LuxCSD handled issuance of shares in dematerialised form in support of Lakestar SPAC listing

11.03.2021

LuxCSD handled issuance of shares in dematerialised form in support of Lakestar SPAC listing

LuxCSD successfully handled the issuance of the share capital in dematerialised form of Lakestar SPAC I SE in support of a private placement. The company is a SPAC (Special Purpose Acquisition Company) and its objective is to seek a suitable target for acquisition in the technology sector with a focus on the sub-sectors SaaS (Software as a Service), fintech, transportation and logistics, health tech and deep tech.

Lakestar SPAC I SE is a European company incorporated under the laws of the Grand Duchy of Luxembourg and is listed on the Regulated Market of the Frankfurt Stock Exchange. The listing was accompanied by Deutsche Bank, J.P. Morgan and Morgan Stanley.

The LuxCSD Principal Agent (LPA) was Banque Internationale à Luxembourg (BIL) ensuring the timely and accurate processing of the public shares.

Issuance of dematerialised securities

LuxCSD fully supports the issuance of dematerialised securities as these significantly increase efficiency and reduce risks and costs for the industry. Dematerialised issuance is widely recognised as the most efficient and secure form of issuance.

In 2013, Luxembourg adopted the law governing the dematerialisation of physical securities as well as the issuance of dematerialised securities, permitting electronic records to replace the currently predominant global certificate.

Benefits for issuers

Issuers benefit from the ability to receive information on the holders of their issued securities and from more favourable treatment of electronic securities under foreign laws, for example for tax purposes.