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SPC U.k. Spac Plc

0.00 (0.0%)
08 Dec 2023 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
U.k. Spac Plc LSE:SPC London Ordinary Share GB00B3CQW227 ORD 0.1P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 0.205 0.00 00:00:00
Bid Price Offer Price High Price Low Price Open Price
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 0.205 GBX

U.k. Spac (SPC) Latest News

U.k. Spac (SPC) Discussions and Chat

U.k. Spac Forums and Chat

Date Time Title Posts
06/12/202216:15U.K. SPAC PLC - 1,498
20/12/200821:52I AM SPARTACUS2

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Posted at 03/12/2022 13:39 by wrtmf
hope this helps,

wrtmf 21 Sep '22 - 12:46 - 1267 of 1484

bennitto, lse, yest 22.24
'I got this from HL today. They had moved my shares out of my ISA.

Further to our previous correspondence, we have received confirmation from HMRC that the UK SPAC plc shares can remain within the ISA provided the reverse takeover currently underway progresses as planned. They have instructed us to review this matter periodically to ensure that, if the situation changes and it becomes necessary to remove the stock, we can act accordingly.

As a result of this confirmation, your UK SPAC plc shares will remain within your ISA'

wrtmf 21 Sep '22 - 19:12 - 1268 of 1484
good work from masergt and bennitto
edit - share, share & share

for masergt's contribution, you need to read his posts circa jul-sep
or more simply contact your broker with the HL/HMRC spiel above.
Posted at 03/12/2022 09:03 by rajraj b
I have a similar problem with another share and have been told that the only way to get them back in your ISA is to sell them ( once relisted) and buy them back into your ISA. You can also try a Bed and ISA ( speak to your broker about it). But for some reason my SPC delisted holding is still showing as being present in my ISA. I've kept quiet about it and will wait to what happens on Monday.
Posted at 30/11/2022 19:39 by sweet karolina2
As you are an ignorant coward, motivated by fear (not of me but of what others might learn from me) and personal greed - don't pretend you are trying to protect others this is all about your shares and what you think you can make for yourself, then time will tell which of us karma has its (not it's which is short for it is) claws into and which of us is a loser.

I have no position (long or short) in SPC and have no intention of taking a position (long or short) in HELD. You clearly, through ignorance, took a long position in SPC and have had your money tied up for at least 15 months and at best you have a 50%, but probably a lot less, paper gain having taken an enormous gamble. Seeing how karma does get you is more than enough motivation for me to be here posting what I like when I like and where I like, until it does. The only thing I won't do, because that is what real scumbag trolls do, is stalk you round other BBs you post on.
Posted at 28/11/2022 07:35 by sweet karolina2
Still a long road to go for the AIM Rule 15 shell Boxerdogz -the loud mouth clueless coward, says I don't know what I am talking about:

Beacon Energy plc (AIM: BCE) , the energy company seeking growth through acquisition or farm-in to interests in discovered upstream projects, today announces that, further to the RNS dated 9 September 2022 in which the Company confirmed that it had entered into a non-binding Heads of Terms ("HoT") for the acquisition of a European oil and gas company ( the "Potential Acquisition"), the previously agreed exclusivity extension period is to be further extended from 28 November to 12 December 2022.

The parties continue to work diligently towards concluding a definitive agreement and will update the market accordingly.

The Potential Acquisition would be considered a reverse transaction under the AIM Rules for Companies and is therefore subject, inter alia, to the issue of a new AIM Admission Document that would set out details of the Potential Acquisition and convene a General Meeting of the Company to obtain shareholder approval for the Potential Acquisition.

The Company's shares were temporarily suspended from trading on AIM on 9 September on announcement of the Potential Acquisition and will now remain so until Beacon shareholders approve the Potential Acquisition following the publication of the associated AIM Admission Document.

As announced on 27 May 2022, Beacon Energy (then Advance Energy) became a cash shell on that date under AIM Rule 15. As a result, the Company had six months from that date to complete a reverse transaction or trading in the Company's shares would be suspended under the AIM Rules. As Beacon Energy will not be able to complete a reverse transaction within that time, its shares will remain temporarily suspended from trading on AIM for a further six months until such time as the Potential Acquisition or another reverse transaction is completed. In the event that a reverse transaction is not completed within the further six months, the Company's shares would be cancelled from AIM.

