13th Nov 2023 15:08
Financials Acquisition Corp - Cayman Islands-based special purpose acquisition company sponsored by FINSAC LLP - FAC and London Innovation Underwriters Ltd both announce the termination of their proposed merger.
"Whilst fundamental support for the business combination was strong, with interest expressed from a globally and stylistically diverse set of investors, the level of demand has been insufficient to reach the minimum cash condition," LIU explains. LIU is a vehicle formed to establish a business combination to deploy funds in the Lloyd's of London insurance market. "The company continues to believe that it offers an optimised structure for accessing the Lloyd's of London insurance market in a capital, cost and fiscally efficient way, however, given the volatile capital markets, it has proven too difficult to fund this through a public offering," it adds.
FAC says it is unlikely to be able to complete a business combination before the end of the year, the deadline under its articles of association. As a result, it proposes to return funds to shareholders and conduct an orderly winding up of the company.
Current stock price: 995.00 pence for GBP32 million market capitalisation
By Tom Waite, Alliance News editor
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