subscribe to our newsletter sign up
Retail giant rallies after weak results

Retail giant rallies after weak results

Brendan Groves Clayton Utz

One firm has acted on the ‘New Myer’ strategy, including its $221 million capital raising aimed at revitalising the chain.

Firm: Clayton Utz (Myer)

Deal: Myer launched $221 million capital raising scheme as part of their $600 million ‘New Myer’ strategy

Value: $221 million

Area: Equity Capital Markets

Key Players: Partner Brendan Groves led the Clayton Utz team comprising senior associate Warrick Louey and lawyers Kate Allison and Craig McDermaid.

Deal Significance: Retail giant Myer has announced a five-year $600 million ‘New Myer’ strategy aimed at revitalising the chain and its product range following a net profit after tax for the year to 25 July of $29.8 million – down 69.7 per cent from the prior year’s $98.5 million profit.

Clayton Utz is acting on the launch of the ‘New Myer’ strategy, which includes $221 million capital raising launched on 1 September.

The raising comprises a fully underwritten entitlement offer to Myer shareholders, which aims to raise around $221 million at 94¢ per share. Proceeds from the raising will be used to pay down debt, providing balance sheet flexibility to implement the ‘New Myer’ strategy.

Note: This headline was updated.

Like this story? Subscribe to our free newsletter and receive Lawyers Weekly every day straight to your inbox.




Promoted content
Recommended by Spike Native Network