LONDON, UK: More Acquisitions Plc, a new type of special purpose acquisition company, announced its intention to apply for admission of its shares to the standard listing segment of the Official List of the FCA and to trading on the Main Market of the London Stock Exchange.
Rod McIllree, Director of More, commented: “More represents a landmark, albeit small, step in terms of the development of the market for listed SPACs in the UK. With all funding coming in at the same time, and at the same price, and no ‘cheap’ options or warrants for Founders, Directors or any 3rd party, all stakeholders’ interests are completely and transparently aligned.
Additionally, we will endeavour to move forward with an RTO only after our shareholders have specifically consented to a specific transaction. Our aim therefore is not to undertake any further fund-raises until and unless this RTO is identified, approved by shareholders and is completed, subject only to such a capital raise (if required).
Finally, I would like to thank everyone involved in the formation and listing of More for waiving or capping their fees to a de-minimis level. Everyone involved here, including More’s Directors, recognises that a SPAC should exist solely to identify, negotiate and complete a Reverse Take-Over which delivers value for all stakeholders. Until and unless such a time, it is our collective responsibility to safeguard and preserve shareholder funds and to ensure the risks and rewards of investing in More are equally shared by all stakeholders”.