Looking for a little More from a SPAC ?
“…More Acquisitions seeks a magic energy sector asset as it gives an equal platform to all investors…”
The day a company chooses to list on the stock exchange is an auspicious one. Chinese companies prefer listing dates that have the lucky number eight in it as it’s associated with wealth. Some companies link their IPO dates with wedding anniversaries to pay homage to neglected spouses in the lead up to a listing which is filled with going back to the boardroom numerous times even before the board has yet to be decided upon.
In the case of More Acquisitions Plc the IPO date was because the company had never been more ready, and been patiently patient on the FCA (Financial Conduct Authority) as it got its head around the messaging it wanted to communicate about SPAC’s or Special Purpose Acquisition Companies.
The FCA was accused of procrastination under the guise of Covid delays, however on Friday March 4th, More listed. It raised £1.2 million pounds in what director Charles Goodfellow described as ‘egalitarian’ with directors, institutions and retail investors all given the same first-day-of-dealing trading terms. Everyone paid a penny, though the returns Goodfellow hopes will be plentiful in terms of more-than-a-penny returns.
The first RNS set out an agenda that will give SPAC’s a good name. It’s along the lines of swashbuckling musketeers.
The mission is ‘One Price for All’, no advisory or broking fees, capped listing and on-going costs and no ongoing director salaries and as Goodfellow explains to Sarah Lowther no imminent acquisitions as that’s against the rules, but a reverse takeover ambitions for an asset in the oil, gas and cleantech space.
Access the IPO prospectus
Follow the company on Twitter – @moreacquisition
The author was remunerated but does not hold shares in the company