find the latest legal job
Corporate Counsel and Company Secretary
Category: Generalists - In House | Location: Newcastle, Maitland & Hunter NSW
· Highly-respected, innovative and entrepreneurial Not-for-Profit · Competency based Board
View details
Chief Counsel and Company Secretary
Category: Generalists - In House | Location: Newcastle, Maitland & Hunter NSW
· Dynamic, high growth organisation · ASX listed market leader
View details
In-house Projects Lawyer | Renewables / Solar | 2-5 Years PQE
Category: Generalists - In House | Location: All Australia
· Help design the future · NASDAQ Listed
View details
Insurance Lawyer (3-5 PAE)
Category: Insurance and Superannuation Law | Location: Brisbane CBD & Inner Suburbs Brisbane QLD
· Dynamic organisation ·
View details
Legal Counsel
Category: Corporate and Commercial Law | Location: North Sydney NSW 2060
· 18 month fixed term contract · 3-5 years PQE with TMT exposure
View details
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.




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

Retail giant rallies after weak results
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
Scales of Justice
Aug 16 2017
Urgent criminal law reforms can prevent ‘unwarranted acquittals’
Concerns about unfair prejudice arising from the use of tendency and coincidence evidence are mispla...
Aug 15 2017
Press Control-S on your firm
Promoted by BHL Software It’s now a truism that when your IT systems stop working, so does you...
Aug 15 2017
The Importance of Leadership Skills for Aspiring Lawyers
Promoted by LHD Lawyers Even the most prominent lawyers of our age (or ages past, for that matter...
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 & ...