TIDMSPMU
RNS Number : 6803R
Spiritus Mundi PLC
08 July 2022
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CONTAINED HEREIN DOES NOT CONSTITUTE OR FORM PART OF ANY OFFER TO
ISSUE OR SELL, OR ANY SOLICITATION OF ANY OFFER TO SUBSCRIBE OR
PURCHASE, ANY INVESTMENTS IN ANY JURISDICTION.
This announcement is an advertisement for the purposes of the
Prospectus Rules of the UK Financial Conduct Authority ("FCA") and
not a prospectus and not an offer to sell, or a solicitation of an
offer to subscribe for or to acquire securities. Neither this
announcement nor anything contained herein shall form the basis of,
or be relied upon in connection with, any offer or commitment
whatsoever in any jurisdiction. Investors should not purchase or
subscribe for any transferable securities referred to in this
announcement except on the basis of information contained in the
prospectus (the "Prospectus") in its final form published by
Spiritus Mundi plc on 30 June 2022 in connection with the admission
of its ordinary shares to the Standard Listing segment of the
Official List maintained by the FCA (the "Official List") and to
trading on the London Stock Exchange plc's (the "London Stock
Exchange") main market for listed securities (the "Main
Market").
8 July 2022
Spiritus Mundi plc
Admission to trading on the London Stock Exchange
Spiritus Mundi plc ("Spiritus Mundi" or the "Company"), a
Special Purpose Acquisition Company (SPAC) which will seek
acquisition targets in Europe and Asia in the clinical diagnostics
sector, is pleased to announce that at 8:00 a.m. today its entire
issued ordinary share capital, consisting of 49,300,000 ordinary
shares, will be admitted to the Standard Listing segment of the
Official List of the Financial Conduct Authority and to trading on
the Main Market for listed securities of the London Stock Exchange
("Admission") under the ticker "SPMU" and ISIN GB00BMHR3L94.
Spiritus Mundi was established in 2021 by Zaccheus Peh, an
experienced developer of clinical diagnostics, laboratory services
and medical services businesses, as a special purpose acquisition
vehicle which will seek acquisition targets in Europe and Asia in
the clinical diagnostics sector to include (but not limited
to):
-- Clinical laboratory services (clinical lab);
-- Clinical Diagnostics (PCR and blood test); and
-- Digital Health (Healthcare IT platform).
The Company's board, detailed in the appendix below, through
their established global network of contacts, have identified a
number of potentially promising acquisitions. The Company does not
currently have any specific initial acquisition under
consideration.
The Company will seek to create an attractive income-generating
business and increase shareholder value through the operation of
the acquired business or businesses.
The board will be focussed on the identification and acquisition
of companies which have one or more of the following
characteristics:
-- are run by a management team with a strong track record of
generating growth for shareholders and a proven experienced
business record;
-- have attractive commercial prospects within the clinical diagnostics sector in general;
-- will have the capability to further develop their activities in a post Covid world; and
-- have revenues which offer the potential for near-term positive cash flows.
An acquisition (and potentially, any subsequent acquisitions or
investments made by the Company) is likely to be treated as a
reverse takeover for the purposes of Chapter 5 of the Listing Rules
and the Company will need to seek re-admission of Spiritus Mundi
and its acquired subsidiaries to listing on the Official List and
trading on the London Stock Exchange or to another stock exchange.
Subsequent acquisitions may also be treated as reverse takeovers
depending on their size and nature. Additional funding may be
needed in the future to acquire further business and provide
working capital.
Zaccheus Peh, Non-Executive Chairman of Spiritus Mundi, said: "I
am delighted that Spiritus Mundi is listing on the London Stock
Exchange. We believe there are attractive acquisition opportunities
in our chosen sectors of laboratory and diagnostic testing, and
digital healthcare, particularly in light of how the COVID -19
pandemic has changed the sector dynamics. We plan to use Spiritus
Mundi as a vehicle to acquire one or more exciting businesses in
these areas in order to generate attractive returns for our
shareholders."
Total Voting Rights
Following Admission total number of Ordinary Shares with voting
rights in the Company is 49,300,000. The Company does not hold any
shares in treasury and all of the ordinary shares have equal voting
rights. This figure may be used by shareholders as the denominator
for the calculations by which they determine if they are required
to notify their interest in, or a change of their interest in, the
Company under the FCA's Disclosure Guidance and Transparency
Rules.
