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Moves to ensure London’s listing rules are fit for the 21 st century cannot come too soon. A review released alongside Rishi Sunak’s Budget this week suggests the UK aims to become Europe’s leading destination for special purpose acquisition vehicles (Spacs). The move could help reverse the London Stock Exchange’s dwindling share of global floats, but their history in the US suggests investors need to take care.  Spacs essentially offer a “backwards IPO” and easy route to market for a private company. They are cash shells, known in the US as “blank cheque” companies, with no commercial operations. They raise capital through an initial public offering for the purpose of acquiring an existing company. As the companies have no operations, the disclosure requirements and listing documentation are much easier and less costly.

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