in order
to promote the production of electricity from renewable energy sources.



Part of Prime’s strategy is to identify and purchase,
using its ordinary shares as partial consideration whenever possible, performing assets that will provide attractive yields until
the disposition or expiration of such assets. Ownership of Green Certificates rights conform well with such strategy.





On October 4, 2013, the Company received a letter from
the Listing Qualifications Department of The NASDAQ Stock Market LLC (“Nasdaq”) stating that Nasdaq’
staff  had determined that Prime was not in compliance with all of the initial listing requirements following the
completion of its business combination.  The Nasdaq Hearings Panel further determined on October 9, 2013 to delist the
Company’ securities from The Nasdaq Capital Market. Beginning on October 11, 2013, Prime’ shares, warrants and
units were suspended from trading on Nasdaq and began trading on the OTC Bulletin Board on October 11, 2013, under the
symbols “PACQF,” “PAQWF” and “PAQUF,” respectively. The Company issued a press release on
October 10, 2013 announcing the above events.  On December 23, 2013, the Company received a notice from the Appeals
Panel (the “Panel”) of Nasdaq advising the Company of the Panel’s decision to affirm the decision to delist
the Company from Nasdaq.







ITEM
8.FINANCIAL INFORMATION



| | A. | Consolidated
                                                                                                                                              Statements
                                                                                                                                              and
                                                                                                                                              Other
                                                                                                                                              Financial
                                                                                                                                              Information.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



See Item 18.







5









PART
III



ITEM
17.FINANCIAL STATEMENTS



We have elected to provide financial statements pursuant to
Item 18.



ITEM
18.FINANCIAL STATEMENTS



The financial statements of Prime, the Bell Group, Seba and
Nova are included in the Offer Letter beginning on page F-1, which financial statements are incorporated herein by reference.













6









UNAUDITED PRO FORMA CONDENSED COMBINED
FINANCIAL INFORMATION



The following unaudited pro forma condensed combined financial
information has been prepared assuming that the business combination had occurred (i) at the beginning of the pro forma statement
of operations for the year ended December 31, 2012 and (ii) at December 31, 2012 for the pro forma balance sheet. The unaudited
pro forma condensed combined financial information has been prepared reflecting the 3,008,955 ordinary shares Prime Acquisition
Corp. (the “Company” or “Prime”) in association with the tender offer which expired on March 28, 2013 (“Extension
Tender Offer”) and 1 ordinary share with the tender offer expired on September 27, 2013 (“Final Tender Offer”)
for aggregate purchase prices of $30,149,729 and $10 respectively. The total of 3,008,956 ordinary shares redeemed represented
approximately 82.4% of the Company's issued and outstanding shares as of September 27, 2013. Payments for the shares were made
promptly.



The unaudited pro forma condensed combined financial information
is provided for illustrative purposes only. The historical financial information in the unaudited pro forma condensed combined
balance sheet has been adjusted to give effect to pro forma events that are directly attributable to the business combination and
are factually supportable. The assets and liabilities are measured on their acquisition-date fair value. The historical financial
information in the unaudited pro forma condensed combined statements of operations has been adjusted to give effect to pro forma
events that are directly attributable to the business combination, are factually supportable and are expected to have a continuing
impact on the combined results.



On February 25, 2013, the Company, BHN and certain funds
affiliated with AQR Capital Management, LLC (collectively, the “AQR Funds”) entered into agreements, pursuant to
which the Company has granted the AQR Funds the right to put an aggregate of 535,000 ordinary shares to the combined company
at a price of $10.55 per share for a period of four months following completion of the Acquisition. Pursuant to the
agreements and in exchange for receiving the put right, the AQR Funds agreed not to tender any shares held by them in the
Extension Tender Offer or in any future issuer tender offer that the Company may conduct in connection with a business
combination. In connection with the put arrangement, the Company paid the AQR Funds a fee of $0.10 per share (an aggregate of
$53,500) and paid an additional fee of $0.20 per share (an aggregate of $107,000) to the AQR Funds on May 24, 2013. Chardan
Capital Markets, LLC will also receive a fee of $0.20 per share (an aggregate of $107,000) upon closing of the Acquisition.
These fees are reflected in the adjustments in the unaudited pro forma combined balance sheet as part of the estimation of
business related costs to legal counsels, accountants, other consultants, etc. not already expensed as of December 31, 2012
(see note 6 of pro forma adjustments and eliminations). The parties also agreed to place $10.02 per share (an aggregate of
$5,360,700) into escrow following completion of the Acquisition until the put rights are exercised or expire.



On May 23, 2013, Prime and BHN LLC (“BHN”
or “Manager”) entered into a Management Agreement and further amended on September 27, 2013, in connection
with the previously announced proposed business combination transaction. Pursuant to the terms of the Management Agreement, and
subject to the closing of Prime’s initial business combination, Prime appoints Manager to manage the assets of Prime following
the business combination on an exclusive basis. In exchange for the portfolio management and related services provided by Manager,
Prime will pay a management fee equal to 1.9% of the value of the managed assets (one-twelfth of which is payable in arrears monthly).
In addition, Manager is entitled to a one-time equity grant equal to 3.5% of the issued and outstanding ordinary shares of Prime
at the time of the closing of the business combination, provided the minimum value of the assets acquired in the transaction is
greater than $150 million by October 31, 2013. If Prime pays a cash dividend equal to $0.50 per share to its holders of
ordinary shares following the business combination, the Manager shall be entitled to a bonus equal to 10% of the adjusted net
operating income (as defined in the agreement) for each year following the payment of such dividend. At or promptly after closing,
Prime is required to establish a stock incentive plan providing for the issuance to the Manager of options to purchase up to 1
million ordinary shares. Manager will be responsible for compensation expenses of its management team, and Prime will be responsible
for all of Prime’s expenses. The Management Agreement provides indemnification provisions for the Manager and Prime. The
term of the agreement commences upon closing of the initial business combination and extends for a period of five years, which
term renews automatically for additional 5 year terms thereafter. As of October 31, 2013, the value of the assets acquired
in the transactions is less than $150 million.



On September 27, 2013, Prime completed the
Business Combination Tender Offer and redeemed the one share validly tendered and not withdrawn, and on September 30, 2013, it
consummated the Business Combination by acquiring the Bell Group, Seba and Nova for an aggregate of 1,719,317 ordinary shares.
As a result, following consummation of the Business Combination, Prime had a total of 3,635,344 ordinary shares outstanding.





7









As a result of the business combination,
Prime’s Initial Portfolio comprised of ten assets. All of the properties in the portfolio are commercial real estate
assets based in Italy.



Seba and Nova collectively own 1 property,
Bell Group owns the remaining 9 properties. Prime issued 776,136 ordinary shares to Seba and Nova, and 943,181 ordinary shares
to Bell Group upon the closing of the business combination.



