The placement was announced on 28 October 2019 and, despite a delayed settlement date and the difficulties of the evolving COVID-19 situation, settled on 15 April 2020. 

Value: $5 million.

Area: Capital raise, private equity.

Key players: The HWL Ebsworth team was led by partner Paul Brown with assistance from special counsel Cam Steele and solicitor Sarah Minns.

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Deal significance: Under the placement approved by shareholders last year, Oldfields has issued EQM with shares equal to 51 per cent of its post-allotment issued share capital.

The placement proceeds of $5 million have been used to retire bank debt and outstanding shareholder loans and provide additional working capital at this tumultuous time.

Lewis Timms, the outgoing chairman of Oldfields said: “Although the capital raising was planned and documented well before the current circumstances arose, the completion of the transaction could not have come at a more welcome time.”

“Throughout the transaction, the HWL Ebsworth team has provided us with timely and pragmatic advice and worked closely with the board, management, our other advisers and the subscriber and their lawyers to get this deal over the line.”