Deal: MinterEllison advised on the capital raising, which aims to enhance EOS’ liquidity – impacted as a result of COVID-19 – and continue to fund ongoing growth for the company.

In addition to the placement, the capital raising involves a $10 million share purchase plan (SPP).

Value: $134 million.

Area: Capital raise, private equity.

Key players: MinterEllison equity capital partner Daniel Scotti led the transaction. 

Deal significance: EOS has undertaken a fully underwritten institutional placement of new fully paid ordinary shares in the company (“new shares”) to eligible institutional investors. 

“This transaction is part of the first wave of COVID-19-related capital raises,” Mr Scotti said.

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“This deal, along with others we have worked on, demonstrates that listed companies are able to rapidly access emergency capital under the Australian capital-raising regime. We expect to see more of these types of transactions.”

Mr Scotti said he and his team members were delighted to have assisted longstanding client EOS, with a capital raising that will see it maintain its growth trajectory despite the difficulties associated with COVID-19. 

The raising of $134 million is via a fully underwritten institutional placement of new fully paid ordinary shares to fund working capital for inventory expansion, investments to maintain growth and additional cash liquidity. 

The transaction also involved obtaining novel ASIC relief, allowing EOS to offer $30,000 worth of shares to all of its shareholders via a share purchase plan (SPP).

No shareholder approval is required for the issue of new shares under the placement or SPP. 

The placement is fully underwritten by Citigroup Global Markets Australia Pty Limited.