Freehills is acting as Australian legal counsel to UBS, Australia Branch on its underwriting of Servcorp Limited’s capital raising, announced today of up to A$80 million.
The raising will take place by way of an accelerated non-renounceable, pro-rata entitlement offer to existing institutional and retail shareholders at $4.00 per share and an institutional placement which will be conducted concurrently with the institutional component of the entitlement offer at the same offer price.
Servcorp provides serviced office and Virtual Office solutions at 60 locations worldwide.
Servcorp intends to use the proceeds of the offer plus existing available cash reserves to fund global expansion including the roll-out of at least 100 new floors to be targeted over the next three-to-four years, the vast majority of which will be Virtual Office floors.
The Freehills team is led by partner Tony Sparks and solicitors Carl Hornigold, Steve Drummond and Ivan Yu.
Freehills partner Tony Sparks said, ‘The Servcorp raising is another example of an issuer using equity capital markets to fund growth and expansion opportunities. This deal required the Servcorp, Freehills and UBS teams to work very hard on a particularly demanding timetable.’
Freehills’ award winning equity capital markets team has acted on many of Australia’s largest recent capital raisings, including acting for Elders, Santos and FKP Property Group, and for the underwriters on numerous raisings including those by Virgin Blue, Rio Tinto and Amcor.
Mallesons advised Servcorp Limited.
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