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 (1-3 PAE)
Category: Insurance and Superannuation Law | Location: Sydney NSW 2000
· Join a dynamic Firm · Excellent career growth opportunity
View details
In-house lawyer 1-4 PAE
Category: Generalists - In House | Location: Adelaide SA 5000
· Leading Brand · Report to a Dynamic Legal Counsel
View details
Oaks grow with Carter Newell

Oaks grow with Carter Newell

CARTER NEWELL has worked with Oaks Hotels & Resorts to help it become one of the largest apartment management companies in the country.It issued a fully underwritten renounceable rights…

CARTER NEWELL has worked with Oaks Hotels & Resorts to help it become one of the largest apartment management companies in the country.

It issued a fully underwritten renounceable rights issue prospectus to raise $35.7 million for the company, which runs a listed management and letting rights business. Heading the deal was Cameron Jorss, partner at the firm, who was assisted by senior associate Guy Danalis and solicitors Jessica Wormald and Johanna Kennerley.

“Oaks listed on the stock exchange earlier this year, and since then has added a number of properties to its portfolio,” Jorss said. “Oaks wanted to be able to raise some more money to repay debt so that it could continue with expansion, and so that’s why it undertook the rights issue.”

The whole deal was over and done in slightly more than a month, which was quick considering that Oaks had not yet been listed for a whole year.

“Under the Corporations Act, if the company has been listed for less than 12 months, it cannot use a short form rights issue prospectus. It has to issue a full prospectus, as if it were conducting an initial public offer,” Jorss said.

Waiting for the year to pass was not an option given the haste with which the company wished to expand, he said. This growth also compelled Oaks to restate its financial forecast for the 2007 year.

“Usually with a rights issue prospectus, there would not be a restatement of forecast, but because of the growth that had happened, the company felt that it was appropriate to do that,” added Jorss.

Following Oaks’ initial public offer in 2005, it has consolidated its presence through expanding its portfolio to 30 properties in Australia and New Zealand.

“The quality of the advice and responsiveness of the team has been second to none,” the CFO of Oaks, Janelle Campbell, said. “It was even more remarkable given the very tight time deadlines that we asked them to deliver to.”

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

Oaks grow with Carter Newell
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
Aug 22 2017
Professionals unite in support of marriage equality
The presidents of representative bodies for solicitors, barristers and doctors in NSW have come toge...
Aug 21 2017
Is your firm on the right track for gig economy gains?
Promoted by Crowd & Co. The way we do business, where we work, how we engage with workers, ev...
Scales of Justice, Victorian County Court, retiring judges
Aug 21 2017
Replacements named for retired Vic judges
Two new judicial officers have been appointed in the Victorian County Court, following the retire...
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 & ...