Lawyers from Carey Olsen's Guernsey corporate team advised Falcon Acquisitions Limited on its admission to the Official List of the UK Listing Authority (by way of a standard listing) and to trading on the Main Market of the London Stock Exchange for listed securities.
Falcon Acquisitions is a special purpose acquisition vehicle and 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.
Carey Olsen partner Tom Careyadvised on the Guernsey aspects of the initial public offering (IPO) along with senior associate Oliver Quarmby, with McCarthy Denning (led by Richard Beresford) advising on the English law aspects.
Advocate Carey, said: "Guernsey continues to be recognised as a leading jurisdiction 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."
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