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A new Northern Ireland company has applied for a listing on the main market of the London Stock Exchange next month. It plans to identify and make acquisitions valued at up to £20 million in the North,
Rockpool Acquisitions has been established by Mike Irvine, who owns Belfast headquartered Cordovan Capital Management with Neil Adair, who was previously a senior Anglo Irish bank executive in the North and Richard Beresford, a corporate lawyer. Cordovan undertakes and manages private equity and property investments -
Once it floats it would become only the third Northern Ireland company to be currently listed on the LSE.
The special purpose acquisition company (SPAC), which intends to raise £1.5 million at the IPO stage, will focus solely on Northern Ireland.
The three directors behind the company believe there are established companies in the North which “are not able to access the growth capital they need to achieve their full potential”.
The three, who claim to have more than 60 years of combined experience in the Northern Ireland market including a track record of raising money for privately owned businesses, professional expertise and access to potential targets, want to start trading on the LSE from July 5.
Mike Irvine, co-founder and non-executive director at Rockpool, said: “Our decision to list on the main market of the London Stock Exchange makes both strategic and commercial sense as we believe that there are a number of excellent Northern Ireland based companies that would benefit from access to the deeper pools of capital that a listing on London’s most prestigious market provides.
“The Northern Ireland business community has a strong heritage of entrepreneurship but has not necessarily taken full advantage of the public markets. We see Rockpool as an opportunity to start to address that situation.”
The company has outlined that it has “no specific targets under consideration yet” but its directors have said that it is likely its first acquisition, which Rockpool aims to make within twelve months of listing, will be treated as a reverse takeover “requiring the publication of a prospectus and an application to be re-admitted to the official list of the London Stock Exchange”.