New Guernsey listing targeting media acquisitions

19 February 2016

Media investment vehicle Falcon Acquisition Limited has been admitted to trading on the Main Market of the London Stock Exchange (LSE).

The special purpose acquisition vehicle will target businesses for acquisition in the mobile, online television and broadcasting sectors with a focus on 'over-the-top' content. This involves delivering media content, such as audio and video, either over the open internet without a multiple system operator or via an internet-enabled device such as smart televisions with a broadband connection, phones, tablets and set-top boxes.

Falcon Acquisitions raised total net proceeds of £1.7 million through a subscription for 16 million new shares at a price of 10 pence per share. The company's market capitalisation at the subscription price on admission was over £2 million. The company's prospectus, dated 13 January 2016, contemplates further funds of between £1.5 to £2 million being raised by way of a secondary fundraising prior to making the first acquisition.

Lawyers from Carey Olsen's Guernsey corporate team advised Falcon Acquisitions on its admission to the LSE.

Carey Olsen Partner Tom Carey and Senior Associate Oliver Quarmby advised on the Guernsey aspects of the initial public offering (IPO) with McCarthy Denning, led by Richard Beresford, advising on the English law aspects.

"Guernsey continues to be recognised as the jurisdiction of choice for London Stock Exchange IPOs for funds and Special Purpose Acquisition Companies (SPACs) and we were able to use our experience and expertise to assist McCarthy Denning and our clients with the successful launch of Falcon Acquisitions at a time of market volatility," said Advocate Carey.

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