(Alliance News) - Hambro Perks Acquisition Co Ltd said on Monday that it had immediately ceased all operations and will redeem its publicly traded shares, with two of its four directors resigning.

Hambro Perks is a Guernsey-headquartered special purpose acquisition vehicle. It had listed on the London Main Market back in November 2021.

On Monday, Hambro Perks said it had decided to not pursue an acquisition "given the continuing market conditions".

Hambro Perks said that it had therefore ceased all operations except for the purposes of winding up and returning funds to shareholders. It said that it would redeem public shares "as promptly as reasonably possible" and by no later than May 9.

Chair Anthony Salz commented: "Public equity markets have faced challenging circumstances in the past year, and several new listings have suffered. We have had discussions with some excellent companies, but given the current market conditions, we have concluded that there is little likelihood of achieving a successful business combination within our permitted time-frame.

"Accordingly, it would be inappropriate to incur further expense in attempting to conclude a business combination. The board has therefore made the difficult decision to wind up the company."

Once the redemption becomes effective, Hambro Perks will no longer have any public shares listed on the Financial Conduct Authority's official list or trading on the London Stock Exchange's main market.

Hambro Perks also said that Dominic Shorthouse and Sarah Wood had resigned as directors, as its board had decided that only two directors should remain until the winding up is completed.

Hambro Perks said it will redeem public shares, except those held by its sponsor, at approximately GBP10.44 per share payable in cash. The stock closed at 1,045.00 pence on Friday, giving a GBP6.0 million market capitalisation.

Once the redemption is completed, Hambro Perks will liquidate and dissolve.

Hambro Perks expects to complete its winding up and dissolution processes by the end of the third quarter, and for its listing to be cancelled by no later than May 24.

By Emma Curzon, Alliance News reporter

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