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



FORM 20-F



| |  ̈ | 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)

No. 322, Zhongshan
East RoadShijiazhuangHebei Province, 050011People’s Republic of China
(Address of principal executive offices)

Marco Prete6369 Mill Street, Suite 205Rhinebeck, NY 12572Telephone: (845) 516-4102Fax 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









Table of
Contents



Page





|PART I |              |                                                                              |                                                              | 2 
|------ | ------------ | ---------------------------------------------------------------------------- | ------------------------------------------------------------ | --
|       | ITEM
    1.  | IDENTITY
                  OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS      |                                                              | 2 
|       | ITEM
    2.  | OFFER
                  STATISTICS AND EXPECTED TIMETABLE                    |                                                              | 3 
|       | ITEM
    3.  | KEY
                  INFORMATION                                            |                                                              | 3 
|       |              | A.                                                                           | Selected
    Financial Data                                  |   
|       |              | B.                                                                           | Capitalization
    and Indebtedness                          |   
|       |              | C.                                                                           | Reasons
    for the Offer and Use of Proceeds                |   
|       |              | D.                                                                           | Risk
    Factors                                             |   
|       | ITEM
    4.  | INFORMATION
                  ON THE COMPANY                                 |                                                              | 6 
|       |              | A.                                                                           | History
    and Development of the Company                   |   
|       |              | B.                                                                           | Business
    Overview                                        |   
|       |              | C.                                                                           | Organizational
    Structure                                 |   
|       |              | D.                                                                           | Property,
    Plant and Equipment                            |   
|       | ITEM
    4A. |                                                                              | UNRESOLVED
    STAFF COMMENTS                                |   
|       | ITEM
    5.  | OPERATING
                  AND FINANCIAL REVIEW AND PROSPECTS               |                                                              | 8 
|       | ITEM
    6.  | DIRECTORS,
                  SENIOR MANAGEMENT AND EMPLOYEES                 |                                                              | 8 
|       |              | A.                                                                           | Directors
    and Senior Management                          |   
|       |              | B.                                                                           | Compensation                                                 |   
|       |              | C.                                                                           | Board
    Practices                                          |   
|       |              | D.                                                                           | Employees                                                    |   
|       |              | E.                                                                           | Share
    Ownership                                          |   
|       | ITEM
    7.  | MAJOR
                  SHAREHOLDERS AND RELATED PARTY TRANSACTIONS          |                                                              | 8 
|       |              | A.                                                                           | Major
    Shareholders                                       |   
|       |              | B.                                                                           | Related
    Party Transactions                               |   
|       |              | C.                                                                           | Interests
    of Experts and Counsel                         |   
|       | ITEM
    8.  | FINANCIAL
                  INFORMATION                                      |                                                              | 10
|       |              | A.                                                                           | Consolidated
    Statements and Other Financial Information. |   
|       |              | B.                                                                           | Significant
    Changes.                                     |   
|       | ITEM
    9.  | THE
                  OFFER AND LISTING                                      |                                                              | 10
|       |              | A.                                                                           | Offer
    and Listing Details.                               |   
|       |              | B.                                                                           | Plan
    of Distribution                                     |   
|       |              | C.                                                                           | Markets                                                      |   
|       |              | D.                                                                           | Selling
    Shareholders                                     |   
|       |              | E.                                                                           | Dilution                                                     |   
|       |              | F.                                                                           | Expenses
    of the Issue                                    |   
|       | ITEM
    10. | ADDITIONAL
                   INFORMATION                                    |                                                              | 11
|       |              | A.                                                                           | Share
    Capital                                            |   
|       |              | B.                                                                           | Memorandum
    and Articles of Association                   |   
|       |              | C.                                                                           | Material
    Contracts                                       |   
|       |              | D.                                                                           | Exchange
    controls                                        |   
|       |              | E.                                                                           | Taxation                                                     |   
|       |              | F.                                                                           | Dividends
    and paying agents                              |   
|       |              | G.                                                                           | Statement
    by Experts                                     |   
|       |              | H.                                                                           | Documents
    on Display                                     |   
|       |              | I.                                                                           | Subsidiary
    Information                                   |   
|       | ITEM
    11. | QUANTITATIVE
                   AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK |                                                              | 14







iii









Table of
Contents continued



Page





|         | ITEM
    12. | DESCRIPTION
                   OF SECURITIES OTHER THAN EQUITY SECURITIES |  | 15
|-------- | ------------ | ------------------------------------------------------------------------- |  | --
|         |              |                                                                           |  |   
|PART II  |              |                                                                           |  |   
|         |              |                                                                           |  |   
|PART III |              |                                                                           |  |   
|         | ITEM
    17. | FINANCIAL
                   STATEMENTS                                   |  | 15
|         | ITEM
    18. | FINANCIAL
                   STATEMENTS                                   |  | 15
|         | ITEM
    19. | EXHIBITS                                                                  |  | 25





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



A. Directors and Senior Management.



Our directors and executive officers immediately following
the consummation of the Business Combination are described in the Offer Letter (the “Offer Letter”) filed as exhibit
(a)(1)(A) to Amendment No. 5 of Prime’s Schedule TO filed with the Securities and Exchange Commission on September 27, 2013,
under the heading “Management—Post-Acquisition Management” beginning on page 97, which description is incorporated
herein by reference.