Prospectus
The Company's Prospectus was published on 30 June 2022 and is
available to view on the Company's website:
www.spiritusmundiplc.com
For further information please contact:
Spiritus Mundi plc Via IFC
Zaccheus Peh (Non-Executive Chairman)
VSA Capital (Financial Adviser) +44 (0) 203 005 5000
Andrew Raca, Pascal Wiese ipo@vsacapital.com
Stanford Capital Partners (Broker)
Patrick Claridge / John Howes +44 (0)20 3650 3650
IFC Advisory Limited (Financial PR
and IR) +44 (0) 203 934 6630
Tim Metcalfe, Florence Chandler spiritusmundi@investor-focus.co.uk
Appendix
The Company's Board of Directors on Admission will comprise:
Chin Leng Zaccheus Peh (Zaccheus), Founder and Non-Executive
Chairman
Zaccheus has 15 years' experience in the healthcare industry,
including development of clinical diagnostics, laboratory services
and medical services.
In 2007, Zaccheus founded Restalyst, a cancer diagnostic
company, growing it from a small one-product start-up into an
innovative biomedical company that develops, manufactures and
markets a range of clinical cancer diagnostic solutions across the
Asia Pacific market. Restalyst holds patents to several clinical
cancer diagnostic solutions.
Pursuing development opportunities in the healthcare sector
pro-actively and capitalising on Restalyst's success, Zaccheus
incorporated Reste Laboratories in 2016 as a service extension.
Under Zaccheus' leadership, within a few years into operations,
Reste Laboratories secured work from several medical clinics in the
eastern part of Singapore where the laboratory is located. In 2021,
the laboratory expanded its facilities, establishing a 18,000
square feet laboratory in central Singapore.
Zaccheus's achievements have gained recognition in the
healthcare industry, and leveraging on his strong social network,
he has built a dynamic core management team consisting of industry
experts who are working alongside him to expand ResteLab's
footprint in Singapore and regionally. Zaccheus is committed to
continuing development of ResteLab and intends ResteLab to be
leading service provider. Prior to setting up Restalyst, Zaccheus
has over a decade worth of management experience in various sectors
within several multinational companies and SMEs. In these roles, he
was recognised for turning loss-making divisions or companies into
profitable ones.
Zaccheus holds a Bachelor of Electrical Engineering from
University of New South Wales and a Graduate Diploma in
Entrepreneurship from Nanyang Technology University and University
of Washington, Seattle.
Zaccheus is based in Singapore.
Dr Simon Winson Ng (Winson), Non-Executive Director
Winson is the Chief Investment Officer and Investment Committee
member of Moonfare, a digital private markets platform, operating
predominantly in Europe and Asia. He has over 20 years of
experience in private equity, investments and investment banking.
Prior to his current role, he spent six years with UBS Wealth
Management as head of the private markets group and twelve years
with the Government of Singapore Investment Corporation (GIC), a
Singapore sovereign wealth fund, where as a Senior Vice President
of Private Equity he managed significant commitments to a large
number of private equity funds and executed a wide range of
co-investments. During his tenure at the GIC Winson led and oversaw
Investment Committee approval for over US$500m in more than 16
co-investments and commitments of more than US$6bn to over 40
investment funds.
At GIC and UBS Winson managed significant commitments to a large
number of private equity funds and multiple co-investments
globally. Winson's coverage included a wide representation of
growth, mid- market and large buyout funds as well as funds in
mezzanine, credit, infrastructure and the distressed space. He has
extensive experience in over a dozen direct investments covering a
wide range of sectors including TMT, engineering, paper and
packaging, waste recycling, retail, insurance and infrastructure.
He has served as an advisory board member for over 20 private
equity funds. Earlier in his career Winson worked in investment
banking and corporate finance in London with Robert Fleming
Investment Bank, strengthening his knowledge and experience of the
UK and the European markets.
Winson has not previously been a director of a listed entity,
but he has been an advisory member and sat on the advisory board of
many large private equity funds which invest in private companies
and sometimes in public listed companies, including the likes of
Apax, CVC and Carlyle Group. These boards do not opine on the
investment decisions but do preside on the governance and conflicts
that arise in the running of the private equity funds.