The historical financial statements of Prime for the year ended
December 31, 2012 were prepared under U.S. GAAP and presented in U.S. dollars. For purposes of the pro forma condensed combined
financial information, these statements have been converted to IFRS. Bell Group’s historical financial statements have been
prepared under IFRS and presented in Euro. The historical financial statements of Seba S.r.l. (“Seba”) and NOVA S.r.l.’s
(“Nova”) have also been prepared under IFRS and presented in Euro. For purposes of the pro forma condensed combined
financial information, all of these statements have been translated to U.S. dollars. All of the unaudited pro forma condensed combined
financial statements included herein are therefore prepared under IFRS and presented in U.S. dollars.



You should not rely on the unaudited pro forma condensed combined
balance sheet as being indicative of the historical financial position that would have been achieved had the business combination
been consummated as of December 31, 2012, or the unaudited pro forma condensed combined statement of operations for the year ended
December 31, 2012 as being indicative of the historical financial results of operations that would have been achieved had the business
combination been consummated on the first day of such period. See “Risk Factors” in this proxy statement for further
information.



We are providing the following information to aid you in your
analysis of the financial aspects of the business combination. We derived the historical financial information of Prime from the
audited financial statements for the year ended December 31, 2012 included elsewhere in this proxy statement. We derived the historical
financial information of Bell Group, Seba, and Nova (collectively as the “Targets”) from the audited combined financial
statements of Bell Group for the year ended December 31, 2012. Seba, and Nova’s financial statements for the year ended December
31, 2012 are prepared in accordance with Rule 3-14 of Regulation S-X (“S-X 3-14”) for the year ended December 31, 2012,
included elsewhere in this proxy statement. This information should be read together with Prime’s and Targets’ audited
financial statements and related notes, “Targets’ Management’s Discussion and Analysis of Financial Condition
and Results of Operations ” and “Other Information Related to Prime — Management’s Discussion and Analysis
of Financial Condition and Results of Operations,” and other financial information included elsewhere in this proxy statement.



The business combination is accounted for as a forward acquisition
under Acquisition method and management has concluded that Prime is the accounting acquirer based on its evaluation of the facts
and circumstances of the acquisition. Some of the factors considered include immediately following completion of the transaction,
the shareholders of Prime will have effective control of the post-merger entity through (1) retaining BHN LLC (“BHN”)
in the form of a management agreement to manage the assets acquired and to provide investment advisory services, (2) significant
representation on post-merger entity’s board of directors with 1 from Prime’s management team and 6 to be assigned
by BHN with 3 (out of 6 assigned by BHN) being independent and mutually agreed up by Prime and BHN. No management of the Targets
will be anticipated to be part of Prime or BHN’s management team or board of directors following the business combination.
In addition, the Bell Group has been determined to be the predecessor in this business combination due to its relative larger assets,
operating revenue and expenses size in comparison to Seba and Nova. Accordingly, the combined assets, liabilities and results of
operations of the Bell Group will become the historical financial statements of post-merger entity at the closing of the transaction,
and Prime’s assets (primarily cash and cash equivalents), liabilities and results of operations will be consolidated with
Targets’ assets, liabilities and results of operations on the closing date of the business combination. The Targets’
assets and liabilities are measured at their acquisition-date fair value. The purchase price is allocated over the fair value of
assets and liabilities purchased with any excess of purchase price over the fair value of assets and liabilities acquired recorded
as goodwill. All direct costs of the transaction will be charged to operations in the period that such costs are incurred. Actual
results could differ from the unaudited pro forma condensed combined financial information presented.





8









On August 30, 2013, Prime and BHN entered into Purchase Agreements
with Radiomarelli SA, a Swiss company, and Futurum Energy SA, a Swiss investment company. Pursuant to the Purchase Agreements,
Prime agreed to purchase a 10% minority interest in 50 renewable energy plants (photovoltaic plants) and the right to all green
certificates that will be issued by the Romanian government to these photovoltaic plants for approximately $372,493,880 in ordinary
shares (an aggregate of 37,249,388 ordinary shares) at a price of €1.25 million per megawatt peak installed, subject to adjustment
depending on the actual number of green certificates that will be issued.



On August 30, 2013, Prime signed a Securities Purchase Agreement
with Radiomarelli SA separately for a private placement to purchase 14,285,714 ordinary shares at $9.10 per share, generating gross
proceeds of $130,000,000.



On September 30, 2013, the Company announced the closing of
Prime’s business combination transaction. Prime’s purchase of entities holding 10 real estate properties in Italy
closed on this date with Prime issuing 1,719,317 shares of common stock. Prime expects to close the following transactions
in the coming days:



| | 1) | The sale of approximately 14.3 million ordinary shares of common stock to Swiss electronics company Radiomarelli SA (“Radiomarelli”) at a price of $9.10 per share for gross proceeds of $130.0 million; and
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2) | Prime’s purchase of a minority interest in 50 renewable energy plants (photovoltaic plants) and the right to all green certificates that will be issued by the Romanian government to these photovoltaic plants through the issuance of approximately 37.2 million ordinary shares of company common stock.
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

On October 4, 2013, the Company received a letter from the
Listing Qualifications Department of The NASDAQ Stock Market LLC (“Nasdaq”) stating that Nasdaq’s staff had
determined that Prime was not in compliance with all of the initial listing requirements following the completion of its business
combination. The Nasdaq Hearings Panel further determined on October 9, 2013 to delist the Company’s securities from The
Nasdaq Capital Market. Beginning on October 11, 2013, Prime’s shares, warrants and units were suspended from trading on
Nasdaq and began trading on the OTC Bulletin Board on October 11, 2013, under the symbols “PACQF,” “PAQWF”
and “PAQUF,” respectively. The Company issued a press release on October 10, 2013 announcing the above events. On
December 23, 2013, the Company received a notice from the Appeals Panel (the “Panel”) of Nasdaq advising the Company
of the Panel’s decision to affirm the decision to delist the Company from Nasdaq.





9









Prime Acquisition Corp.

Bell Group Combined (includes Delfin S.r.l., SIM S.r.l., Dieci Real Estate S.r.l., Ellegi S.r.l., GSI S.r.l., Magin S.r.l.)

Seba S.r.l.

NOVA S.r.l.