B. Advisers



Conyers Dill & Pearman acts as Cayman Islands counsel to
Prime. Loeb & Loeb LLP acts as United States counsel to Prime.



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 audited balance sheet of the Bell Group as of December
31, 2012, and the related statements of comprehensive income, financial position, cash flows, and changes in equity for the year
then ended, have been included in this Shell Company Report in reliance on the report of BDO S.p.a, 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 statement revenues and certain expenses of the
Seba S.r.l for the year ended December 31, 2012, has been included in this Shell Company Report in reliance on the report of BDO
S.p.a, an independent registered public accounting firm, appearing elsewhere in this report upon the authority of the said firm
as experts in accounting and auditing.





2









The audited statement revenues and certain expenses of the
Nova S.r.l for the year ended December 31, 2012, has been included in this Shell Company Report in reliance on the report of BDO
S.p.a, an independent registered public accounting firm, appearing elsewhere in this report upon the authority of the said firm
as experts in accounting and auditing.



ITEM
2.OFFER STATISTICS AND EXPECTED TIMETABLE



Not required.



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



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.



3









|                                                                               |  | 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.





4









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.





5









|                                                                               |  | As
    of December 31, |           
|------------------------------------------------------------------------------ |  | ---------------------- | ----------
|Balance Sheet Data                                                             |  | 2012                   |           
|Working capital                                                                |  | $                      | (8,651,103
|Total assets                                                                   |  |                        | 91,706,939
|Total liabilities                                                              |  |                        | 70,766,956
|Value of ordinary shares which may be
    redeemed for cash ($10.02 per share) |  |                        | -         
|Shareholders’ equity                                                           |  |                        | 20,939,983





|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           |  |                                          | 3,605,344  
|Basic and diluted net profit/(loss) per share |  |                                          | (3.88      





| | B. | Capitalization
                                                                                                                                              and
                                                                                                                                              Indebtedness
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Not required.



| | C. | Reasons
                                                                                                                                              for
                                                                                                                                              the
                                                                                                                                              Offer
                                                                                                                                              and
                                                                                                                                              Use
                                                                                                                                              of
                                                                                                                                              Proceeds
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Not required.



| | D. | Risk
                                                                                                                                              Factors
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------



The risks associated with our business are described in the
Offer Letter under the heading “Risk Factors” beginning on page 20, which description is incorporated herein by reference.



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.





6









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.



| | B. | Business
                                                                                                                                              Overview
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------



The business of Prime is described in the Offer Letter under
the heading “Summary—Management Agreement” beginning on page 10, the heading “Summary—Description
of Target Properties” beginning on page 13, the heading “Post-Acquisition Business” beginning on page 51, and
the heading “Information About the Initial Portfolio” beginning on page 60, which description is incorporated herein
by reference.



| | C. | Organizational
                                                                                                                                              Structure
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------



Prime BHN Luxembourg S.àr.l. (“LuxCo”) is
a Luxembourg company and wholly owned subsidiary of Prime. In connection with the consummation of the Business Combination, Prime
acquired all of the equity interest in each of the companies in the Bell Group and Seba and Nova, and is contributing such equity
interest to LuxCo, such that following the Business Combination, Prime will have one wholly subsidiary, namely LuxCo, and the
companies in the Bell Group and Seba and Nova will be wholly owned subsidiaries of LuxCo. Prime expects this corporate structure
to be in place promptly following consummation of the Business Combination.



| | D. | Property,
                                                                                                                                              Plant
                                                                                                                                              and
                                                                                                                                              Equipment
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



We currently maintain our executive offices in an approximately
500 sq. foot suite at No. 322, Zhongshan East Road; Shijiazhuang; Hebei Province, 050011; China. Prior to the Business Combination
the cost for this space was included in the $7,500 per month fee payable to Kaiyuan Real Estate Development. Kaiyuan Real Estate
Development is an affiliate of Mr. Yong Hui Li, our Chairman.





We are in the process of relocating our corporate headquarters
to New York City.



7









The property, plant and equipment of Prime is described in
the Offer Letter under the heading “Summary—Description of Target Properties” beginning on page 13, and the
heading “Information About the Initial Portfolio” beginning on page 60, which description is incorporated herein by
reference.



ITEM
4A.UNRESOLVED STAFF COMMENTS



None.



ITEM
5.OPERATING AND FINANCIAL REVIEW AND PROSPECTS



The operating and financial review and prospects of Prime are
described in the Offer Letter under the heading “Management’s Discussion and Analysis of Financial Condition and Results
of Operations of Prime” beginning on page 81, and the heading “Management’s Discussion and Analysis of Financial
Condition and Results of Operations of the Target Companies” beginning on page 85, which description is incorporated herein
by reference.