Winson graduated with a medical degree from the University of
London and he practiced as a medical doctor with the UK National
Health Service for four years before embarking on an MBA from
INSEAD, France and moving into the financial services sector. He
was born in Hong Kong, grew up in Malaysia and has lived in France
and the UK. He speaks English, Chinese (Cantonese and some
Mandarin), with conversational French.
Winson is based in the UK.
Wesley Gordon Lawrence, Non-Executive Director
Wesley has more than 35 years of experience in the pathology
industry, which helped him build an extensive global network and a
strong track record in building pathology assets.
Wesley is currently an industry consultant after retiring in
2019 as CEO of Healius Pathology (Specialist Diagnostics Services),
a pathology business in Australia that is part of the ASX-listed
Healius Limited group, with revenue of AUD$1.2bn, 2,000 locations,
100 labs and 8,000 employees (2020) across Australia. Prior to
this, Wesley was the CEO of Laverty Pathology, a provider of
pathology and medical diagnostic services to doctors, specialists
and hospitals throughout the state of New South Wales.
Wesley started his career in 1992 as a laboratory manager with
QML Pathology, a Queensland medical diagnostic provider that
operates 400 collection centres, 23 laboratories, 35 pathologists,
and over 2,000 staff, offering a comprehensive range of diagnostic
pathology tests for more than 15,000 patients per day. During his
time at QML Pathology, Wesley was promoted to regional manager for
central Queensland in 1999 and regional operations manager in 2002,
a role he held until his departure in 2014.
Wesley holds a Bachelor of Applied Science - Medical Laboratory
Science from the Queensland University of Technology, Australia. He
is a director of Pathology Australia and a former director of
Pathology Awareness Australia.
Wesley is based in Australia.
Rachel Maguire, Non-Executive Director
Rachel Maguire is a NED and advisor with a finance
qualification, bringing listed company experience of audit, risk,
nominations and remuneration committees. She has a specialist focus
on ESG, governance and stakeholder engagement.
As an entrepreneur, Rachel is founder and CEO of Arko Iris, a
business consultancy advising organisations on best practice in
investor relations, ESG and corporate governance. She has over 30
years' experience in financial services including 20 years of
leadership positions in The City and capital markets. Previous
roles include senior management positions at London Stock Exchange
including Head of UK Business Development and Head of AIM (UK).
Rachel's client experience includes FTSE 250 companies and global
companies including Spectris, internationally-based MHP S.E and
Euroclear.
Rachel sits on the Audit & Risk committee of the Royal
Yachting Association and is an independent Trustee at the National
Paralympic Heritage Trust where she chairs the Finance &
Development Committee.
Rachel is a member of the UK's Chartered Institute of Taxation.
She holds a Bachelor of Arts (Combined Honours) Degree in English
& German from the University of Birmingham, UK and a
Professional Certificate in Coaching from Henley Business School,
University of Reading, UK.
Rachel is based in the United Kingdom.
Wong Fatt Heng, Non-Executive Director
Wong is, since 2019, the CEO of DIAN Diagnostics Group Co., Ltd,
a China-based medical diagnostic service provider, trading on the
Shenzhen Stock Exchange, with a market cap of approximately
US$2.9bn and revenues of US$1.5bn (2020).
Wong started his career in 1982 as a medical technologist at the
American Hospital in Singapore. In 1986 he joined the Roche Group
where he spent 33 years working in various businesses across the
Asia Pacific Region. Starting initially with Roche Diagnostics Asia
Pacific, as product manager, he then was appointed as business unit
head at Roche Diagnostics Shanghai Limited. After a secondment to
Malaysia, he was appointed the General Manager in Roche Diagnostics
Shanghai in 2006, a role he held for 13 years.
Wong has Bachelor of Applied Science in Medical Technology from
the Curtin University and has been engaged by various academic
institutions as visiting professor. For his contribution to the
People's Republic of China, in 2016 he was awarded the Chinese
Government Friendship Award (the highest award for "foreign experts
who have made outstanding contributions to the country's economic
and social progress") by the State Administration of Foreign
Experts Affairs and received the Honorary Citizen of Shanghai award
for "bringing technologies into China that had benefited the
medical community, cultivated talent in the field of bioscience and
promoted the development of clinical laboratory research".
Fatt Heng is based in China.
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