find the latest legal job
Banking Associate - 1-6PQE - Allen & Overy
Category: Banking and Finance Law | Location: United Kingdom
· Banking Associate - 1-6 PQE - Allen & Overy
View details
Academic Dean and Head of School of the TC Beirne School of Law
Category: Other | Location: Brisbane QLD 4000
· An outstanding opportunity · Provide educational, research and organisational leadership
View details
Senior Property Lawyer I Commercial Litigator
Category: Property Law | Location: Arncliffe NSW 2205
· Rapidly growing law firm, working with a highly experienced team in a high growth industry across all areas of property and strata law
View details
Senior Property Lawyer I Commercial Litigator
Category: Property Law | Location: All Sydney NSW
· Rapidly growing law firm, working with a highly experienced team in a high growth industry across all areas of property and strata law
View details
Senior Property Lawyer I Commercial Litigator
Category: Property Law | Location: Sydney NSW 2000
· Rapidly growing law firm, working with a highly experienced team in a high growth industry across all areas of property and strata law
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:

Book commemorates diamond milestone for WA law society

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

NSW proposes big justice reforms to target risk of reoffending

Law firm Freehills advises on AWA capital raising
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
Gavel, legal book, criminal lawyers
Jan 19 2018
Three criminal lawyers named NSW magistrates
The NSW Attorney-General has announced the appointment of three new local court magistrates. ...
Warning
Jan 18 2018
Lawyer highlights ‘unintended consequences’ on SSM estate planning
A succession lawyer has warned that the right for same-sex couples to legally marry could have a sub...
drug rehabilitation services available in rural and remote communities
Jan 18 2018
ALS survey shines spotlight on insufficient rehabilitation services
A new survey posted by the Aboriginal Legal Service (NSW/ACT) has revealed an alarming insight into ...
APPOINTMENTS
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'...
opinion
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...
Help
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 & ...