It was billed by some as the centrepiece of UK listing reforms that could usher in second Big Bang for the City of London.
The Financial Conduct Authority changed its rules in July to enable listings of “special purpose acquisition companies”, bowing to a clamour of pleas from UK entrepreneurs and investors keen to jump on the global bandwagon for so-called blank-cheque vehicles.
But hopes that the UK could become a hub for Spacs, shell companies which raise money and then look for business to acquire, are being hampered by investor fatigue, an inflexible rule book and a nervous regulator. So far, just one Spac has floated under the new regime — launched by the venture capital firm Hambro Perks. None is yet lined up to follow it.
This year should be busier even after Spac-mania peaked on Wall Street in early 2021. Several London blank-cheque floats plan to launch in the first quarter of 2022, said Paul Amiss, a partner and Spac specialist at law firm Winston & Strawn.
But there are hurdles. While London has eased rules to be more in line with other markets that allow…