Unaudited Pro Forma Combined Balance Sheet as at December 31, 2012

(in US Dollars)









|                                                                                               |  | Prime Acquisition Corp. |            |  | Bell Group combined |   |            | Seba S.r.l.  |  |   | NOVA S.r.l.  |  |  | Pro Forma Adjustments for conversion of
    3,008,956 Shares on March 28, 2013 and September 27, 2013 |           | Adj. |        | Pro Forma |            
|---------------------------------------------------------------------------------------------- |  | ----------------------- | ---------- |  | ------------------- | - | ---------- | ------------ |  | - | ------------ |  |  | ----------------------------------------------------------------------------------------------------- | --------- | ---- | ------ | --------- | -----------
|                                                                                               |  | (Note
    A)            |            |  | (Note
    B)        |   |            | (Note
    B) |  |   | (Note
    B) |  |  | Debit                                                                                                 |           |      | Credit |           | No.        
|ASSETS                                                                                         |  |                         |            |  |                     |   |            |              |  |   |              |  |  |                                                                                                       |           |      |        |           |            
|                                                                                               |  |                         |            |  |                     |   |            |              |  |   |              |  |  |                                                                                                       |           |      |        |           |            
|Current assets                                                                                 |  |                         |            |  |                     |   |            |              |  |   |              |  |  |                                                                                                       |           |      |        |           |            
|Cash                                                                                           |  | $                       | 7,411      |  |                     | $ | 214,849    |              |  | $ | 6,509        |  |  | $                                                                                                     | 29,822    |      |        | $         | 6,471,194  
|                                                                                               |  |                         |            |  |                     |   |            |              |  |   |              |  |  |                                                                                                       |           |      |        |           |            
|                                                                                               |  |                         |            |  |                     |   |            |              |  |   |              |  |  |                                                                                                       |           |      |        |           |            
|                                                                                               |  |                         |            |  |                     |   |            |              |  |   |              |  |  |                                                                                                       |           |      |        |           |            
|                                                                                               |  |                         |            |  |                     |   |            |              |  |   |              |  |  |                                                                                                       |           |      |        |           |            
|                                                                                               |  |                         |            |  |                     |   |            |              |  |   |              |  |  |                                                                                                       |           |      |        |           | 130,000,000
|Cash held in trust account                                                                     |  |                         | 36,620,933 |  |                     |   | –          |              |  |   | –            |  |  |                                                                                                       | –         |      |        |           |            
|                                                                                               |  |                         |            |  |                     |   |            |              |  |   |              |  |  |                                                                                                       |           |      |        |           |            
|Available-for-sale investments                                                                 |  |                         | –          |  |                     |   | 56,041     |              |  |   | 24,750       |  |  |                                                                                                       | –         |      |        |           |            
|Trade and other receivables                                                                    |  |                         | –          |  |                     |   | 3,411,000  |              |  |   | 226,608      |  |  |                                                                                                       | 244,834   |      |        |           |            
|Prepaid expenses                                                                               |  |                         | 8,039      |  |                     |   | –          |              |  |   | –            |  |  |                                                                                                       | –         |      |        |           |            
|Assets in disposal groups classified as held
    for sale                                      |  |                         |            |  |                     |   | 5,995,210  |              |  |   | –            |  |  |                                                                                                       | –         |      |        |           |            
|Total Current Assets                                                                           |  |                         | 36,636,383 |  |                     |   | 9,677,100  |              |  |   | 257,867      |  |  |                                                                                                       | 274,656   |      |        |           |            
|Non-current assets                                                                             |  |                         |            |  |                     |   |            |              |  |   |              |  |  |                                                                                                       |           |      |        |           |            
|Property, plants and equipment                                                                 |  |                         | 3,595      |  |                     |   | 269,610    |              |  |   | –            |  |  |                                                                                                       | –         |      |        |           |            
|Investment property                                                                            |  |                         | –          |  |                     |   | 42,924,386 |              |  |   | 17,932,960   |  |  |                                                                                                       | 8,453,545 |      |        |           |            
|Long-term investments                                                                          |  |                         | –          |  |                     |   | –          |              |  |   | –            |  |  |                                                                                                       | –         |      |        |           | 372,493,880
|Investments in equity-accounted associates                                                     |  |                         | –          |  |                     |   | 5,670      |              |  |   | –            |  |  |                                                                                                       | –         |      |        |           |            
|Other receivables                                                                              |  |                         | –          |  |                     |   | 9,746      |              |  |   | –            |  |  |                                                                                                       | –         |      |        |           |            
|Goodwill                                                                                       |  |                         | –          |  |                     |   | –          |              |  |   | –            |  |  |                                                                                                       | –         |      |        |           | 9,053,017  
|TOTAL ASSETS                                                                                   |  | $                       | 36,639,978 |  |                     | $ | 52,886,512 |              |  | $ | 18,190,827   |  |  | $                                                                                                     | 8,728,201 |      |        |           |            
|                                                                                               |  |                         |            |  |                     |   |            |              |  |   |              |  |  |                                                                                                       |           |      |        |           |            
|LIABILITIES AND STOCKHOLDERS'
    EQUITY                                                       |  |                         |            |  |                     |   |            |              |  |   |              |  |  |                                                                                                       |           |      |        |           |            
|                                                                                               |  |                         |            |  |                     |   |            |              |  |   |              |  |  |                                                                                                       |           |      |        |           |            
|Current liabilities                                                                            |  |                         |            |  |                     |   |            |              |  |   |              |  |  |                                                                                                       |           |      |        |           |            
|Accrued expenses                                                                               |  | $                       | 622,256    |  |                     | $ | –          |              |  | $ | –            |  |  | $                                                                                                     | –         |      |        |           |            
|Trade and other payables                                                                       |  |                         | –          |  |                     |   | 6,872,175  |              |  |   | 202,145      |  |  |                                                                                                       | 601,677   |      |        |           |            
|Due to related party                                                                           |  |                         | 275,771    |  |                     |   | –          |              |  |   | –            |  |  |                                                                                                       | –         |      |        |           | 275,771    
|Loans and borrowings                                                                           |  |                         |            |  |                     |   | 2,410,115  |              |  |   | 1,734,203    |  |  |                                                                                                       | 124,144   |      |        |           |            
|Deferred underwriters fees                                                                     |  |                         | 1,022,833  |  |                     |   | –          |              |  |   | –            |  |  |                                                                                                       | –         |      |        |           | 1,022,833  
|Notes payable to stockholders                                                                  |  |                         | 60,000     |  |                     |   | –          |              |  |   | –            |  |  |                                                                                                       | –         |      |        |           | 60,000     
|Derivative financial liabilities                                                               |  |                         | –          |  |                     |   | 249,119    |              |  |   | 1,143,036    |  |  |                                                                                                       | 1,228     |      |        |           |            
|Corporation tax liability                                                                      |  |                         | –          |  |                     |   | 1,096,313  |              |  |   | 20,701       |  |  |                                                                                                       | 2,207     |      |        |           |            
|Provisions                                                                                     |  |                         | –          |  |                     |   | 197,790    |              |  |   | –            |  |  |                                                                                                       | –         |      |        |           |            
|Liabilities directly associated with assets
    in disposal groups classified as held for sale |  |                         | –          |  |                     |   | 6,428,404  |              |  |   | –            |  |  |                                                                                                       | –         |      |        |           |            
|Total current liabilities                                                                      |  |                         | 1,980,860  |  |                     |   | 17,253,916 |              |  |   | 3,100,085    |  |  |                                                                                                       | 729,256   |      |        |           |            
|Non-current liabilities                                                                        |  |                         |            |  |                     |   |            |              |  |   |              |  |  |                                                                                                       |           |      |        |           |            
|Loans and borrowings                                                                           |  |                         | –          |  |                     |   | 28,227,291 |              |  |   | 10,740,729   |  |  |                                                                                                       | 5,929,523 |      |        |           |            
|Other financing liabilities (non-current portion)                                              |  |                         | –          |  |                     |   | –          |              |  |   | –            |  |  |                                                                                                       | –         |      |        |           |            
|Deferred tax liabilities                                                                       |  |                         | –          |  |                     |   | 2,186,522  |              |  |   | 1,334,290    |  |  |                                                                                                       | 643,088   |      |        |           |            
|Total non-current liabilities                                                                  |  |                         | –          |  |                     |   | 30,413,813 |              |  |   | 12,075,019   |  |  |                                                                                                       | 6,572,611 |      |        |           |            