ITEM
6.DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES



| | A. | Directors
                                                                                                                                              and
                                                                                                                                              Senior
                                                                                                                                              Management
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Our directors and executive officers immediately following
the consummation of the Business Combination are described in the Offer Letter under the heading “Management—Post-Acquisition
Management” beginning on page 97, which description is incorporated herein by reference.



| | B. | Compensation
| | -- | ------------



The compensation of our executive officers and directors is
described in the Offer Letter under the heading “Director and Executive Compensation— Director and Executive Compensation
Post-Acquisition” beginning on page 106, which description is incorporated herein by reference.



| | C. | Board
                                                                                                                                              Practices
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------



Our board practices are described in the Offer Letter under
the heading “Management—Board Committees” beginning on page 101, and the heading “Management—Oversight
of Manager” beginning on page 103 which description is incorporated herein by reference.



| | D. | Employees
| | -- | ---------



We have no employees following the Business Combination. Our
officers and other individuals who perform services for us will be employees of our Manager. We are completely reliant on our
Manager, which has significant discretion as to the implementation of our operating policies and strategies, to conduct our business.



| | E. | Share
                                                                                                                                              Ownership
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------



See Item 7, below.



ITEM
7.MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS



| | A. | Major
                                                                                                                                              Shareholders
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------





8









The following table sets forth information with respect to
the beneficial ownership, within the meaning of Rule 13d-3 under the Exchange Act, of our ordinary shares, as of October 1, 2013:

·	each
person known to us to own beneficially more than 5% of our ordinary shares;

·	each
of our directors and executive officers; and

·	all
of our directors and executive officers as a group.



Beneficial ownership includes voting or investment power with
respect to the securities and takes into consideration options exercisable by a person within 60 days after the date of this report.
Except as indicated below, and subject to applicable community property laws, the persons named in the table have sole voting
and investment power with respect to all ordinary shares shown as beneficially owned by them.

|Name
                                                                                              and Address (1) |  | Number of Shares Beneficially
    Owned |           |     | Percentage
of
Ownership (2) | 
|------------------------------------------------------------------------------------------------------------------ |  | --------------------------------------- | --------- | --- | --------------------------- | 
|Yong Hui Li                                                                                                        |  |                                         | 796,768   | (3) |                             | 
|Diana Chia-Huei Liu                                                                                                |  |                                         | 1,959,816 | (4) |                             | 
|William Tsu-Cheng Yu                                                                                               |  |                                         | 1,959,816 | (4) |                             | 
|Marco Prete                                                                                                        |  |                                         | —         |     |                             | 
|Cristina Fragni                                                                                                    |  |                                         | —         |     |                             | 
|Stefano Ferrari                                                                                                    |  |                                         | —         |     |                             | 
|Enrico Valdani                                                                                                     |  |                                         | —         |     |                             | 
|Mark Horan                                                                                                         |  |                                         | —         |     |                             | 
|Marco De Franceschini                                                                                              |  |                                         | —         |     |                             | 
|All directors and executive officers as a group (7 individuals)                                                    |  |                                         | 695,523   |     |                             | 
|AQR Capital Management, LLC                                                                                        |  |                                         | 535,000   | (5) |                             | 
|Bell Real Estate S.r.l.                                                                                            |  |                                         | 802,499   |     |                             | 
|Francesco Rotondi                                                                                                  |  |                                         | 479,928   |     |                             | 
|Gary Chang                                                                                                         |  |                                         | 318,708   | (6) |                             | 
|Luca Massimo Failla                                                                                                |  |                                         | 292,380   |     |                             | 



| | (1) | Unless otherwise noted, the business address for each of our beneficial
                                                           owners is c/o Kaiyuan Real Estate Development; No. 322, Zhongshan East
                                                           Road; Shijiazhuang; Hebei Province; 050011; China.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (2) | Based on 3,635,344 ordinary shares outstanding as of October 1,
                                                           2013.
| | --- | --------------------------------------------------------------------------------------------------------------------------------



| | (3) | Consists of (i) 310,502 ordinary shares, and (ii) 486,267
shares issuable upon exercise of warrants owned by Mr. Li.
| | --- | --------------------------------------------------------------------------------------------------------------------



