Freehills is acting as Australian legal counsel to J.P. Morgan Australia Limited on its underwriting of WDS Limited’s capital raising announced today of up to approximately A$45.7 million.
The raising will take place by way of an accelerated non-renounceable, pro-rata entitlement offer to existing institutional and retail shareholders at $1.70 per share and an institutional placement which will be conducted concurrently with the institutional component of the entitlement offer at the same offer price.
WDS is Australia's largest integrated provider of specialist development, design, engineering, construction, fabrication and maintenance related services to the cross section of energy, mining and infrastructure sectors.
WDS Limited will use the proceeds from the raising to fund the cash component of the consideration for the acquisition of Titeline Energy Pty Ltd, to contribute to expansionary capital expenditure for new drilling capacity, to contribute to working capital needs for future projects and to pursue future strategic opportunities in the Coal Seam Gas sector.
The Freehills team is led by partner Tony Sparks, senior associate Daniel Scotti and solicitor Steve Drummond.
Freehills partner Tony Sparks said, ‘The WDS raising is yet another to add to the emerging trend of issuers raising funds for M&A activity and growth opportunities.’
Freehills’ award winning equity capital markets team has acted on many of Australia’s largest recent capital raisings, including acting for Myer on its IPO, Elders, Santos and FKP Property Group, and for the underwriters on numerous raisings including those by Virgin Blue, Rio Tinto and Amcor.
Clayton Utz advised WDS Limited.
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