It should be noted there is no certainty that the Potential Acquisition, or any transaction, will take place.

Hopefully now this does not bring back too many bad memories for people here. BCE (ADV) have not even said who the target is, which indicates the target does not want to be named as they are still a very long way from any sort of prospect of concluding the deal. Unlike SPC, BCE(ADV)'s cash runs out completely in Jan and delisting occurs on 9 Mar 23 if it does not do a deal.

Does anyone here wish they had bought into ADV (now BCE) before it suspended on 9 Sep?
Posted at 26/11/2022 11:31 by sweet karolina2
And If I am proved right about ADV now BCE (a cynical name change at this point to hide the past and provide false hope. SPC has a new name and ticker that comes into play once the deal is finally done and trading can restart) - a very different proposition to SPC as it has no cash and the BoD is still a subset the of discredited BoD who sent $27m of the overall $50m to money heaven whilst troughing on and trousering for themselves as much shareholders' cash as possible, will you apologise and admit I do know what I am talking about?

I am far from skint and far from being an ex investor. That is because I am an ex investor in companies that make no sense from a properly analysed and evidenced risk / reward perspective and only invest in companies that do make sense.

For now SPC has beaten the odds and there remains a prospect of reward for some, but not all, who bought into the shell.

Time will tell as to how many get to actually realise the reward for the extreme risk they took and all the frustration anxiety along the way not to mention the opportunity costs of having money locked up for so long (it is still locked up until trading actually recommences).

I hope most do make something out of their investment in SPC, but also that they ask themselves - Was it really worth it?
Posted at 10/11/2022 08:18 by sweet karolina2
A real world example of what a cashless AIM rule 15 shell is actually worth is here:

The key bit which tells you what it is worth is:

"Joy of joys the news they had been praying for came on 26 May 21. An RTO of BiVictriX was in the bag and a GM called. The RTO and placing price was 20p, except that was after a 220:1 consolidation so in effect 0.09p

At the RTO and placing price BiVictriX was valued at £5,500,608.20 the placing raised £10.1 million before expenses. The now cashless shell and therefore just the AIM listing, which costs about £500k to get by IPO was valued at £589K. Ie about £89k more than it was worth and the shareholders then rejected the deal and got nothing.

BiVitriX did an IPO and placing onto AIM. It raised £7.5m Gross. The 20p shareprice shot up initially and hit over 30p but has since dropped back to 20p."

SPC has cash, (just under £2m), but that figure is dropping. How much to pay for that cash? It is worth more than its face value, but how much more?
Posted at 02/11/2022 11:25 by sweet karolina2
A few philosophies I find helpful:

Any business transaction, which is not a scam / con (no suggestion any of this falls into that category), is a compromise between 2 parties that is mutually beneficial to both parties. Look at it from both sides and ask why is this good for both? If it only looks good from one side, it is likely to fail in one way or another (could also be an indicator that it is a scam / con).

What does Hellenic want that SPC has (had)? Answer: a listing and cash. Why does it want a listing? Answer: to gain credibility and to be able to raise cash. Originally Hellenic saw a route to an AIM listing and just under £4m cash already in the bank. A lot has changed in terms of what SPC now has to offer, all of which can be obtained in ways other than RTO of SPC.

Always ask what is it worth to both parties - what something is worth may not be the same as what would it otherwise cost - money in the bank is worth more than money that has to be raised. A direct approach by a Greek pot company to either AIM or UKLA to get a listing may not have been so easy, but once certain hurdles are clear on the RTO route, they are also clear on other routes (UKLA were / still are? concerned about admitting a Greek pot company. If those concerns have been dealt with for an RTO they have also been dealt with for an IPO). In terms of both cash and gaining kudos from listing, SPC is less valuable to Hellenic now than it was on suspension - AIM Rules automatically suspend trading when the RTO is announced - you will never know what is coming in whilst you still have the opportunity to get out if you don't like it.

