Sectors: 1064,1067

Guernsey ‘jurisdiction of choice’ for SPACs

07 October 2022

A Guernsey-incorporated, sustainability-centric special purpose acquisition company (SPAC) has been admitted to trading on the Main Market of the London Stock Exchange (LSE).

Ikigai Ventures Limited was established to acquire companies with a specific focus on sustainability and ESG strategy as part of their core business.

Carey Olsen's Guernsey corporate team advised on the Guernsey legal and regulatory aspects of the admission. Partner Tony Lane, who led the team, said: "Once again, Guernsey has proven its reputation as a jurisdiction of choice for incorporating and listing SPAC vehicles and it has been a pleasure to apply our strength and expertise in capital market transactions in order to assist this launch".

Consideration for an acquisition will likely be funded through the issuance of ordinary shares or convertible debt securities to the shareholders of the acquisition as well as capital raised through admission. Ikigai placed 4.2 million ordinary shares priced at 50 pence each on the LSE. Following its admission, the market capitalisation of the company is £10.3 million.

Ikigai's Chief Executive Officer, Nicholas Bryan-Brown, said: "The ESG sector is in a strong state of growth, and we believe there are attractive long term acquisition opportunities in the sector. We plan to use Ikigai as a vehicle to acquire one or more exciting businesses in these areas in order to generate attractive returns for our shareholders."

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