Area: Corporate

Value: $24.6 million

Key players: The transaction was led by Robert Sultan (pictured), a Norton Rose Australia partner based in Melbourne. He was assisted by Chris Mitchell and Andrew Fisken. Joseph Muraca and Stephanie Lawther advised on behalf of KWM

Deal significance: The capital raising consists of a $6.8 million institutional placement and a one-for-three non-renounceable pro-rata accelerated entitlement issue to institutional and retail shareholders of approximately $17.8 million at an issue price of $0.145 per new share. Bell Potter Securities Limited acted as the lead manager to the offer. The proceeds from the capital raising will be used to repay $15 million of Funtastic’s debt, significantly reducing gearing and increasing interest coverage, and to provide working capital to invest in Funtastic’s brand portfolio, drive organic growth both domestically and internationally and pay the costs of the capital raising.

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