10









|                                                                                         |  |   |            |   |  |   |            |   |  |   |            |  |  |   |           |  |  |  |            |  |  |  |             |  |      |  |   |             | 
|---------------------------------------------------------------------------------------- |  | - | ---------- | - |  | - | ---------- | - |  | - | ---------- |  |  | - | --------- |  |  |  | ---------- |  |  |  | ----------- |  | ---- |  | - | ----------- | 
|Ordinary shares, subject to possible redemption
    3,031,969 shares at $10.02 per share |  |   | 30,380,329 |   |  |   | –          |   |  |   | –          |  |  |   | –         |  |  |  | 30,149,739 |  |  |  |             |  | (1)  |  |   | –           | 
|                                                                                         |  |   |            |   |  |   |            |   |  |   |            |  |  |   |           |  |  |  | 230,590    |  |  |  |             |  | (8)  |  |   |             | 
|                                                                                         |  |   |            |   |  |   |            |   |  |   |            |  |  |   |           |  |  |  |            |  |  |  |             |  |      |  |   |             | 
|Stockholders' equity                                                                     |  |   |            |   |  |   |            |   |  |   |            |  |  |   |           |  |  |  |            |  |  |  |             |  |      |  |   |             | 
|Ordinary shares, $.001 par value                                                         |  |   | 1,863      |   |  |   | –          |   |  |   | –          |  |  |   | –         |  |  |  |            |  |  |  | 1,719       |  | (7)  |  |   | 55,140      | 
|                                                                                         |  |   |            |   |  |   |            |   |  |   |            |  |  |   |           |  |  |  |            |  |  |  | 23          |  | (8)  |  |   |             | 
|                                                                                         |  |   |            |   |  |   |            |   |  |   |            |  |  |   |           |  |  |  |            |  |  |  | 37,249      |  | (10) |  |   |             | 
|                                                                                         |  |   |            |   |  |   |            |   |  |   |            |  |  |   |           |  |  |  |            |  |  |  | 14,286      |  | (11) |  |   |             | 
|Share capital                                                                            |  |   | –          |   |  |   | 192,401    |   |  |   | 12,998     |  |  |   | 14,287    |  |  |  | 219,686    |  |  |  |             |  | (7)  |  |   | –           | 
|Legal reserve                                                                            |  |   | –          |   |  |   | 38,874     |   |  |   | –          |  |  |   | –         |  |  |  | 38,874     |  |  |  |             |  | (7)  |  |   | –           | 
|Additional paid-in capital                                                               |  |   | 5,890,921  |   |  |   | –          |   |  |   | –          |  |  |   | –         |  |  |  |            |  |  |  | 17,191,451  |  | (7)  |  |   | 527,275,971 | 
|                                                                                         |  |   |            |   |  |   |            |   |  |   |            |  |  |   |           |  |  |  |            |  |  |  | 230,567     |  | (8)  |  |   |             | 
|                                                                                         |  |   |            |   |  |   |            |   |  |   |            |  |  |   |           |  |  |  |            |  |  |  | 1,520,687   |  | (9)  |  |   |             | 
|                                                                                         |  |   |            |   |  |   |            |   |  |   |            |  |  |   |           |  |  |  |            |  |  |  | 372,456,631 |  | (10) |  |   |             | 
|                                                                                         |  |   |            |   |  |   |            |   |  |   |            |  |  |   |           |  |  |  |            |  |  |  | 129,985,714 |  | (11) |  |   |             | 
|Retained earnings (accumulated deficit)                                                  |  |   | (525,121   | ) |  |   | 4,372,361  |   |  |   | 2,055,079  |  |  |   | 77,479    |  |  |  | 2,408,751  |  |  |  |             |  | (6)  |  |   | (2,933,872) | 
|                                                                                         |  |   |            |   |  |   |            |   |  |   |            |  |  |   |           |  |  |  | 6,504,919  |  |  |  |             |  | (7)  |  |   |             | 
|Profit (loss) of the year                                                                |  |   | (1,088,874 | ) |  |   | (864,236   | ) |  |   | 923,963    |  |  |   | 1,302,574 |  |  |  | 1,362,301  |  |  |  |             |  | (7)  |  |   | (1,088,874) | 
|                                                                                         |  |   |            |   |  |   |            |   |  |   |            |  |  |   |           |  |  |  |            |  |  |  |             |  |      |  |   |             | 
|Translation reserve                                                                      |  |   | –          |   |  |   | (41,304    | ) |  |   | 23,683     |  |  |   | 31,994    |  |  |  | 14,373     |  |  |  |             |  | (7)  |  |   | –           | 
|Non-controlling interest                                                                 |  |   |            |   |  |   | 1,520,687  |   |  |   | –          |  |  |   | –         |  |  |  | 1,520,687  |  |  |  |             |  | (9)  |  |   | –           | 
|Total stockholders' equity                                                               |  |   | 4,278,789  |   |  |   | 5,218,783  |   |  |   | 3,015,723  |  |  |   | 1,426,334 |  |  |  |            |  |  |  |             |  |      |  |   | 523,308,365 | 
|TOTAL LIABILITIES AND STOCKHOLDERS'
    EQUITY                                           |  | $ | 36,639,978 |   |  | $ | 52,886,512 |   |  | $ | 18,190,827 |  |  | $ | 8,728,201 |  |  |  |            |  |  |  |             |  |      |  | $ | 594,075,321 | 