| | (4) | Consists of (i) 372,603 ordinary shares held by Diana
Liu, (ii) 215,280 ordinary shares held by William Yu, (iii) 107,640 ordinary shares held by Conrad Yu and Byron Yu, (iv) 666,667
shares issuable upon exercise of warrants owned by Ms. Liu, and (v) 597,626 shares issuable upon exercise of warrants owned by
Mr. Yu. Diana Liu and William Yu are married, and Conrad Yu and Byron Yu are the sons of Diana Liu and William Yu.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (5) | Based on a Schedule 13G/A filed on February 13, 2013 by AQR Capital
                                                           Management, LLC. AQR Capital Management, LLC serves as the investment
                                                           manager to the AQR Diversified Arbitrage Fund, an open-end registered
                                                           investment company, which holds 7.17% of the total listed above. The
                                                           address of the business office of each of the foregoing reporting persons
                                                           is Two Greenwich Plaza, 3rd floor, Greenwich, CT 06830. We do not anticipate
                                                           that AQR Capital Management, LLC will be an insider post-acquisition.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (6) | Consists
                                                                                                                                             of
                                                                                                                                             124,201
                                                                                                                                             ordinary
                                                                                                                                             shares
                                                                                                                                             and
                                                                                                                                             194,507
                                                                                                                                             shares
                                                                                                                                             of
                                                                                                                                             founder
                                                                                                                                             warrants
                                                                                                                                             held
                                                                                                                                             by
                                                                                                                                             Puway
                                                                                                                                             Limited;
                                                                                                                                             P.O.
                                                                                                                                             Box
                                                                                                                                             957,
                                                                                                                                             Offshore
                                                                                                                                             Incorporations
                                                                                                                                             Center,
                                                                                                                                             Road
                                                                                                                                             Town,
                                                                                                                                             Tortola,
                                                                                                                                             British
                                                                                                                                             Virgin
                                                                                                                                             Islands.
                                                                                                                                             Gary
                                                                                                                                             Chang
                                                                                                                                             and
                                                                                                                                             Alice
                                                                                                                                             Chang,
                                                                                                                                             Gary
                                                                                                                                             Chang’s
                                                                                                                                             wife,
                                                                                                                                             are
                                                                                                                                             the
                                                                                                                                             sole
                                                                                                                                             owners
                                                                                                                                             and
                                                                                                                                             directors
                                                                                                                                             of
                                                                                                                                             Puway
                                                                                                                                             Limited
                                                                                                                                             and,
                                                                                                                                             as
                                                                                                                                             such,
                                                                                                                                             are
                                                                                                                                             the
                                                                                                                                             beneficial
                                                                                                                                             owners
                                                                                                                                             of
                                                                                                                                             the
                                                                                                                                             securities
                                                                                                                                             owned
                                                                                                                                             by
                                                                                                                                             Puway
                                                                                                                                             Limited
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



As of October 1, 2013, 14.7% of our outstanding ordinary shares
are held by one record holder in the United States.





9









Arrangements that may subsequently result in a change of control
of Prime are described in the Offer Letter under the heading “Summary—Description of Green Certificates” beginning
on page 14, the heading “Summary—Private Placement” beginning on page 14, the heading “The Acquisition—Private
Placement” beginning on page 71 and the heading “The Acquisition—Green Certificate Transactions” beginning
on page 72 which description is incorporated herein by reference.



| | B. | Related
                                                                                                                                              Party
                                                                                                                                              Transactions
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Prime’s related party transactions are described in the
Offer Letter under the heading “Certain Relationships and Related Transactions” beginning on page 127, which description
is incorporated herein by reference.



| | C. | Interests
                                                                                                                                              of
                                                                                                                                              Experts
                                                                                                                                              and
                                                                                                                                              Counsel
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Not required.



ITEM
8.FINANCIAL INFORMATION



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



See Item 18.



| | B. | Significant
                                                                                                                                              Changes.
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------



None.



ITEM
9.THE OFFER AND LISTING



| | A. | Offer
                                                                                                                                              and
                                                                                                                                              Listing
                                                                                                                                              Details.
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



The market price for our securities is described in the Offer
Letter under the heading “Market Price Information” beginning on page 19, which description is incorporated herein
by reference.



| | B. | Plan
                                                                                                                                              of
                                                                                                                                              Distribution
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Not Required.



| | C. | Markets
| | -- | -------



Our units are listed on the NASDAQ Stock Market under the symbol
“PACQU” since March 24, 2011, and our shares and warrants commenced separate trading on the NASDAQ Stock Market on
May 25, 2011 under the symbols “PACQ” and “PACQW,” respectively.



The Ordinary Shares may be delisted if we fail to maintain
certain Nasdaq listing requirements. Prime received a letter from the Listing Qualifications Department of The Nasdaq Stock Market
LLC stating that Nasdaq’s staff had determined not to grant Prime’s request for an extension of the period in which
Prime has to regain compliance with Listing Rule 5550(a)(3), which rule requires that the Company maintain a minimum of 300 public
holders for continued listing of its securities on Nasdaq, and to proceed to delist the Company’s securities from Nasdaq.
The Staff also determined that Prime was not in compliance with Listing Rule 5550(a)(4), which requires that the Company maintain
a minimum of 500,000 publicly held shares for the continued listing of its securities on Nasdaq, and which serves as an additional
basis for delisting. The Company appealed the determination to delist the Company’s securities, and on July 31, 2013 the
Company received a letter from the Listing Qualifications Department of Nasdaq stating that Nasdaq’s Hearings Panel had
determined to continue the listing of the Company’s shares, subject to Prime making progress towards regaining compliance
and providing Nasdaq periodic updates on such progress. There can be no assurance that Prime will be able to regain compliance
with the Nasdaq continued listing requirements, including the minimum public holder or minimum publicly held shares, or that its
securities will continue to be listed on the Nasdaq Capital Market.





10









| | D. | Selling
                                                                                                                                              Shareholders
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------



Not Required.



| | E. | Dilution
| | -- | --------



Not Required.



| | F. | Expenses
                                                                                                                                              of
                                                                                                                                              the
                                                                                                                                              Issue
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Not Required.



ITEM
10.ADDITIONAL INFORMATION



| | A. | Share
                                                                                                                                              Capital
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------



As of October 1, 2013, we had a total of 150,000,000 authorized
ordinary shares and 1,000,000 authorized shares of preferred stock, of which 3,635,344 ordinary shares and nil shares of preferred
stock were issued and outstanding.