Thus understanding the rules (which can change over time and are not always consistently applied / enforced) and their full implications is key to making the right investing decision for you. There will always be an opportunity to get in if you like it ie either through the RTO placing (absolutely has to be one now there won't be £4m already in the bank) - just let Peterhouse know you are interested and be prepared to become a client of theirs once you have read and fully understood the prospectus, or in the market on listing.

We will see with SPC, but my view is the placing will be done at less than 0.3p and probably less than the 0.195p of the last placing before suspension. If the price on start of trading is too high because Hellenic have paid too much for SPC, then it will tank and you can get in in the market, but it is your choice to make not a situation where you have no choice because the shares are suspended / delisted.

RNS reading:

Anything in the past tense should be true and Nomads are supposed to assure that they are true. Nomads generally fail in this regard, so do not rely on that assurance. However place even less reliance on unassured communications (e-mails from the CEO or even letters to shareholders published on the website and even less on BS from people like Proactive Investor who are paid by the company to spin for the company). Always read carefully exactly what is said to have happened - it will very likely be ambiguous. Additional information provided outside the assured route may well be deliberately intended to exploit the ambiguity and make you think the more optimistic interpretation is correct, when it is the reverse.

In short read carefully and apply critical thinking. Doing this at the time, rather than retrospectively, is what helps you guard against making poor investing decisions.

Anything in the future tense should not be relied upon at all (expected, proposed, shortly, etc). You must make you own judgement based on critical analysis of all available information to determine the likely risk reward balance. This is what should drive your investing decisions.

Once you enact your decision (buy, sell or hold) you own it, you have no one else to blame for it but yourself, you get the outcome (0p or 100 bagger and anywhere in between) you deserve.

Finally and most importantly of all: always learn from both good and bad outcomes by reflecting on why you made the decisions you did and how you could make (even) better decisions in similar circumstances next time.
Posted at 25/8/2022 18:18 by masergt
"Changes to investments held in a stocks and shares ISA
The most common examples of a change to an investment are:

capital reorganisations (other than a rights issue or bonus issue)
rights issues
bonus issues
Investors may take up any offer to shareholders in respect of investments held in a stocks and shares ISA. Whether the resulting investments can be held in the ISA will depend on whether they are qualifying investments.

Where the new investments are qualifying investments, they can remain in a stocks and shares ISA.

Where the new investments are not qualifying investments, managers must, within 30 calendar days of the date on which they became non-qualifying investments, either:

sell them (in which case the proceeds can remain in the stocks and shares ISA)
transfer them to the investor to be held outside the ISA.
Complex reorganisations often involve more than just the issue of one set of new investments. There could, for example, be a bonus issue of shares, which are replaced in turn by other shares, which are then sold, or converted to other investments. If the intermediate investments are not qualifying investments for a stocks and shares ISA then, strictly, the final investments, or cash proceeds, cannot be held in a stocks and shares ISA even if the final investments themselves are eligible.

However, where ineligible investments are issued as an intermediate stage, and those investments are short-lived, or are automatically replaced by cash, HMRC will consider whether it is possible to look through the intermediate stages and apply the guidance on qualifying investments to the initial and final investments alone. If a reorganisation involves intermediate ineligible investments managers should submit full details to, and if possible well before the planned reorganisation date.

Where there are income and capital options available to an ISA investor, the ISA manager can select the income option (whether by choice or default) if any resulting (non-qualifying) deferred shares will be either cancelled or purchased for a negligible amount at some stage in the future (albeit not within the usual 30 days)."

I argued;
SPC shares were not a new investment
A binding RTO had been agreed
It is not dependent on a fund raise
The suspension was a mandatory requirement of the FCA
The FCA's dilatory action caused the share to become delisted
The RTO is proceeding as planned
Delisting was an intermediate stage in a complex corporate action
The shares will become qualifying once more on return to the main market
That return is imminent subject to the FCA completing diligence on the prospectus

There is other guidance on RTO's in ISA shares. Just takes a while to find it. GL.
Posted at 19/8/2022 19:09 by masergt
"qackers3 Aug '22 - 18:39 - 1227 of 1246
0 1 1
IG moved my shares from ISA to dealing account."

