Deal size - £5-30mln read on . .17 Aug 2017 16:37
Thirty companies screened
So far they have seen around 30 different companies and has whittled that down to a long-list of seven to eight.
Spinnaker is thought to be keeping the phone lines open for a further few weeks to assess another wave of potential deals.
After that it will be case identifying the two most attractive options, a process which it is thought could take as a little as three months.
Realistically, any movement will to be delayed by the summer break, so autumn looks the most likely timing for an RTO, although it is understood the Spinnaker team has given itself up to a year to enact the transformation and there is a three-year hard deadline.
Deal size could be anywhere from £5-£30mln. The shares were issued with a warrant attached at 7.5p, so you would suspect an RTO would be completed with a share issue above that level.
One market participant noted: “Being a new cash shell there is no baggage, no legacy shareholders; so this looks like a new approach to listing a shell.”