Carey Olsen's corporate team in Guernsey has advised Hambro Perks Acquisition Company (HPAC), a Guernsey-incorporated special purpose acquisition company (SPAC), on its admission to listing on the Main Market of the London Stock Exchange.
In doing so, it is the first SPAC to do so since new rules came into force.
The SPAC, which is sponsored by the international technology-focused investment firm Hambro Perks, has raised £150m through its initial public offering, which was oversubscribed.
The proceeds will be used to acquire a controlling stake in a business operating in the technology-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.
It previously required SPACs raising at least £100m to suspend trading when an acquisition was announced – a regulation seen as an obstacle to the use of the vehicles in the UK compared with other jurisdictions, such as the US.
The Carey Olsen team advising HPAC on all Guernsey legal aspects of its establishment, regulation and admission to the LSE Main Market included Partner Tony Lane and Senior Associate John Scanlan.
Praxis Fund Services (PFS) provided administration, company secretarial and governance services to Hambro Perks. Its New Business team supported the listing, working alongside Hambro Perks, legal teams White & Case and Carey Olsen, and global coordinator and bookrunner Citigroup Global Markets.