Pro Forma Adjustments and Eliminations



| | (1) | To record the liquidation and payment of cash from investment
held in trust for 3,008,955 ordinary shares accepted for redemption from investors on tender offer expired March 28, 2013 at $10.02
per share, and 1 ordinary shares accepted for redemption from investors on tender offer expired September 27, 2013 at $10.02 per
share.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (2) | To liquidate investment held in trust.
| | --- | --------------------------------------

| | (3) | To record payment of due to related party upon business
combination.
| | --- | --------------------------------------------------------------------

| | (4) | To record payment of note payable to shareholder upon business
combination.
| | --- | ---------------------------------------------------------------------------

| | (5) | To record payment of deferred underwriters fees charged
to additional paid-in capital at the time of IPO but contingently payable until the consummation of business combination.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (6) | To record estimation of business related costs to legal
counsels, accountants, other consultants, etc. not already expensed. The estimates are based on the actual disbursements at closing,
past experience of Prime’s management with similar transaction, a comparison of amount of expenses already accrued at the
end of December 31, 2012 and the extend of services that has been rendered between January 1, 2013 and June 30, 2013 and further
services anticipated to be rendered through the closing of the business combination.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Legal fees                                                                                                   |  | $ | 1,367,181 |  | 
|------------------------------------------------------------------------------------------------------------ |  | - | --------- |  | 
|Other consulting fees                                                                                        |  |   | 188,793   |  | 
|Accounting fees                                                                                              |  |   | 87,500    |  | 
|Registration, filing and listing costs                                                                       |  |   | 112,000   |  | 
|Fees related to put options entered on February 25, 2013 payable to AQR Funds                                |  |   | 160,500   |  | 
|Fees related to put options entered on February 25, 2013 payable to Chardan Capital Markets, LLC. At closing |  |   | 107,000   |  | 
|Other reimbursable expenses to shareholder                                                                   |  |   | 385,777   |  | 
|Total balance to accrue                                                                                      |  | $ | 2,408,751 |  | 



| | (7) | To record issuance of 1,719,317 ordinary shares to the Targets' shareholders in the business
                                                                              combination at the estimated fair market value of $10 per share at closing resulting in aggregated purchase price of
                                                                              $17,193,170. According to acquisition method accounting, the aggregate purchase price is allocated over the fair value of
                                                                              Targets' assets and liabilities with any excess of purchase price over the fair value of assets and liabilities acquired
                                                                              recorded as goodwill. The Target’s assets and liabilities are measured at their acquisition-date fair value.
                                                                              The historical share capital, legal reserve, retained earnings, and translation reserve of the Targets are eliminated.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (8) | To eliminate shares subject to conversion on the assumption
that all remaining shareholders after the expiration of tender offer expired on March 28, 2013 and September 27, 2013 approve
of the proposed business combination and do not elect to convert such shares.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (9) | To eliminate Bell Group's non-controlling interest to reflect
100% of acquisition by Prime.
| | --- | -------------------------------------------------------------------------------------------

| | (10) | To record
                                         issuance of 37,249,388 ordinary shares at $10 per share to purchase Green Certificates
                                         valued at $372,493,880. 12,801,263 of these ordinary shares will be issued to Radiomarelli
                                         SA and 24,448,125 shares to Futurum Energy SA.
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (11) | To record
                                         cash to be received from private placement by Radiomareilli SA for 14,285,714 ordinary
                                         shares at $9.10 per share.
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





11







Pro Forma Notes



Note A

Prime converted its audited balance sheet as of December 31,
2012, originally prepared in accordance with U.S. GAAP into IFRS as issued by the IASB and determined that no adjustments were
necessary to accomplish the U.S. GAAP to IFRS conversion.



Note B

The audited balance sheet of Bell Group as of December 31, 2012,
and the unaudited balance sheets of Seba and Nova were translated from Euro to U.S. Dollars pursuant to the provision of IAS 21
– The Effects of Changes in Foreign Exchange Rates, as follows:



| | · | Assets and liabilities were translated using the exchange rate at
the balance sheet date
| | - | ----------------------------------------------------------------------------------------

| | · | Amounts in the statement of operations were translated at an appropriate
weighted average rate for the period presented
| | - | -----------------------------------------------------------------------------------------------------------------------

| | · | The translation adjustments resulting from translating the foreign
entity’s financial statements are reported separately in Translation Reserve as a separate component of stockholders’
equity
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



The Bell Group’s equity accounts were translated using
historical exchange rate for transactions after December 31, 2010, and the closing rate of December 31, 2010 for transactions before
December 31, 2010. This is due to (1) the cost on time required for gathering and researching the transaction date for all historical
events before December 13, 2010, and (2) the historical exchange rate has been relatively stable for the past 10 years, outweighs
the benefit derived from such efforts. Seba and Nova’s equity accounts were translated using historical exchange rate on
the date the transaction occurred.



Note C

Pro forma entries are recorded to the extent they are a direct
result of the business combination and are factually supportable.



Note D

As a result of the Company’s tender offers expired on
March 28, 2013 and September 27, 2013, 3,008,956 ordinary shares has been redeemed in connection with the Extension Tender Offer
and the Final Tender Offer.



Note E

The Targets’ assets and liabilities are measured at their
acquisition-date fair value. The purchase price offered by Prime to the Targets is allocated over the fair value of the Targets’
assets and liabilities, resulting in a step up in basis with the excess of purchase price over the fair value of assets and liabilities
acquired being recorded in goodwill.





12









Prime Acquisition Corp.

Bell Group Combined (includes Delfin S.r.l., SIM S.r.l., Dieci Real Estate S.r.l., Ellegi S.r.l., GSI S.r.l., Magin S.r.l.)

Seba S.r.l.

NOVA S.r.l.

Unaudited Pro Forma Condensed Statement of Operations for the year ended December, 31, 2012

(in US Dollars)