We have issued warrants to purchase 7,080,050 ordinary shares,
options to purchase 215,000 units consisting of one ordinary share and one warrant to purchase an ordinary share, and options
to purchase 60,000 ordinary shares.



| | B. | Memorandum
                                                                                                                                              and
                                                                                                                                              Articles
                                                                                                                                              of
                                                                                                                                              Association
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Amended and Restated Memorandum and Articles of Association



Summary



Registered Office. Under our Amended and Restated Memorandum
of Association, our Registered Office is located at the offices of Codan Trust Company (Cayman) Limited, Cricket Square, Hutchins
Drive, PO Box 2681, Grand Cayman, KY1-1111, Cayman Islands.



Objects and Purposes. Under Article 3 of our Amended and Restated
Memorandum of Association, the objects for which we are established are unrestricted.



Directors. Under Article 94 of our Articles of Association,
no contract or transaction between us and one or more of our Directors (an “Interested Director”) or officers, or
between us and any of their affiliates (an “Interested Transaction”), will be void or voidable solely for this reason,
or solely because the director or officer is present at or participates in the meeting of our board or committee which authorizes
the contract or transaction, or solely because any such director’s or officer’s votes are counted for such purpose,
if:





11









| | (a) | The material facts as to the director’s or officer’s
                                                           relationship or interest and as to the contract or transaction are
                                                           disclosed or are known to the our board of directors or the committee,
                                                           and the board or committee in good faith authorizes the contract or
                                                           transaction by the affirmative votes of a majority of the disinterested
                                                           directors, even though the disinterested directors be less than a quorum;
                                                           or
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | The material facts as to the director’s or officer’s
                                                           relationship or interest and as to the contract or transaction are
                                                           disclosed or are known to our shareholders entitled to vote thereon,
                                                           and the contract or transaction is specifically approved in good faith
                                                           by vote of our shareholders; or
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | The contract or transaction is fair as to us as of the time it
                                                           is authorized, approved or ratified, by the board, a committee or the
                                                           Shareholders.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



A majority of independent directors must vote in favor of any
Interested Transaction and determine that the terms of the Interested Transaction are no less favorable to us than those that
would be available to us with respect to such a transaction from unaffiliated third parties.



Our board shall review and approve all payments made to the
founders, officers, directors, and their respective affiliates, other than the payment of an aggregate of $7,500 per month to
Kaiyuan Real Estate Development, an affiliate of Yong Hui Li, our Chairman, for office space, administrative services and secretarial
support and any Interested Director shall abstain from such review and approval.



Rights, Preferences and Restrictions Attaching to Our Ordinary
Shares. We are authorized to issue 150,000,000 ordinary shares, par value $0.001 and 1,000,000 shares of preferred stock, par
value $0.001 per share. As of the date of this report, 3,6,35,344 ordinary shares are issued and outstanding. Each share has the
right to one vote at a meeting of shareholders or on any resolution of shareholders, the right to an equal share in any dividend
paid by us, and the right to an equal share in the distribution of surplus assets. We may by a resolution of the board of directors
redeem our ordinary shares for such consideration as the board of directors determines.



Alteration of Rights. If, at any time, our share capital is
divided into different classes of shares, the rights attached to any class (unless otherwise provided by the terms of issue of
the shares of that class) may, whether or not we are being wound-up, be varied with the consent in writing of the holders of three-fourths
of the issued shares of that class or with the sanction of a resolution passed by a majority of the votes cast at a separate general
meeting of the holders of the shares of the class at which meeting the necessary quorum shall be two persons at least holding
or representing by proxy one-third of the issued shares of the class.



Meetings. Our annual meeting may be held at such time and place
as their chairman or any two directors or any director and the secretary or the board of directors shall appoint. The chairman
or any two directors or any director and the secretary or the board of directors may convene an extraordinary general meeting
whenever in their judgment such a meeting is necessary. At least 10 clear days notice of an annual meeting shall be given to each
shareholder entitled to attend and vote thereat, stating the date, place, and time at which the meeting is to be held, and if
different, the record date for determining shareholders entitled to attend and vote at the annual meeting, and, if practicable,
the other business to be conducted at the meeting. At least 10 clear days notice of an extraordinary general meeting shall be
given to each shareholder entitled to attend and vote thereat, stating the date, place, and time at which the meeting is to be
held, and the general nature of the business to be considered at the meeting. A meeting shall, notwithstanding the fact that it
is called on shorter notice than otherwise required, be deemed to have been properly called if it is so agreed by (i) all of the
shareholders entitled to attend and vote thereat in the case of an annual meeting, and (ii) 75% of the shareholders entitled to
attend and vote thereat in the case of an extraordinary general meeting. The accidental omission to give notice of a meeting to,
or the non-receipt of a notice of a meeting by, any person entitled to receive notice shall not invalidate the proceedings at
that meeting.





