17 May 2022
U.K. SPAC Plc
(the "Company")
Shareholder Update
I am pleased to inform shareholders that the Company has now made sufficient progress in respect of the process surrounding the Reverse Takeover ("RTO") by Hellenic Dynamics S.A. ("Hellenic") of UK SPAC for the respective Boards to begin planning for completion of the transaction and Admission of the shares in UK SPAC to trading on the Standard List of the Main Market under Hellenic's ticker code.
In particular, the last few weeks have seen substantial progress being made towards obtaining the FCA's final approval of the prospectus and, as soon as that approval has been granted, a copy of the prospectus will be sent to each shareholder together with the notice convening the general meeting to approve the resolutions that are required before the transaction may be completed.
I am aware from comments made by shareholders about the length of time that has passed since the intended transaction was announced at the beginning of August 2021 and concerns as whether that has reflected problems in respect of the transaction or disagreements between the Company and Hellenic. In fact, although the transaction has been complex and time consuming, the relationship between the two boards has been close and constructive throughout. Both have remained committed to achieving completion and have readily agreed to the various required time extensions.
In order to provide warrant holders (issued as part of the placing in March 2021) the opportunity to exercise their warrants with the knowledge that the transaction is likely to conclude in reasonably short order, these extensions have also included extending the expiry dates that the warrants can convert into ordinary shares in the capital of UK SPAC. In light of the progress and position the Boards of UK SPAC and of Hellenic now consider that they are in, it has been agreed that 10 June 2022 will the last date on which the right to convert the warrants may be exercised and that no further extensions of time are expected to be granted.
UK SPAC's Board commented some months ago that its criteria when choosing its RTO partner was to find one that was likely to bring value to both the pre-March 2021 shareholders of Mountfield Group Plc and to those who subsequently became shareholders in UK SPAC. We remain satisfied that our choice was the correct one.
We will continue to keep shareholders up to date with developments as we progress towards completion of the transaction.
Peter Jay
Chairman
UK SPAC Plc
For further information, please visit http://www.ukspacplc.com or contact the following:
U.K. SPAC Plc Tel. 07500 558 235
Peter Jay
Cairn Financial Advisers LLP Tel. 020 7213 0880
Jo Turner / Sandy Jamieson
Peterhouse Capital Limited Tel. 020 7469 0930
Lucy Williams / Duncan Vasey
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