December 7, 2021, 19:43

    London SPAC party starts on more sober note

    London SPAC party starts on more sober note

    LONDON, Nov 23 (Reuters Breakingviews) – London’s late arrival at the special-purpose acquisition company party may be healthier for investors. Investment firm Hambro Perks on Tuesday unveiled plans to launch the UK’s first blank-cheque vehicle since regulators tweaked listing rules to compete with the SPAC boom in the United States read more . Hambro Perks Acquisition Company will initially raise up to 150 million pounds and pursue private technology companies worth between 800 million pounds and about 1.5 billion pounds.

    Chief Executive Dominic Perks has mimicked many features common to the SPACs that have flocked to Wall Street, and more recently Amsterdam and Paris. HPAC’s founders will receive up to a fifth of the equity for their efforts, according to a person familiar with the matter. However, they’ll only get 40% of those shares when investors agree a deal. Two remaining 30% chunks are contingent on the shares – initially priced at 10 pounds – reaching 12 pounds and 14 pounds, respectively. For outside investors, there are advantages to being a late arrival. (By Peter Thal Larsen)

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    Sourse: reuters.com

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