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Media Release

CISE introduces the SPAC as a new product

CISE introduces the SPAC as a new product

Monday 23 November 2015

CISE introduces the SPAC as a new product


MEDIA RELEASE: The views expressed in this article are those of the author and not Bailiwick Express, and the text is reproduced exactly as supplied to us

New rules have been introduced which allow Special Purpose Acquisition Companies (SPACs) to be listed on the Channel Islands Securities Exchange (CISE).

A SPAC is a cash shell which is used to raise money for a very specific investment objective.

The SPAC is growing again in popularity as international markets recover from the global financial crisis and now the CISE has launched specific rules to introduce it as a new product.

Fiona Le Poidevin, CEO of the CISE, said: “We have been able to introduce our SPAC rules in a timely manner, which demonstrates the responsive nature of the CISE in meeting the needs of current and potential clients.

“The new SPAC rules have been designed to be commercially attractive for management teams and yet also offer robust integrity for investors so we expect that this, combined with our competitive fee regime, will mean that they prove attractive in the marketplace. Indeed, even though the rules are only just coming into effect, we have already received a couple of enquiries.”

The key benefits for listing a SPAC on the CISE include the low minimum market capitalisation, a 36 month timeframe for an acquisition and an extremely competitive and transparent fee regime.

The new rules are effective from today.

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