A Cash Shell

Listed on London Stock Exchange


Team

About

Spinnaker Acquisitions Plc (SPAQ) is a purpose-built cash shell that will offer its acquisition target a route to a public listing that is an alternative to an IPO. The Reverse Take–Over (RTO) process is not very different in content to an IPO, but working with SPAQ offers a number of compelling advantages:

  • The SPAQ team are seasoned in public listings and will be active partners, adding management bandwidth to the process
  • SPAQ team members can help source appropriate and cost–competitive advisors, saving time and money
  • The funds brought by SPAQ underpin the listing costs and de-risk the raising of additional funds and therefore add certainty to the outcome
  • The SPAQ investors contribute to LSE free–float requirements on admission

The model we are following is that of predecessor Spinnaker Opportunities Plc which completed the acquisition of medical cannabis business Kanabo Research Ltd to form Kanabo Group Plc in February 2021. This has proven very successful for investors in both Spinnaker and Kanabo.

In common parlance, a cash shell such as Spinnaker Acquisitions Plc might be called a SPAC, but it is on a smaller scale than might be implied by the North American use of the term. We see our hot spot for pre–money valuation in the range £5–30M.

Our Strategy

SPAQ was formed to undertake the acquisition of a company, business or asset by Reverse Take–Over (RTO)

Our efforts in identifying a prospective target company or project are focused on opportunities in the Sustainability and/or Energy Transition (Green Economy) sector.

Prospective target companies or projects should be operating in a sub–sector that makes the business eligible to attain the London Stock Exchange Green Economy Mark.

With interest in the green economy as keen as it is at present, the general objective is to find a business valued at £5–30M that has profit potential and likely market appetite.

SPAQ team members take no cash fees in order to preserve the maximum amount of cash for the combined business. A share–based success fee will be earned upon completion of the RTO.

Listing a business via an RTO is a way of raising growth capital and increasing business reputation and profile. It does not represent an immediate exit event for founders, management or investors. Shareholders of the target business will receive listed shares which may be at a valuation premium to prior rounds but which are likely to be locked in for at least 12 months.

Acquisition Targets

Characteristics of the Target Business

  • Operating in a sector eligible for LSE Green Economy Mark
  • Has revenues, but need not yet be profitable
  • Technology–knowledge–intensive rather than capital–intensive at this point
  • Addressing an opportunity that makes it clearly scalable
  • Has investor–appeal and must not simply be green–washing
  • Not dependent for success on government grants or subsidies

Characteristics of the Management Team

  • Competent, ambitious and motivated to stay with the business through its next growth phase

Our Process

  • We operate a two–stage screening and selection process to arrive at mutual exclusivity
  • Our approach is as investors in your business, not as an alternative management
  • Due Diligence has its place, but in the end, we invest in people

Contact Us

  • If you have any queries, wish to receive regular updates or consider yourselves a suitable target business we would love to hear from you!

News

Latest News and RNS notices from the London Stock Exchange

Last updated 25th Nov 2021

RNS Change of Registered Office 25th Nov 2021
RNS Half–year/Interim Report 19th Oct 2021
RNS Director/PDMR Shareholding 14th Sept 2021
RNS Directorate Changes and Issue of Equity 6th Sept 2021
RNS Initial admission to the Official List 28th July 2021
RNS Publication of a Prospectus 14th July 2021

Investors

Q.  What are the responsibilities of the members of the board of directors and what committees do they sit on and associated responsibilities?

A.  Details can be found in the Prospectus document, click here to view document


Q.  What is the issuer's country of incorporation and main country of operation?

A.  The issuer is incorporated in England & Wales and unless undertaking a Reverse Take–Over transaction in accordance with its strategy dictates, the main country of operation will be the UK.


Q.  What are its current constitutional documents (e.g. its articles of association)

A.  Our constitution document is Articles of Association, click here to view document.


Q.  Can you provide details of any other exchanges or trading platforms on which the issuer has applied or agreed to have any of its securities admitted or traded?

A.  A. The issuer has not applied for or agreed to have its securities traded on any exchange other than London Stock Exchange.


Q.  What are the number of securities in issue (noting any held as treasury shares)?

A.  The number of shares in issue is 22,630,060. No shares are held in treasury.


Q.  Can you provide details of any restrictions on the transfer of your securities?

A.  Subject to the provisions of the Articles, there are no restrictions on the transfer of securities in the issuer. click here to view the Articles


Q.  Are your most recent annual financial report and any subsequent half-yearly, quarterly or similar reports available yet?

A.  The first annual report will not be due until mid–2022.


Q.  Where can I find the information in relation to corporate governance, required to be included in an issuer's annual financial report in accordance with section B8?

A.  Details can be found in the Prospectus document, click here to view document


Q.  Where can I find your most recent Prospectus and any circulars or documents sent to shareholders within the past 12 months?

A.  Our Prospectus and any circulars or documents sent to shareholders within the past 12 months can be found in the Documents page of the website, click here to view Prospectus document


Q.  What are the details of your key professional advisers?

A.  Our key professional advisers and registered office are as follows;


Registered Office
60 Gracechurch Street
London
EC3V 0HR
Broker
SI Capital Ltd
19 Berkeley Street
London
W1J 8ED
Company Secretary
Ben Harber
60 Gracechurch Street
London
EC3V 0HR
Reporting Accountants and Auditor to the Company
PKF Littlejohn LLP
15 Westferry Circus
Canary Wharf
London
E14 4HD
Solicitors to the Company as to Admission
Hill Dickinson LLP
8th Floor
The Broadgate Tower
20 Primrose Street
London
EC2A 2EW
Registrars
Neville Registrars Ltd
Neville House, Steelpark Road
Halesowen
B62 8HD