Jurisdiction(s):
United Kingdom

Key definition

Acquisition definition

What does Acquisition mean? In VAT practice, an acquisition is the cross-border purchase or movement of goods between EU Member States where the goods are removed to another Member State and VAT is self-assessed in the destination by the acquirer (acquisition VAT). The term is defined in VAT legislation (UK: Value Added Tax Act 1994, as modified for Northern Ireland by the Windsor Framework/NI Protocol; Ireland: VAT Consolidation Act 2010) and also covers certain transactions treated as supplies of goods, such as a trader’s transfer of own goods across borders. Jurisdictional scope: In Ireland, intra-Community acquisitions apply in full. In the UK, the rules...

UK SPAC and Cash Shell Tracker: LSE Main Market/AIM admissions, fundraisings, reverse takeovers, de-listings and de-SPACs (2019–2025), plus 2024 UKLR 13 shell companies listing category

Published by a LexisNexis Corporate expert

Practice notes

Last updated 12 March 2025.

Tracker overview

This Practice Note monitors special purpose Acquisition companies (SPACs) and cash shell companies that have joined trading on the London Stock Exchange’s Main Market or AIM since 2019. It likewise records any subsequent fundraisings, reverse takeovers, de‑listings, and transfers between markets through to completion of their investment (the de‑SPAC transaction).

UKLR listing category for shell companies

On 29 July 2024, the UK Listing Rules introduced a distinct listing category for shell companies (including SPACs), with bespoke provisions set out in UKLR 13. These rules preserve the ‘SPAC‑friendly’ measures (previously LR 5.6.18AG) enabling larger SPACs with specified investor protections to avoid the default presumption of suspension upon the announcement or leak of an acquisition. For further detail on the shell companies category see Checklist: UK Listing Rules (UKLR) listing categories—comparison of eligibility requirements and key continuing obligations and the section What are the key rules for the shell companies listing category? in Practice Note: Reform of the UK listing regime—fundamentals.

SPACs admitted to trading in 2024

Company | Date | Transaction | Proposed sector/geographic region / actual acquisition target
Selkirk Group Plc

...

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