TCLA Vacation Scheme Applications Discussion Thread 2021-22 (#1)

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Rob93

Legendary Member
Dec 29, 2020
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Can someone please explain what a "de-SPAC" deal/how this differs to a "SPAC" deal?
The use of this in financial press is loose, so be mindful of how any given bit of commentary is written. But

A 'de-SPAC' refers specifically to the M&A deal whereby the SPAC takes on its previously private target co.; it's the consummation of the investment into an actual operating company, which then becomes listed (mechanics will vary somewhat).

A SPAC deal is often this, but can also mean the IPO of the SPAC itself.

In some cases, a 'SPAC deal' may also be in reference to the 'private investment in public equity' (PIPE) transactions often used to close out a de-SPAC; basically if the SPAC only has, say, $200mm but target value is $1bn, investment banks will underwrite or subscribe the remaining $800mm to close the deal in exchange for fresh equity which usually is issued shortly following close of the merger.

Again always be conscious of context because the writing can have a bit of slippage (though commentary on PIPEs will usually make it clear it's a PIPE). In any instance it should in most cases be clear what kind of transaction is being discussed.
 
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BM99

Legendary Member
Premium Member
Sep 12, 2021
642
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Anyone that’s done the Mayer Brown proofreading assessment ahead of the AC, how many questions did you manage to get through? I didn’t realise there were so many until the end! 😬
I haven’t been sent the link yet! Would you mind letting me know when your AC is? 😊
Hey guys congratulations on progressing to AC! May I know how are you guys preparing for it?
 

TCApp2021

Legendary Member
Dec 21, 2021
163
135
The use of this in financial press is loose, so be mindful of how any given bit of commentary is written. But

A 'de-SPAC' refers specifically to the M&A deal whereby the SPAC takes on its previously private target co.; it's the consummation of the investment into an actual operating company, which then becomes listed (mechanics will vary somewhat).

A SPAC deal is often this, but can also mean the IPO of the SPAC itself.

In some cases, a 'SPAC deal' may also be in reference to the 'private investment in public equity' (PIPE) transactions often used to close out a de-SPAC; basically if the SPAC only has, say, $200mm but target value is $1bn, investment banks will underwrite or subscribe the remaining $800mm to close the deal in exchange for fresh equity which usually is issued shortly following close of the merger.

Again always be conscious of context because the writing can have a bit of slippage (though commentary on PIPEs will usually make it clear it's a PIPE). In any case it should in most cases be clear what kind of transaction is being discussed.
Thank you!
 

AspiringTrainee

Legendary Member
Junior Lawyer
  • Sep 22, 2021
    133
    670
    Out of curiosity - how many hours a day do people spend preparing for an AC?
    I don’t think you should look at it from that perspective personally as it may lead into a false sense that hours you have committed leads to varying rates of success.
    Personally, for some of my ACs, as I often had to work as well, I would try do 2-3 hours in the evening in the run up (maybe 8-10 hours total).
     

    aspiringlawyer123_

    Legendary Member
    Dec 11, 2021
    126
    356
    I don’t think you should look at it from that perspective personally as it may lead into a false sense that hours you have committed leads to varying rates of success.
    Personally, for some of my ACs, as I often had to work as well, I would try do 2-3 hours in the evening in the run up (maybe 8-10 hours total).
    I didn’t mean how much you should, I just wanted to see the variation!
     
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