13th Sep 2024 12:48
(Alliance News) - Ikigai Ventures Ltd on Friday said that according to new listing rules, it has now been mapped into the Equity shares shell companies grouping on the London Stock Exchange.
Ikigai Ventures is a special purpose acquisition company focused on Asia and Europe.
This move follows new listing rules from the UK Financial Conduct Authority for the Main Market of the London Stock Exchange, which became effective on July 29.
According to the new rules, Ikigai Ventures has one year from July 29 to complete operations - if they can be completed during the transition period - or make the necessary changes to comply with the additional requirements set out in the UKLR.
After a year, the transition period will expire, and the company will have until July 28, 2027, to complete an appropriate transaction. This can be extended by an additional 12-month periods up to three times with the approval of shareholders.
Ikigai Ventures said it is actively engaged with several potential acquisition targets, and will update the market as appropriate.
"Following a challenging period for capital markets in 2022 and 2023, marked by a global slowdown in [initial public offering] activity, 2024 has seen a rebound in public listings, particularly on the London Stock Exchange, with several successful IPOs," said Chief Executive Officer Kane Black.
"This resurgence has expanded the pool of potential targets for Ikigai and we are actively pursuing opportunities with innovative tech companies from the UK, Europe, and Asia-Pacific. While we remain confident of concluding a transaction in the near future, the new UK Listing Rules offer the company enhanced certainty for shareholders regarding the timeline for completing a transaction."
Shares in Ikigai Ventures were flat at 45.00 pence each in London on Friday afternoon.
By Holly Beveridge, Alliance News senior reporter
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