Sorry to hear that. HL tried it with me - even tried to force a sell through Jenkins - but I quoted HMRC guidance re exceptions where RTO's are involved and today received confirmation from HL that HMRC have upheld my interpretation of their guidance. My SPC shares will remain in my ISA.

HL have been snotty about this all along. No support for their clients' position at all, had to fight them all the way and even yesterday they were still saying they would transfer them to my fund and share account with or without my permission.

Don't know if you can get IG to reverse their unnecessary and erroneous action but here is the relevant part of the email from HL.

"Thank you for your reply.

I am pleased to inform you that we have received a response from HMRC this morning and having reviewed information provided by UK SPAC plc, they have confirmed that the shares may remain in the ISA wrapper providing the transaction progresses as planned. They have instructed us to review this matter periodically to ensure that if the situation changes, and it becomes necessary to remove the stock, we can act accordingly.

Whilst I appreciate your comments on how we have handled this matter, but I must respectfully confirm that we have acted correctly in seeking further guidance from HMRC.

I can confirm we will not be taking any further action on this matter at this time but will continue to monitor the progress of the transaction as necessary. Our Corporate Actions team will provide further communication going forward; I hope this will be satisfactory."

I'd be curious to know how they valued your SPC holding. Funds removed from your ISA cannot be replaced in the same year if you've already hit the £20k subscription limit. If you still have a little headroom then IG must put a value on your holding as at the date they were transferred out of your non taxable ISA. They were suspended at 0.205p last August but the delisted value (whatever that is?) is the figure, I imagine, that must then be used as the purchase price when looking at CGT liabilities on them bearing in mind the agreed RTO values each SPC share at 0.472p on relisting. It's a mess and the sooner PJ gets the prospectus signed off and convenes the EGM the better it will be all concerned. GLA.
Posted at 24/6/2022 13:14 by masergt
Received this today from HL. Has anyone had similar from HL or other brokers?

"Dear Mr XXXX

UK SPAC plc - ISA Ineligibility

Your holding of XXX shares within your Stocks & Shares ISA

You currently hold UK SPAC plc shares within your Hargreaves Lansdown ISA.

HMRC rules state that only shares on certain qualifying markets can be held in an ISA. These shares are not currently listed on a recognised exchange and are therefore not allowed to remain in the ISA.

As a result, under HMRC rules, you need to remove these shares from your ISA. If you still hold these shares in an ISA on Friday 1 July 2022, we’ll automatically move them into a Fund & Share Account There is no charge for moving them. If you do not have a Fund & Share Account open with us you can open one online or over the phone on 0117 900 9000.

If you still hold these shares in an ISA on 1 July 2022 but do not have a Fund & Share Account open, then we will place them into an inactive version which you can subsequently activate by following the same account opening procedure as above.

Alternatively, you can sell your holding and keep the proceeds within your ISA. To sell your shares please call us on 0117 980 9800. Any trades will be subject to our standard commission rates. Please note that sales will be put forward to a matched bargain facility run by JP Jenkins, and it is not guaranteed that a sale will go through before the deadline outlined above."

I trust that this addresses any queries you may have regarding the action that is required to be taken but, if you do have any questions, please do not hesitate to contact us here.

Yours sincerely

Andrew Smart

Corporate Actions"

It's eleven months since suspension and HL try to pull a stunt like this just as we expect SPC to re-list? Needless to say I've instructed them to do nothing until clarification of exceptions has been sought and discussed.

This rule (red tape?, HL money grab?) was surely never intended for shares temporarily suspended due to an agreed corporate action such as an RTO. It screws up all 2022/23 ISA investment levels for starters plus how do they attach a valuation to the shares. How can HL arbitrarily move shares between between an ISA and a Fund and Share account but claim to be unable to do a Bed and ISA between the two? How can they forcibly attempt to place my shares through Jenkins? Will HL cover my loss of RTO profit and opportunity? Like hell they will.

After the POLB fiasco this takes the biscuit. Advice / assistance welcome.
U.k. Spac share price data is direct from the London Stock Exchange

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