Milton Capital PLC (LSE:MII), a 'new type' of special purpose acquisition company (SPAC), has raised £0.95mln as part of its initial public offering on the London main market.
The company has been formed to acquire a majority interest in a company or business for a reverse takeover, with directors looking "initially" for opportunities in the technology sector with a focus on "megatrends" in sectors such as space, artificial intelligence, machine learning and blockchain technology.
The shares were placed at a price of 1p per share, with the shell company highlighting that "all investors have come in at the same IPO price; no founder shares or pre-IPO rounds; no warrants; no options".
Advisor and broker Peterhouse Capital has also "agreed to waive all advisory fees and commission on all funds raised at the IPO and will receive no annual retainer", with managing director Eran Zucker taking a non-executive director role on the board.
Milton's sole executive director is Malcolm Burne, former chairman of broker Ambrian Capital and a founder director of former shell company Auctus Growth, which was floated in London in 2014 and six years later acquired HeiQ Materials, becoming HeiQ PLC (LSE:HEIQ).
Burne, who owns 18% of the shares, said he sees Milton "as being a particularly exceptional opportunity because it has a transparent capital structure with no founders' shares, minimal listing expenses, and the exclusively success-based remuneration for directors.
"This sets it apart from the typical cash shell and preserves cash, making it a more valuable M&A target. We now look forward to delivering a deal which will create shareholders' value."