The first special purpose acquisition company (SPAC) to be
listed on the London Stock Exchange since new rules came into force
has been completed using a Guernsey vehicle.
Guernsey-incorporated SPAC Hambro Perks Acquisition Company
(HPAC), sponsored by tech-focused venture capital group Hambro
Perks, has listed on the LSE Main Market segment and has raised
£150 million through its initial public offering, which was
oversubscribed, to invest in a business operating in the
tech-enabled sector in the UK, EEA or Switzerland.
Hambro Perks opted to list HPAC on the LSE after the Financial
Conduct Authority reformed the Listing Rules in August, which
previously required SPACs raising at least £100 million to
suspend trading when an acquisition was announced – a
regulation seen as an obstacle to the use of the vehicles in the UK
compared to other jurisdictions, such as the US.
