Disruptive Capital Acquisition, which was listed on Amsterdam's Euronext exchange by Edi Truell, is launching a share buyback to return up to £128.5 million to investors, Sky News reports.
Under the terms of the offer, shareholders in the special purpose acquisition company (SPAC) will be able to tender up to 95% of their stock at a price equivalent to £10.25-a-share.
This would lock in a small profit for investors while allowing them to retain a minority of their shares, with Truell gaining an additional 15 months to secure an acquisition.
The SPAC floated on the Amsterdam exchange in October 2021.
Truell is managing partner of the sponsor, Disruptive Capital, a private equity firm he founded in 2008 that is also his family office. His track record, according to the DCAC prospectus, is a lifetime average net realized internal rate of return of approximately 33% from over £9 billion of investments during 27 years in private equity.
DCAC had agreed to a combination with Denmark's Saxo Bank, a retail and derivatives broker, but announced earlier this month that the merger was being abandoned. Read more.
Source: Financier Edi Truell to keep SPAC Alive With £125m Share Buyback