|                                                        |  | Prime Acquisition Corp. |            |   | Bell Group combined |   |            | Seba S.r.l. |  |   | NOVA S.r.l. |   |  | Pro Forma Adjustments for conversion of 3,008,956
    Shares on March 28, 2013 and September 27, 2013 |          |   | Adj    | Pro Forma |            
|------------------------------------------------------- |  | ----------------------- | ---------- | - | ------------------- | - | ---------- | ----------- |  | - | ----------- | - |  | ----------------------------------------------------------------------------------------------------- | -------- | - | ------ | --------- | -----------
|                                                        |  | (Note F)                |            |   | (Note G)            |   |            | (Note G)    |  |   | (Note G)    |   |  | (Debit)                                                                                               |          |   | Credit |           |            
|Revenue                                                 |  | $                       | –          |   |                     | $ | 4,963,100  |             |  | $ | 867,983     |   |  | $                                                                                                     | 19,289   |   |        |           |            
|Tenant reimbursement                                    |  |                         | –          |   |                     |   | –          |             |  |   | 38,577      |   |  |                                                                                                       | 1,350    |   |        |           |            
|Other operating income                                  |  |                         | –          |   |                     |   | 441,433    |             |  |   | –           |   |  |                                                                                                       | –        |   |        |           |            
|Gross Profit                                            |  |                         | –          |   |                     |   | 5,404,533  |             |  |   | 906,560     |   |  |                                                                                                       | 20,639   |   |        |           |            
|Operating expenses                                      |  |                         |            |   |                     |   |            |             |  |   |             |   |  |                                                                                                       |          |   |        |           |            
|Other operating expenses                                |  |                         | –          |   |                     |   | (5,450,951 | )           |  |   | –           |   |  |                                                                                                       | –        |   |        |           |            
|Real estate taxes                                       |  |                         | –          |   |                     |   | –          |             |  |   | (59,411     | ) |  |                                                                                                       | (9,297   | ) |        |           |            
|Interest expense                                        |  |                         | –          |   |                     |   | –          |             |  |   | (585,909    | ) |  |                                                                                                       | (76,602  | ) |        |           |            
|Insurance expense                                       |  |                         | –          |   |                     |   | –          |             |  |   | (31,632     | ) |  |                                                                                                       | (213     | ) |        |           |            
|Other real estate operating
    expenses                |  |                         | –          |   |                     |   | –          |             |  |   | –           |   |  |                                                                                                       | (18,147  | ) |        |           |            
|General and administrative
    expenses                 |  |                         | (1,120,793 | ) |                     |   | –          |             |  |   | –           |   |  |                                                                                                       | –        |   |        |           | (10,864,291
|Depreciation, amortization
    and impairment provision |  |                         | –          |   |                     |   | (1,069,396 | )           |  |   | –           |   |  |                                                                                                       | –        |   |        |           |            
|Total operating
    expenses                            |  |                         | (1,120,793 | ) |                     |   | (6,520,347 | )           |  |   | (676,952    | ) |  |                                                                                                       | (104,259 | ) |        |           |            
|Profit/(loss)
    from operations                       |  |                         | (1,120,793 | ) |                     |   | (1,115,814 | )           |  |   | 229,608     |   |  |                                                                                                       | (83,620  | ) |        |           |            
|Other income(expense)                                   |  |                         |            |   |                     |   |            |             |  |   |             |   |  |                                                                                                       |          |   |        |           |            
|Finance expense                                         |  |                         | –          |   |                     |   | (1,009,969 | )           |  |   | –           |   |  |                                                                                                       | –        |   |        |           |            
|Finance income                                          |  |                         | 31,919     |   |                     |   | 1,542      |             |  |   | –           |   |  |                                                                                                       | –        |   |        |           |            
|Total other
    income(expense)                         |  |                         | 31,919     |   |                     |   | (1,008,427 | )           |  |   | –           |   |  |                                                                                                       | –        |   |        |           |            
|Profit/(loss)
    before tax                            |  |                         | (1,088,874 | ) |                     |   | (2,124,241 | )           |  |   | 229,608     |   |  |                                                                                                       | (83,620  | ) |        |           |            
|Tax (expense)/credit                                    |  |                         | –          |   |                     |   | 11,727     |             |  |   | –           |   |  |                                                                                                       | –        |   |        |           | (72,097    
|Profit/(loss)
    from continuing operations            |  | $                       | (1,088,874 | ) |                     | $ | (2,112,514 | )           |  | $ | 229,608     |   |  | $                                                                                                     | (83,620  | ) |        |           |            
|                                                        |  |                         |            |   |                     |   |            |             |  |   |             |   |  |                                                                                                       |          |   |        |           |            
|Weighted average shares outstanding                     |  |                         | 4,894,623  |   |                     |   |            |             |  |   |             |   |  |                                                                                                       |          |   |        |           |            
|                                                        |  |                         |            |   |                     |   |            |             |  |   |             |   |  |                                                                                                       |          |   |        |           |            
|Basic and diluted net profit/(loss)
    per share       |  | $                       | (0.22      | ) |                     |   |            |             |  |   |             |   |  |                                                                                                       |          |   |        |           |            





Pro Forma Adjustments and Eliminations



| | (1) | To record annual management fee paid to BHN equal to 1.9%
of the total managed assets value.
| | --- | --------------------------------------------------------------------------------------------

| | (2) | To reflect an adjustment to Seba's provision for income
tax expense to reflect a nominal tax rate of 31.4% in Italy.
| | --- | --------------------------------------------------------------------------------------------------------------------



Pro Forma Notes



Note F

Prime converted its audited statement of operations as of December
31, 2012, originally prepared in accordance with U.S. GAAP into IFRS as issued by the IASB and determined that no adjustments were
necessary to accomplish the U.S. GAAP to IFRS conversion.



Note G

The audited income statement of Bell Group for the year ended
of December 31, 2012 and the statements of revenue and certain expenses of Seba and Nova prepared in accordance with S-X 3-14
were translated from Euro to U.S. Dollars in pursuant to the provision of IAS 21 – The Effects of Changes in Foreign Exchange
Rates, as follows:

| | · | Assets and liabilities were translated using the exchange rate at
the balance sheet date
| | - | ----------------------------------------------------------------------------------------

| | · | Amounts in the statement of operations were translated at an appropriate
weighted average rate for the period presented
| | - | -----------------------------------------------------------------------------------------------------------------------

| | · | The translation adjustments resulting from translating the foreign
entity’s financial statements are reported separately in Translation Reserve as a separate component of stockholders’
equity
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





13







Note H

Pro forma entries are recorded to the extent they are a direct
result of the business combination, are factually supportable and are expected to have an ongoing impact on the operating results.



Note I

As the merger is being reflected as if it has occurred at the
beginning of the period presented, the calculation of weighted average shares outstanding for basic and diluted earnings per share
assumed that the shares issued relating to the merger have been outstanding for the entire period presented.



|                                                                                   |  | For the year ended  December 31, 2012 |           
|---------------------------------------------------------------------------------- |  | ------------------------------------- | ----------
|                                                                                   |  | Conversion at                         |           
|                                                                                   |  | 3,008,956 Shares                      |           
|Actual number of ordinary shares outstanding                                       |  |                                       | 1,886,027 
|Pro forma shares:                                                                  |  |                                       |           
|Number of shares issuable in connection with the business combination              |  |                                       | 1,719,317 
|Number of shares issuable in connection with the purchase of Green Certificates    |  |                                       | 37,249,388
|Number of shares issuable in connection with the
    private placement             |  |                                       | 14,285,714
|Pro forma weighted average number of ordinary shares outstanding Basic and Diluted |  |                                       | 55,140,446



For the year ended December 31, 2012, potentially dilutive securities
are excluded from the computation of fully diluted earnings per share as their effects are anti-dilutive.



