Freehills is advising Devine Limited on its $66.3 million capital raising announced on 22 February 2010.
The capital raising consists of an $11.8 million placement to institutional investors, followed by a 3 for 4 rights issue to existing Devine shareholders to raise an additional $54.4 million.
Devine is a leading Australian home builder and residential land and property developer offering affordable housing products in Queensland, Victoria and South Australia. Since listing on ASX in 1993, it has grown to become one of Australia’s foremost home builders and residential developers.
The Freehills team was led by partner Philippa Stone, and supported by senior associate Daniel Scotti and lawyer Jeremy Chew.
Freehills partner Philippa Stone said, ‘The structure of Devine’s deal again demonstrates the flexibility of Australia’s capital markets. Conducting an institutional placement settling before the rights issue record date allows placees to participate in the later offering. We’ve very much enjoyed working with Devine and its other advisers to put the offer together.’
Freehills’ award-winning teams have advised issuers or underwriters on many of Australia’s most significant recent transactions including acting for Woodside on its $2.5 billion capital raising, for Prime Infrastructure on its complex $1.8 billion recapitalisation involving cornerstone investment by Brookfield Asset Management, reconstruction of Prime’s capital structure and various asset transactions (FinanceAsia’s Innovative Deal of the Year), for the joint lead managers of CSR Limited’s recent $375 million entitlement offer conducted by way of the novel ‘SAREO’ structure, for Warburg Pincus on its cornerstone investment in Transpacific Industries’ A$800 million capital raising, for Elders Limited on its refinancing, asset sales and other transactions valued at close to A$1 billion and for the underwriters of the $15.2 billion Rio Tinto rights issue, one of the largest rights issues ever.
Allens Arthur Robinson are acting for joint lead managers and underwriters to the deal, Goldman Sachs JBWere Pty Ltd and RBS Morgans Corporate Limited.
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