12









Limitations on the Right to Own Securities. There are no limitations
on the rights to own our securities, or limitations on the rights of non-resident or foreign shareholders to hold or exercise
voting rights on our securities, contained in our Amended and Restated Memorandum and Articles of Association (or under Cayman
Islands law).



| | C. | Material
                                                                                                                                              Contracts
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------



Amendments to Stock Purchase Agreements



On September 11, 2013, an amendment agreement (the “Seba
Amendment Agreement”) to the Seba Purchase Agreement was entered into by and among Prime, LuxCo, BHN, Seba, Francesco
Rotondi and Luca Massimo Failla. Pursuant to the Seba Amendment Agreement, the parties agreed that the aggregate consideration
for Seba under the Seba Purchase Agreement be no less than Euro 4,400,000.00.



On September 11, 2013, an amendment agreement (the “Nova
Amendment Agreement”) to the Nova Purchase Agreement was entered into by and among Prime, LuxCo, BHN, Nova, Francesco
Rotondi and Giuseppe Pantaleo. Pursuant to the Nova Amendment Agreement, the parties agreed that the aggregate consideration for
Nova under the Nova Purchase Agreement be no less than Euro 1,440,000.00.



On September 27, 2013, an amendment
agreement (the “Lanati Amendment Agreement”) to stock purchase agreements dated as of July 9, 2013 (the “Lanati
Purchase Agreements”), was entered into by and among Prime, LuxCo, BHN, Magfin, GSI, Ellegi, Dieci, SIM, Delfin, Cesare
Lanati, Stefano Lanati, Davide Rigamonti, Bell and IGS. Pursuant to the Lanati Amendment Agreement, the parties agreed that the
aggregate consideration for the target under the Lanati Purchase Agreements be no less thanEuro7,096,916.47.



Amendment to Management Agreement



On September 27, 2013, an amendment agreement (the “Amendment
to Management Agreement”) to that certain management agreement dated as of May 22, 2013 (the “Management Agreement”),
was entered into by and between Prime and BHN LLC (the “Manger”). Pursuant
to the Amendment to Management Agreement, the parties agreed that section 7(c)(i) of the Management Agreement be amended to provide
for the payment to the Manager of a one-time equity grant equal to 3.5% of Prime’s shares issued as consideration for certain
asset acquisitions in Europe, provided (i) such asset acquisitions occur no later than October 31, 2013 and (ii) the minimum value
of such assets is greater than $150 million. In addition, the parties agreed that in the event (i) the Green Certificates Rights
Purchase Price (as defined in that certain purchase agreement dated as of August 30, 2013 by and among Prime, LuxCo, Manager and
Radiomarelli, SA, a Swiss Company, and in that certain purchase agreement dated as of August 30, 2013 by and among Prime, LuxCo,
Manager and Futurum Energy SA, a Swiss Company), is reduced (the “Shortfall”), and (ii) the Manager is not
able to procure Prime other assets having a fair market value equal to the Shortfall by December 31, 2014, then the Manager’s
number of shares shall be repurchasable by Prime, at a price of $0.01 per share, such that the number of shares repurchased is
proportional to the Shortfall.



All other material contracts governing the business of the
Company are described elsewhere in this Report on Form 20-F or in the information incorporated by reference herein.





13









| | D. | Exchange
                                                                                                                                              controls
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------



Under Cayman Islands law, there are currently no restrictions
on the export or import of capital, including foreign exchange controls or restrictions that affect the remittance of dividends,
interest or other payments to nonresident holders of our shares.



| | E. | Taxation
| | -- | --------



The material United States federal income tax consequences
of the Business Combination and of owning and disposing of our securities following the Business Combination are described in
the Offer Letter under the heading “Material U.S. Federal Income Tax Consequences” beginning on page 131, which description
is incorporated herein by reference.



| | F. | Dividends
                                                                                                                                              and
                                                                                                                                              paying
                                                                                                                                              agents
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





Prime will shortly pay a dividend to its public shareholders
of one warrant for every four shares that were not redeemed in connection with the business combination. In addition, Prime plans
to pay a cash dividend equal to $0.50 per share to its holders of ordinary shares in the coming months. Except for the foregoing,
the Company does not have future dividend plans and any future dividend policy will be determined by the Company’s Board
of Directors.





| | G. | Statement
                                                                                                                                              by
                                                                                                                                              Experts
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Not applicable.



| | H. | Documents
                                                                                                                                              on
                                                                                                                                              Display
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Documents concerning us that are referred to in this document
may be inspected at our principal executive offices at No. 322, Zhongshan East Road, Shijiazhuang, Hebei Province, 050011 People’s
Republic of China.



In addition, we will file annual reports and other information
with the Securities and Exchange Commission. We will file annual reports on Form 20-F and submit other information under cover
of Form 6-K. As a foreign private issuer, we are exempt from the proxy requirements of Section 14 of the Exchange Act and our
officers, directors and principal shareholders will be exempt from the insider short-swing disclosure and profit recovery rules
of Section 16 of the Exchange Act. Annual reports and other information we file with the Commission may be inspected at the public
reference facilities maintained by the Commission at Room 1580, 100 F. Street, N.E., Washington, D.C. 20549, and copies of all
or any part thereof may be obtained from such office upon payment of the prescribed fees. You may call the Commission at 1-800-SEC-0330
for further information on the operation of the public reference room and you can request copies of the documents upon payment
of a duplicating fee, by writing to the Commission. In addition, the Commission maintains a web site that contains reports and
other information regarding registrants (including us) that file electronically with the Commission which can be assessed at http://www.sec.gov.



| | I. | Subsidiary
                                                                                                                                              Information
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------



Not required.



