The timing of the UK government’s announcement of the terms of its review aimed at making the City a safe space for tech companies (officially it’s Lord Hill’s review on stock market listings) could hardly have been better timed.
It came just a day after Arrival, a British electric bus and van developer, had shunned London in favour of the Nasdaq.
Instead of a traditional float, it agreed to be bought by a “special purpose vehicle” – a shell company set up by investors with a view to finding and buying an operating subsidiary – thus escaping the rigamarole of publishing a prospectus, embarking on investor roadshows etc.
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