London Stock Exchange welcomes Spinnaker Acquisitions Plc to the Main Market
Spinnaker Acquisitions Plc (“SPAQ”) is a newly established purpose-built cash shell aiming to support businesses and projects in the areas of Sustainability and Energy Transition. With interest in the green economy as keen as it is currently, the objective is to find a business valued at £5–30M with strong profit potential and likely market appetite.
SPAQ is a company co-founded by the same board of directors that successfully completed the acquisition of Kanabo Group Plc in February 2021; the first medical cannabis prospectus approved for admission to London Stock Exchange. This approach to entering burgeoning industries is seen now as SPAQ focuses on the green economy.
The management team, composed of experienced entrepreneurs and professionals within public markets, has maximum alignment with shareholders, having agreed to take no fees before completion of an acquisition, to preserve the maximum amount of cash to invest in the acquired business; a share-based success fee will be payable upon successful RTO.
SPAQ’s strategy targets companies or projects that operate in a sub–sector eligible to attain the London Stock Exchange Green Economy Mark, representing a unique investment opportunity among London-listed small-cap companies focused on the fast-growing green economy. The London market is one of the global leaders in sustainable finance through the Sustainable Bond Market (SBM) initiative, which raised £13bn in the last year alone. This answers the call of a growing number of investors seeking to engage with companies that prize Environmental, Social, and Governance impacts (ESG).
Within Energy Transition, the renewable energy industry is a promising sector for investment. According to the International Energy Agency (IEA) in 2020 the world's renewable energy industry grew at its fastest pace since 1999. The IEA also says that Renewable energy is set to account for 90% of new power expansion post–COVID–19 and it predicts that global wind and solar capacity will double by 2025.
Stefania Barbaglio, PR/IR adviser for SPAQ, said:
"This summer, as we emerge from Covid-19, represents a golden opportunity to enter the green economy sector. SPAQ aims to support green economy projects because we believe there is massive potential in this area and we are sure we will see great opportunities.
Over the recent months, cash shells and Special Purpose Acquisition Companies (“SPAC”s) have become increasingly popular, especially in the US. This is a newer concept for markets in the UK and Europe. There is significant scope for growth, especially considering that renewable energy and sustainability businesses need funding. Above all, we hope to enable green innovation."
Andy Morrison, Chairman of Spinnaker Acquisitions Plc commented:
“Spinnaker has been set up to help bridge an important funding gap that exists between a rich universe of promising green technologies and businesses and the ‘wall of ESG money’ that we often hear about. We will be looking out for real-world solutions that can have a measurable impact. It’s not about green-washing; we all need the real thing now. The whole SPAQ team is looking forward to our new and exciting challenge.
Our approach is as investors first and foremost. We are delighted to be joined in this new venture by fellow investors who have demonstrated their confidence through the high demand to participate in the private fund-raising of £2 million.”