ITEM
11.QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK



Quantitative and qualitative disclosure about market risk is
included in the Offer Letter under the heading “Management’s Discussion and Analysis of Financial Condition and Results
of Operations of the Target Companies—Quantitative And Qualitative Disclosures About Market Risk” beginning on page
93, which description is incorporated herein by reference.





14









ITEM
12.DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES



A description of securities other than equity securities is
included under the heading “Description of Securities” in the company’s registration statement on Form F-1 (File
No. 333-171777), initially filed with the Securities & Exchange Commission on January 20, 2011, as amended, is hereby incorporated
by reference.



PART
II



Not required.



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.





15









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, 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. 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.





16









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.



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



Seba and Nova collectively own Corso Europa
22, Milano (property no.1), Bell Group owns the remaining 9 properties on the list (property no. 2 to 10). Based on the information
above, 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.





17









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 datewith Prime issuing 1,917,317 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.
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



18









|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)                                                                                                            



|                                                                                               |  |              |            |   |              |   |            |                 |  |   |              |  |  |                                              |           |  |        |   |            |               |  |  |           
|---------------------------------------------------------------------------------------------- |  | ------------ | ---------- | - | ------------ | - | ---------- | --------------- |  | - | ------------ |  |  | -------------------------------------------- | --------- |  | ------ | - | ---------- | ------------- |  |  | ----------
|                                                                                               |  |              |            |   |              |   |            |                 |  |   |              |  |  | Pro
    Forma Adjustments                    |           |  |        |   |            |              
|                                                                                               |  | Prime        |            |   | Bell         |   |            |                 |  |   |              |  |  | for
    conversion of                        |           |  |        |   |            |              
|                                                                                               |  | Acquisition  |            |   | Group        |   |            |                 |  |   | NOVA         |  |  | 3,008,956
    Shares                         |           |  |        |   |            |              
|                                                                                               |  | Corp.        |            |   | combined     |   |            | Seba
    S.r.l. |  |   | S.r.l.       |  |  | on
    March 28, 2013 and September 27, 2013 |           |  | Adj    |   |            | Pro
    Forma
|                                                                                               |  | (Note
    A) |            |   | (Note
    B) |   |            | (Note
    B)    |  |   | (Note
    B) |  |  | Debit                                        |           |  | Credit |   |            | No.           |  |  | combined  
|ASSETS                                                                                         |  |              |            |   |              |   |            |                 |  |   |              |  |  |                                              |           |  |        |   |            |               |  |  |           
|                                                                                               |  |              |            |   |              |   |            |                 |  |   |              |  |  |                                              |           |  |        |   |            |               |  |  |           
|Current
    assets                                                                             |  |              |            |   |              |   |            |                 |  |   |              |  |  |                                              |           |  |        |   |            |               |  |  |           
|Cash                                                                                           |  | $            | 7,411      |   |              | $ | 214,849    |                 |  | $ | 6,509        |  |  | $                                            | 29,822    |  |        | $ | 6,471,194  |               |  |  |           
|                                                                                               |  |              |            |   |              |   |            |                 |  |   |              |  |  |                                              |           |  |        |   |            |               |  |  | 275,771   
|                                                                                               |  |              |            |   |              |   |            |                 |  |   |              |  |  |                                              |           |  |        |   |            |               |  |  | 60,000    
|                                                                                               |  |              |            |   |              |   |            |                 |  |   |              |  |  |                                              |           |  |        |   |            |               |  |  | 1,022,833 
|                                                                                               |  |              |            |   |              |   |            |                 |  |   |              |  |  |                                              |           |  |        |   |            |               |  |  | 2,283,253 
|Cash
    held in trust account                                                                 |  |              | 36,620,933 |   |              |   | -          |                 |  |   | -            |  |  |                                              | -         |  |        |   |            |               |  |  | 30,149,739
|                                                                                               |  |              |            |   |              |   |            |                 |  |   |              |  |  |                                              |           |  |        |   |            |               |  |  | 6,471,194 
|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 |  |        |   |            |               |  |  |           
|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 |  |        |   |            |               |  |  |           
|                                                                                               |  |              |            |   |              |   |            |                 |  |   |              |  |  |                                              |           |  |        |   |            |               |  |  |           
|Ordinary
    shares, subject to possible redemption 3,031,969 shares at $10.02 per share       |  |              | 30,380,329 |   |              |   | -          |                 |  |   | -            |  |  |                                              | -         |  |        |   | 30,149,739 |               |  |  |           
|                                                                                               |  |              |            |   |              |   |            |                 |  |   |              |  |  |                                              |           |  |        |   | 230,590    |               |  |  |           
|                                                                                               |  |              |            |   |              |   |            |                 |  |   |              |  |  |                                              |           |  |        |   |            |               |  |  |           
|Stockholders'
    equity                                                                       |  |              |            |   |              |   |            |                 |  |   |              |  |  |                                              |           |  |        |   |            |               |  |  |           
|Ordinary
    shares, $.001 par value                                                           |  |              | 1,863      |   |              |   | -          |                 |  |   | -            |  |  |                                              | -         |  |        |   |            |               |  |  | 1,719     
|                                                                                               |  |              |            |   |              |   |            |                 |  |   |              |  |  |                                              |           |  |        |   |            |               |  |  | 23        
|Share
    capital                                                                              |  |              | -          |   |              |   | 192,401    |                 |  |   | 12,998       |  |  |                                              | 14,287    |  |        |   | 219,686    |               |  |  |           
|Legal
    reserve                                                                              |  |              | -          |   |              |   | 38,874     |                 |  |   | -            |  |  |                                              | -         |  |        |   | 38,874     |               |  |  |           
|Additional
    paid-in capital                                                                 |  |              | 5,890,921  |   |              |   | -          |                 |  |   | -            |  |  |                                              | -         |  |        |   |            |               |  |  | 17,191,451
|                                                                                               |  |              |            |   |              |   |            |                 |  |   |              |  |  |                                              |           |  |        |   |            |               |  |  | 230,567   
|                                                                                               |  |              |            |   |              |   |            |                 |  |   |              |  |  |                                              |           |  |        |   |            |               |  |  | 1,520,687 
|Retained
    earnings (accumulated deficit)                                                    |  |              | (525,121   | ) |              |   | 4,372,361  |                 |  |   | 2,055,079    |  |  |                                              | 77,479    |  |        |   | 2,283,253  |               |  |  |           
|                                                                                               |  |              |            |   |              |   |            |                 |  |   |              |  |  |                                              |           |  |        |   | 6,504,919  |               |  |  |           
|Profit
    (loss) of the year                                                                  |  |              | (1,088,874 | ) |              |   | (864,236   | )               |  |   | 923,963      |  |  |                                              | 1,302,574 |  |        |   | 1,362,301  |               |  |  |           
|Translation
    reserve                                                                        |  |              | -          |   |              |   | (41,304    | )               |  |   | 23,683       |  |  |                                              | 31,994    |  |        |   | 14,373     |               |  |  |           
|Non-controlling
    interest                                                                   |  |              |            |   |              |   | 1,520,687  |                 |  |   | -            |  |  |                                              | -         |  |        |   | 1,520,687  |               |  |  |           
|Total
    stockholders' equity                                                                 |  |              | 4,278,789  |   |              |   | 5,218,783  |                 |  |   | 3,015,723    |  |  |                                              | 1,426,334 |  |        |   |            |               |  |  |           
|TOTAL
    LIABILITIES AND STOCKHOLDERS' EQUITY                                                 |  | $            | 36,639,978 |   |              | $ | 52,886,512 |                 |  | $ | 18,190,827   |  |  | $                                            | 8,728,201 |  |        |   |            |               |  |  |           





