find the latest legal job
Part Time Risk & Compliance Officer
Category: Other | Location: Brisbane QLD 4000
· Brisbane City · Flexible Part Time Hours
View details
Infrastructure Lawyer/SA
Category: Construction Law | Location: Sydney CBD, Inner West & Eastern Suburbs Sydney NSW
· Global elite law firm · Dedicated Infrastructure team
View details
Property Lawyer
Category: Property Law | Location: All Melbourne VIC
· 12 Month Contract · Diverse Work
View details
Family Lawyer
Category: Family Law | Location: Eastern Suburbs Melbourne VIC
· Boutique Firm · Great Reputation
View details
Infrastructure Lawyers
Category: Construction Law | Location: All Perth WA
· We'd be particularly interested to hear from you if you were a lawyer who knows your way around the infrastructure and energy sectors.
View details
Law firm Freehills advises on AWA capital raising

Law firm Freehills advises on AWA capital raising

Law firm Freehills is advising agribusiness AWB Limited on its $459 million capital raising, announced yesterday. _x000D_

Law firm Freehills is advising agribusiness AWB Limited on its $459 million capital raising, announced yesterday. 

AWB plans to raise the funds through an issue of new shares in an effort to strengthen the company's balance sheet and provide some flexibility through the subsequent reduction in net debt. 

The offer is structured as a 1 for 1 accelerated non-renounceable entitlement offer and placement. AWB will offer the new shares at $1 each, a 31 per cent discount to Tuesday's closing price of $1.445, the last before a trading halt. 

Tim McEwen lead the Freehills team, supported by senior associate Amy Goble and lawyer Cecilia Mehl. 

"This capital raising was very important for AWB and will position AWB favourably going forward and enhance its future strategic options. It was a pleasure to work closely with a strong management team to achieve a great result for the company," said McEwen. 

The capital raising announcement comes as the company also warns of loss in the year ending 30 September. 

"[The announcement] will fundamentally reposition the company's business sheet for this journey," said AWB managing director Gordon Davis. 

Company guidance is for a net loss this fiscal year in a range of $228m to $259m, swinging from a profit last fiscal year of $64.3 million. 

The company cited a $120m impairment charge against AWB's Landmark Financial Services unit, losses on significant or one-time items in a range of $34m-$36m, and a loss in a range of $149m-$171m on discontinued operations, for the loss. 

Freehills' capital markets team advised on a series of recent high profile placements, including by Ten Network, Lend Lease, CFS Retail Property Trust, Transfield Services, and the $2 billion placement by the Commonwealth Bank. 

Like this story? Read more:

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

The legal budget breakdown 2017

Law firm Freehills advises on AWA capital raising
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
Nov 17 2017
It's time for politicians to commit to eradicating domestic violence
The national shame of domestic violence cannot be left unaddressed, writes Christine Smyth. ...
Nov 16 2017
From lawyer in law firm to senior governance professional
Promoted by Governance Institute of Australia As a law graduate, Kate Griffiths never imagined...
marriage equality
Nov 16 2017
Legislation the next hurdle for marriage equality
Lawyers have underscored the importance of ensuring same-sex marriage legislation does not limit ant...
Allens managing partner Richard Spurio, image courtesy Allens' website
Jun 21 2017
Promo season at Allens
A group of lawyers at Allens have received promotions across its PNG and Australian offices. ...
May 11 2017
Partner exits for in-house role
A Victorian lawyer has left the partnership of a national firm to start a new gig with state governm...
Esteban Gomez
May 11 2017
National firm recruits ‘major asset’
A national law firm has announced it has appointed a new corporate partner who brings over 15 years'...
Nicole Rich
May 16 2017
Access to justice for young transgender Australians
Reform is looming for the process that young transgender Australians and their families must current...
Geoff Roberson
May 11 2017
The lighter side of the law: when law and comedy collide
On the face of it, there doesn’t seem to be much that is amusing about the law, writes Geoff Rober...
May 10 2017
Advocate’s immunity – without fear or without favour but not both
On 29 March 2017, the High Court handed down its decision in David Kendirjian v Eugene Lepore & ...