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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.

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Retail giant rallies after weak results
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