19







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                                                                                                   |  | $ | 1,241,683 | 
|------------------------------------------------------------------------------------------------------------ |  | - | --------- | 
|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                                                                                      |  | $ | 2,283,253 | 



| | (7) | To record issuance of 1,719,317ordinary 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.
| | --- | -------------------------------------------------------------------------------------------





20







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.







21







|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)                                                                                                            
|                                                                                                                           



|                                                        |  |              |            |   |              |   |            |              |  |   |              |   |  | Pro Forma
    Adjustments                    |          |   |        |  |             |               | 
|------------------------------------------------------- |  | ------------ | ---------- | - | ------------ | - | ---------- | ------------ |  | - | ------------ | - |  | -------------------------------------------- | -------- | - | ------ |  | ----------- | ------------- | 
|                                                        |  | Prime        |            |   |              |   |            |              |  |   |              |   |  | for conversion
    of                        |          |   |        |  |             |               | 
|                                                        |  | Acquisition  |            |   | Bell Group   |   |            | Seba         |  |   | NOVA         |   |  | 3,008,956
    Shares                         |          |   |        |  |             |               | 
|                                                        |  | Corp.        |            |   | combined     |   |            | S.r.l.       |  |   | S.r.l.       |   |  | on
    March 28, 2013 and September 27, 2013 |          |   | Adj    |  |             | Pro
    Forma | 
|                                                        |  | (Note
    F) |            |   | (Note
    G) |   |            | (Note
    G) |  |   | (Note
    G) |   |  | (Debit)                                      |          |   | Credit |  |             | No.           | 
|                                                        |  |              |            |   |              |   |            |              |  |   |              |   |  |                                              |          |   |        |  |             |               | 
|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      | ) |              |   |            |              |  |   |              |   |  |                                              |          |   |        |  |             |               | 
|                                                        |  |              |            |   |              |   |            |              |  |   |              |   |  |                                              |          |   |        |  |             |               | 





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
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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
|Pro forma weighted average number of ordinary shares outstanding Basic and Diluted |  |                                       | 3,605,344



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:



23









|                                                                                             |  | 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 155,252 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 8,725,302 at closing.







24









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)                                            





25









|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





26









|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)                                                                                                                                        



| | (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.
| | --- | -------------------------------------------------------------------------------------------------------------









27









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.
|--------------- | -----------------------
|                |                        
|October 4, 2013 | By:                    
|                | Name:                  
|                | Title:                 









28