In the Media
Paul Amiss Discusses UK SPACs with IFR
In the Media
Paul Amiss Discusses UK SPACs with IFR
February 8, 2021
As the spectacular run of issuance from special purpose acquisition companies continues in the U.S., European bankers are talking up the prospects for a pickup in European issuance.
“The ideal for 2021 would be to give the UK SPAC a makeover and give it some U.S. features in the form of investor protections in order to build confidence in the structure,” said Winston & Strawn London Partner Paul Amiss.
The UK structure does not require shareholder approval of acquisitions, unlike the U.S., but suspensions are also a concern. A listing rule means issuers can be suspended upon announcement or leak of a reverse takeover halted while the deal completes.
“On the suspension issue, we are hoping to see progress made as a result of the UK Listings Review, chaired by Lord Hill and which is expected shortly,” said Paul, especially for larger SPACs that adopt U.S.-style investor protections such as a shareholder vote and redemptions.”
Read the full article here (subscription required).