Harneys advises on first BVI incorporated SPAC listing in London under new regime

Harneys has advised ACG Acquisition Company Limited (ACG), a special purpose acquisition company (SPAC) incorporated in the BVI, on its initial public offering and standard listing on the London Stock Exchange’s Main Market.

Aiming to benefit from favourable price conditions for new economy metals and other mining materials, ACG has raised US$125 million and will identify a target mine producing copper, nickel, cobalt or another metal. Demand for these materials is expected to rise over the next decade because of demand for clean energy products and electric vehicles.

The Harneys team was led by BVI based Partner George Weston, with support from Associates James Kitching, Rhonda Brown and Melissa Thomas.

George commented: “We would like to congratulate the ACG team on this genuinely ground breaking listing. Not only is it the first significant BVI incorporated SPAC to list in the UK in more than a decade, it is the first BVI SPAC to be listed under the regime introduced in the UK last year. We expect the deal to lead to even greater interest in the BVI’s position as a jurisdiction for SPAC incorporation for listings in the UK and globally”

The Corporate team at Harneys excels at complex cross-border transactions involving BVI, Cayman Islands, Luxembourg and Cyprus vehicles. The firm’s significant track record includes complex mega-deals, high value private equity transactions, landmark IPOs and the full spectrum of public and private M&A and joint ventures. Our experienced SPAC practice group provides Cayman and BVI incorporated vehicles with the full spectrum of legal advice and fiduciary services from incorporation, through to listing, business combination and beyond.