Potentially dilutive securities include:

|                                                                                             |  | For the year ended December 31, 2012 |          
|-------------------------------------------------------------------------------------------- |  | ------------------------------------ | ---------
|Warrants to purchase common stock                                                            |  |                                      | 7,080,050
|Common stocks in the unit purchase option for underwriters                                   |  |                                      | 215,000  
|Options in the unit purchase option for underwriters to purchase common stock                |  |                                      | 215,000  
|Options for certain non-employee consultants, officers or directors to purchase common stock |  |                                      | 60,000   
|Total potential dilutive securities                                                          |  |                                      | 7,570,050



After December 31, 2012, there are additional 1,000,000 options
granted to BHN to purchase common stock, and 161,005 warrants to be granted to shareholders who elect not to redeem their
shares prior to the completion of the Acquisition, bringing the total potential dilutive securities to 8,731,055 at closing.







14









ITEM
19.EXHIBITS







|Exhibit No. | Description                                                                                                                                                   
|----------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------
|1.1         | Amended and Restated Articles of Association(1)                                                                                                               
|1.2         | Amendment to Amended and Restated Articles of Association(2)                                                                                                  
|2.1         | Specimen Unit Certificate(1)                                                                                                                                  
|2.2         | Specimen Ordinary Share Certificate(1)                                                                                                                        
|2.3         | Specimen Public Redeemable Warrant Certificate(1)                                                                                                             
|2.4         | Specimen Founder Warrant Certificate(1)                                                                                                                       
|2.5         | Specimen Placement Warrant Certificate(1)                                                                                                                     
|2.6         | Form of Warrant Agreement(1)                                                                                                                                  
|2.7         | Form of Unit Purchase Option(1)                                                                                                                               
|4.1         | Form of Underwriting Agreement(1)                                                                                                                             
|4.2         | Form of Letter Agreement by and among the Registrant, Chardan Capital Markets, LLC and the founders(1)                                                        
|4.3         | Promissory Note dated March 25, 2010 by the Registrant to Diana Chia-Huei Liu(1)                                                                              
|4.4         | Promissory Note dated March 25, 2010 by the Registrant to William Tsu-Cheng Yu(1)                                                                             
|4.5         | Promissory Note dated November 10, 2010 by the Registrant to Diana Chia-Huei Liu(1)                                                                           
|4.6         | Promissory Note dated November 10, 2010 by the Registrant to William Tsu-Cheng Yu(1)                                                                          
|4.7         | Promissory Note, dated as of February 10, 2010, issued to Diana Liu(1)                                                                                        
|4.8         | Promissory Note, dated as of February 10, 2010, issued to William Yu(1)                                                                                       
|4.9         | Amendment dated as of February 3, 2011 to that certain Promissory Note dated February 10, 2010 issued to Diana Liu(1)                                         
|4.10        | Amendment dated as of February 3, 2011 to that certain Promissory Note dated February 10, 2010 issued to William Yu(1)                                        
|4.11        | Amendment dated as of February 3, 2011 to that certain Promissory Note dated as of March 25, 2010 issued to Diana Liu(1)                                      
|4.12        | Amendment dated as of February 3, 2011 to that certain Promissory Note dated as of March 25, 2010 issued to William Yu(1)                                     
|4.13        | Promissory Note, dated as of May 3, 2012, issued to William Yu(2)                                                                                             
|4.14        | Promissory Note, dated as of November 1, 2012, issued to William Yu(2)                                                                                        
|4.15        | Promissory Note, dated as of February 12, 2013, issued to William Yu(2)                                                                                       
|4.16        | Promissory Note, dated as of March 4, 2013, issued to William Yu(2)                                                                                           
|4.17        | Form of Securities Escrow Agreement between the Registrant, American Stock Transfer & Trust Company and the Founders(1)                                       
|4.18        | Form of Registration Rights Agreement among the Registrant and the Founders(1)                                                                                
|4.19        | Stock Option Agreement, dated as of February 25, 2010, between the Registrant and Amy Lau(1)                                                                  
|4.20        | Stock Option Agreement, dated as of February 25, 2010, between the Registrant and Carolyne Yu(1)                                                              
|4.21        | Stock Option Agreement, dated as of February 25, 2010, between the Registrant and Dane Chauvel(1)                                                             
|4.22        | Stock Option Agreement, dated as of February 25, 2010, between the Registrant and Dave Sagar(1)                                                               
|4.23        | Stock Option Agreement, dated as of February 25, 2010, between the Registrant and Elizabeth Pulchny(1)                                                        
|4.24        | Stock Option Agreement, dated as of February 25, 2010, between the Registrant and John Chase(1)                                                               
|4.25        | Stock Option Agreement, dated as of February 25, 2010, between the Registrant and Lance Wei(1)                                                                
|4.26        | Stock Option Agreement, dated as of February 25, 2010, between the Registrant and Rebecca Poon(1)                                                             
|4.27        | Stock Option Agreement, dated as of December 3, 2010, between the Registrant and Dane Chauvel(1)                                                              
|4.28        | Stock Option Agreement, dated as of December 3, 2010, between the Registrant and Jason Wang(1)                                                                
|4.29        | Stock Option Agreement, dated as of December 3, 2010, between the Registrant and HuiKai Yan(1)                                                                
|4.30        | Stock Option Agreement, dated as of March 21, 2012, between the Registrant and George Kaufman(3)                                                              
|4.31        | Put Agreement, dated February 25, 2013, by and among Prime Acquisition Corp. and Advanced Series Trust – AST Academic Strategies Asset Allocation Portfolio(2)
|4.32        | Put Agreement, dated February 25, 2013, by and among Prime Acquisition Corp. and CNH Diversified Opportunities Master Account, L.P.(2)                        
|4.33        | Put Agreement, dated February 25, 2013, by and among Prime Acquisition Corp. and AQR Opportunistic Premium Offshore Fund, L.P.(2)                             
|4.34        | Put Agreement, dated February 25, 2013, by and among Prime Acquisition Corp. and AQR Diversified Arbitrage Fund(2)                                            





