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Wednesday 24 November 2021

Hambro looks for SPAC perks

logoI was depressed to hear the news that London-headquartered investment firm Hambro Perks is planning to list a SPAC (special purpose acquisition company) on the London Stock Exchange – the first such listing since the LSE relaxed the rules in August.

According to Reuters (there’s nothing about it yet on the Hambro Perks website that I can find), Hambro Perks Acquisition Company (HPAC) aims to raise up to £150m to merge with a ‘high-performing’ tech company ‘valued at £800m or more’.

Regular readers know my views on SPACs (see SPACs, cash shells and the work of the devil) and the deep joy a SPAC listing offers its underwriters (see The case of the 122 per cent Spac fee).

The LSE has got it all wrong. We shouldn’t make it easier for SPACs to list – we simply shouldn’t have them on a public market at all!

As I have said before, if investors in a cash shell want to ‘buy and build’ they should do it as a private enterprise and list the operating business on a public market based on its own merits.

Posted by: Anthony Miller at 09:30

Tags: ipo   SPAC  

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