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AIQ latest to join ranks of London-listed acqusition vehicles

AIQ, in particular, will focus on data mining, artificial intelligence technologies and social and online media in its search for an acquisition
London Stock Exchange
AIQ will have a standard listing

Another specialist acquisition vehicle or ‘SPAC' joined the London market today as Cayman Islands-based AIQ Limited (LON:AIQ) made its standard listing debut.

AIQ, a shell currently, will look for e-commerce acquisitions, having raised £4mln at 8p per share prior to its IPO.

Focus on data mining, AI and social, online media

SPACs are investment vehicles that are used to buy private companies in areas defined at the time the money is raised.

AIQ, in particular, will focus on data mining, artificial intelligence technologies and social and online media such as instant messaging platforms.

Europe will be the target for deals initially but then AIQ will look further afield.

Executive directors Soon Beng Gee and Lee Chong Liang have a background in online marketing and both work for a company called Plymouth Infotech Limited.

Won't rush into acquisitions

Graham Duncan, an accountant with 20 years City experience, is the independent non-executive chairman.

Duncan told Proactive that there is nothing in the pipeline at the moment and it won’t rush in to an acquisition.

“We have certain ideas on type of opportunities but are not in any negotiations.”

Under SPAC rules, AIQ has up to 24 months to find a suitable acquisition, otherwise the £4mln has to be returned.

AIQ added that it will also look for companies with strong management team, have revenues that offer the potential for near-term positive cash flows and/or can be funded adequately.

View full AIQ profile View Profile

AIQ Limited Timeline

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