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CBA Institutional equities appoints lawyers

CBA Institutional equities appoints lawyers

A large Australian law firm has secured a place on CBA Institutional Equities as the sole lead manager and underwriter of MMC Contrarian Limited's capital raising.

ALLENS Arthur Robinson has secured a place on CBA Institutional Equities as the sole lead manager and underwriter of MMC Contrarian Limited's capital raising.

The $135 million capital raising comprises a conditional placement to raise

approximately A$62 million and a 1-for-1 non-renounceable pro rata entitlement offer to shareholders to raise approximately A$73 million.

The capital raising is fully underwritten by CBA Institutional Equities.

The proceeds will be used by MMC Contrarian to fund part of the A$195 million purchase price for its acquisition from Bupa Australia of MBF Life (a niche life insurance business) and ClearView (a financial advisory and services business).

MMC Contrarian expects that the acquisition will transform the company into a highly focused life insurance and wealth management business with excellent distribution capabilities.

The placement is conditional on MMC Contrarian shareholders approving the issue of shares under the placement and the acquisition of MBF Life and ClearView at the Extraordinary General Meeting

of shareholders to be held on 30 April 2010.

Partner and Co-Head of equity capital markets, Robert Pick, who has worked with CBA Institutional Equities on several recent equity capital markets matters, said: “Allens is delighted to have been able to work with the CBA Institutional Equities team on this significant transaction for MMC Contrarian.”

'This offer continues the recent return of equity raisings being used to fund M&A activity,' said Pick.

“If the current market conditions persist, we expect that this trend is likely to continue through 2010.'



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