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Retail giant rallies after weak results
One firm has acted on the ‘New Myer’ strategy, including its $221 million capital raising aimed at revitalising the chain.
Lara Bullock
Firm: Clayton Utz (Myer)
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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.
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