Globals advise on million-dollar purchase plan

Global law firms have advised on million-dollar purchase plan

Digital • 13 April 2012 • Big Law

Firms: Ashurst (lead managers Euroz Securities and RBS Morgans), Clifford Chance Perth (Cedar Woods Properties Limited)

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Deals: Placement and share purchase plan (SPP)

Area: Corporate

Value: $25 million (placement). SPP to raise up to another $5 million

Key players: Roger Davies was the lead Ashurst partner supported by Matthew Rumpus.

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Deal significance: Cedar Woods is raising $25 million via a share placement to institutional investors. The proceeds of the placement will be used for working capital and growth initiatives, including development of the Williams Landing Town Centre in Victoria. New shares will be issued at $3.45 which represents a discount of eight per cent to the last-traded price (excluding dividend).

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