New listing rules pose no problem for Guernsey SPAC

Friday 03 December 2021

A Guernsey-incorporated special purpose acquisition company (SPAC) is the first to be listed on the Main Market of the London Stock Exchange (LSE) since new rules came into force.

Carey Olsen's corporate team in Guernsey advised their client, Hambro Perks Acquisition Company Limited (HPAC), along with onshore counsel White & Case LLP.

The Financial Conduct Authority reformed the Listing Rules for the LSE in August. Previously, SPACs were required to raise at least £100million to suspend trading when an acquisition was announced. That was seen as an obstacle to the use of the vehicles in the UK compared to other jurisdictions, such as the US.

The SPAC, which will be used to buy a controlling stake in a UK, EEA or Switzerland-based technology business, raised £150million through its initial public offering, which was oversubscribed, ahead of its listing. 

The Carey Olsen team advising HPAC was led by partner Tony Lane and senior associate John Scanlan. Mr Lane said they achieved an exciting first.

"We are honoured to have supported the Hambro Perks team on its SPAC listing in London. Its admission to the Main Market represents an exciting time for the LSE following the introduction of its new SPAC rules but also for London's future as the technology capital of Europe," said Mr Lane.

"In addition, our involvement in another LSE first not only underlines Carey Olsen's reputation as the go-to offshore law firm for London listings but also Guernsey's position as the jurisdiction of choice for non-UK companies listed on the LSE."

Peter Soliman, general counsel at Hambro Perks, said that this was a milestone listing.

"This launch marks an important milestone for Hambro Perks and for London, enabling us to attract innovative and fast-growing British and European tech champions to the UK public market," said Mr Soliman.

"We have worked closely with the team at Carey Olsen for the past five years and are delighted to have been able to partner with them again on another successful launch."  

The successful listing of HPAC on the LSE adds to Carey Olsen's recent successes, which have seen it achieve the status of leading offshore legal adviser on the LSE for the past 15 years, according to the Corporate Advisers Ranking Guide.

Carey Olsen currently advises more than double the number of London-listed clients than any other offshore law firm.

Pictured: Tony Lane, Partner at Carey Olsen in Guernsey.