Freehills is acting as legal counsel to UBS and RBS, the underwriters of CSR Limited’s fully underwritten entitlement offer of approximately A$375 million, launched yesterday.
CSR is a leading diversified manufacturing company with operations in Australia, Asia and New Zealand.
The Freehills team is led by partner Philippa Stone, supported by senior associate Daniel Scotti.
The capital raising will be conducted by way of a new structure: a Simultaneous Accelerated Renounceable Entitlement Offer (SAREO), developed by UBS. Eligible shareholders will be offered the opportunity to acquire CSR shares at $1.66 each on the basis of seven new ordinary shares for every 40 existing ordinary shares. The sale of entitlements of shareholders who did not take up the offer occurs in a single bookbuild after the close of the retail offer, meaning both sets of investors receive the same value for their entitlements.
Freehills partner Philippa Stone said, ‘The novel structure of this capital raising illustrates the versatility of Australia’s capital markets.’
Freehills’ award winning equity capital markets team also advised the underwriters of CSR’s 2008 capital raising and has also 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 Rio Tinto and Amcor.
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