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ASX company makes multimillion-dollar equity raising offer
Freedom Foods has announced a $200-million equity raising via entitlement offer and placement to fund its growth strategy.
Melissa Coade
Firms: PwC Legal (Freedom Foods Group Limited); Ashurst [Underwriters: UBS AG, Australia Branch (UBS) and Veritas Securities Limited (Veritas)];
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Deal: UBS AG, Australia Branch (UBS) and Veritas Securities Limited have agreed to be the underwriters for an equity raising offer by Freedom Foods Group Limited (Freedom Foods).
Value: $200 million
Area: Corporate, Finance
Key players: The Ashurst team advising the underwriters was led by partner Sarah Dulhunty (pictured).
Deal significance: Freedom Foods issued a statement noting that the equity raising would help accelerate its “in capacity expansion programs and balance sheet flexibility for growth”. Freedom Foods’ growth strategy would include working capital requirements and potential acquisitions and alliances, the ASX statement added.
Arrovest Pty Limited (a Perich Group company) (Arrovest), will support the Freedom Foods’ entitlement offer and committed to take up its full allocation.
Arrovest will not participate in the placement but have agreed to sub-underwrite the entitlement offer.
The offer is being fully underwritten by Veritas Securities Limited and UBS AG, Australia Branch.