15









|4.35   | Management Agreement, dated May 22, 2013, by and among bhn LLC, Prime Acquisition Corp., and certain subsidiaries(4)                                                                                                      
|------ | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|4.36   | Stock Purchase Agreement, dated June 22, 2013, by and among Prime Acquisition Corp., Prime BHN Luxembourg S.àr.l., BHN LLC, Seba S.r.l., Francesco Rotondi and Giuseppe Pantaleo(5)                                       
|4.37   | Stock Purchase Agreement, dated June 22, 2013, by and among Prime Acquisition Corp., Prime BHN Luxembourg S.àr.l., BHN LLC, Nova S.r.l., Francesco Rotondi and Luca Massimo Failla(5)                                     
|4.38   | Stock Purchase Agreement, dated July 9, 2013, by and among Prime Acquisition Corp., Prime BHN Luxembourg S.àr.l., BHN LLC, Delfin S.r.l., Davide Rigamonti, Cesare Lanati and G.S.I. S.r.l.(6)                            
|4.39   | Stock Purchase Agreement, dated July 9, 2013, by and among Prime Acquisition Corp., Prime BHN Luxembourg S.àr.l., BHN LLC, SIM S.r.l., G.S.I. S.r.l. and Bell Real Estate S.r.l.(6)                                       
|4.40   | Stock Purchase Agreement, dated July 9, 2013, by and among Prime Acquisition Corp., Prime BHN Luxembourg S.àr.l., BHN LLC, Dieci Real Estate S.r.l., ELLEGI S.r.l. and G.S.I. S.r.l.(6)                                   
|4.41   | Stock Purchase Agreement, dated July 9, 2013, by and among Prime Acquisition Corp., Prime BHN Luxembourg S.àr.l., BHN LLC, ELLEGI S.r.l., Bell Real Estate S.r.l. and Stefano Lanati(6)                                   
|4.42   | Stock Purchase Agreement, dated July 9, 2013, by and among Prime Acquisition Corp., Prime BHN Luxembourg S.àr.l., BHN LLC, G.S.I. S.r.l., Bell Real Estate S.r.l. and IGS S.r.l.(6)                                       
|4.43   | Stock Purchase Agreement, dated July 9, 2013, by and among Prime Acquisition Corp., Prime BHN Luxembourg S.àr.l., BHN LLC, Magfin S.r.l., Bell Real Estate S.r.l., G.S.I. S.r.l.(6)                                       
|4.44   | Letter of Intent, dated July 3, 2013, by and among Prime Acquisition Corp., Union European Concept Futurum Geie, Radiomarelli SA(6)                                                                                       
|4.45   | Purchase Agreement, dated August 30, 2013, by and among Prime Acquisition Corp., Prime BHN Luxembourg S.àr.l., BHN LLC and Futurum Enegry S.A.(7)                                                                         
|4.46   | Purchase Agreement, dated August 30, 2013, by and among Prime Acquisition Corp., Prime BHN Luxembourg S.àr.l., BHN LLC and Radiomarelli S.A.(7)                                                                           
|4.47 * | Transaction Value Agreement, dated as of September 30, 2013 by and amongPrime Acquisition Corp., Prime BHN Luxembourg S.àr.l. and the Bell Group holders named therein.                                                   
|4.48 * | [Reserved]                                                                                                                                                                                                                
|4.49 * | Transaction Value Agreement, dated as of September 30, 2013 by and amongPrime Acquisition Corp., Prime BHN Luxembourg S.àr.l. and the Nova holders named therein.                                                         
|4.50 * | Voting Agreement, dated as of September 27, 3013, by and among Prime Acquisition Corp., BHN LLC, and the voting parties named therein (Seba)                                                                              
|4.51 * | Voting Agreement, dated as of September 27, 3013, by and among Prime Acquisition Corp., BHN LLC, and the voting parties named therein (Nova)                                                                              
|4.52 * | Voting Agreement, dated as of September 27, 3013, by and among Prime Acquisition Corp., BHN LLC, and the voting parties named therein (Delfin)                                                                            
|4.53 * | Voting Agreement, dated as of September 27, 3013, by and among Prime Acquisition Corp., BHN LLC, and the voting parties named therein (SIM)                                                                               
|4.54 * | [Reserved]                                                                                                                                                                                                                
|4.55 * | Voting Agreement, dated as of September 27, 3013, by and among Prime Acquisition Corp., BHN LLC, and the voting parties named therein (ELLEGI)                                                                            
|4.56 * | Voting Agreement, dated as of September 27, 3013, by and among Prime Acquisition Corp., BHN LLC, and the voting parties named therein (G.S.I.)                                                                            
|4.57 * | Voting Agreement, dated as of September 27, 3013, by and among Prime Acquisition Corp., BHN LLC, and the voting parties named therein (Magfin)                                                                            
|4.58 * | Registration Rights Agreement, dated September 27, 2013, by and among Prime Acquisition Corp., BHN LLC, and the investors named therein                                                                                   
|4.59 * | Amendment, dated September 11 ,2013, to Stock Purchase Agreement, dated June 22, 2013, by and among Prime Acquisition Corp., Prime BHN Luxembourg S.àr.l., BHN LLC, Seba S.r.l., Francesco Rotondi and Giuseppe Pantaleo  
|4.60 * | Amendment, dated September 11, 2013, to Stock Purchase Agreement, dated June 22, 2013, by and among Prime Acquisition Corp., Prime BHN Luxembourg S.àr.l., BHN LLC, Nova S.r.l., Francesco Rotondi and Luca Massimo Failla





16









|4.61 * | Amendment, dated September 27, 2013, to Bell Group Stock Purchase Agreements                                                                             
|------ | ---------------------------------------------------------------------------------------------------------------------------------------------------------
|4.62 * | Amendment, dated September 27, 2013, to Management Agreement, dated May 22, 2013, by and among bhn LLC, Prime Acquisition Corp., and certain subsidiaries
|4.63 * | Promissory Note, dated as of September 30, 2013, issued to Chardan Capital Markets                                                                       
|8.1 *  | List of Subsidiaries                                                                                                                                     
|11.1   | Code of Ethics(1)                                                                                                                                        
|15.1** | Consent of Crowe Horwath LLP                                                                                                                             
|15.2   | Consent of Marcum, Bernstein & Pinchuck LLP                                                                                                              
|15.3   | Consent of BDO S.p.a.                                                                                                                                    

____________

* Previously filed

** To be filed by amendment



| | (1) | Incorporated by reference to the registration statement on Form F-1 of the registrant (File No. 333-171777).
| | --- | ------------------------------------------------------------------------------------------------------------



| | (2) | Incorporated by reference to the Annual Report on Form 20-F of the registrant, filed on April 30, 2013.
| | --- | -------------------------------------------------------------------------------------------------------



| | (3) | Incorporated by reference to the Annual Report on Form 20-F of the registrant, filed on April 30, 2012.
| | --- | -------------------------------------------------------------------------------------------------------



| | (4) | Incorporated by reference to the Report of Foreign Private Issuer on Form 6-K of the registrant, filed on May 24, 2013.
| | --- | -----------------------------------------------------------------------------------------------------------------------



| | (5) | Incorporated by reference to the Report of Foreign Private Issuer on Form 6-K of the registrant, filed on June 27, 2013.
| | --- | ------------------------------------------------------------------------------------------------------------------------



| | (6) | Incorporated by reference to the Report of Foreign Private Issuer on Form 6-K of the registrant, filed on July 16, 2013.
| | --- | ------------------------------------------------------------------------------------------------------------------------



| | (7) | Incorporated by reference to Amendment No. 1 the Schedule TO/A of the registrant, filed on September 6, 2013.
| | --- | -------------------------------------------------------------------------------------------------------------









17









SIGNATURES



The Registrant hereby certifies that it
meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this
annual report on its behalf.

|                  | Prime Acquisition Corp.
|----------------- | -----------------------
|                  |                        
|December 27, 2013 | By:                    
|                  | Name:                  
|                  | Title:                 









18