Keystone Law capital markets partner Simon Holden has advised Tertre Rouge Assets PLC (TRA), a special purpose acquisition company (SPAC), on its admission to trading of 5.1 million ordinary shares, which were listed on the standard segment of the Official List of the Financial Conduct Authority and admitted to trade on the main market for listed securities of the London Stock Exchange.
TRA was formed to acquire investment-grade collectible motorcars and motorcycles in a consolidated asset portfolio that presents significant upside as an alternative investment asset class.
The company raised approximately £1.2 million from investors.
TRA is chaired by serial entrepreneur Steven Schapera, who co-founded the company with André Ahrlé, himself an entrepreneur and former professional racing driver. They are joined on the board by former professional racing drivers Mika Häkkinen, David Coulthard and Allan McNish.
Steven Schapera, non-executive chairman and co-founder of TRA, said:
“I have worked with Simon professionally for a number of years and have learned that he has a knack of thinking his way around obstacles. What we were looking to do with this SPAC had never been done before, anywhere. Aiming to list it on one of the most prestigious stock exchanges in the world, the LSE, made it even more challenging. Simon was my obvious choice to navigate and drive the arduous process.”
Simon Holden added:
“The TRA team worked incredibly hard to complete this deal, and its novel elements made for an interesting transaction. To its knowledge, the company does not have any comparable quoted company peers, so it intends to lead from the front. It was rewarding to cross the finish line with the IPO, and I look forward to sharing many more podium finishes with the team in the future.”