Underwritten by Bell Potter, the Company issued 22.5 million shares at 40 cents a share, and raised $9 million with an approximate market capitalisation at the offer price of $65 million. The company commenced trading on the ASX on 12 July 2005 and closed at $0.495 on its first day of trading.

Allen & Overy Shook Lin & Bok advised DBS Bank Ltd, Standard Chartered Bank and Sumitomo Mitsui Banking Corporation, as lead arrangers, on the financing of the $1.32 billion leveraged buy-out of PT Adaro Indonesia, Indonesia’s biggest coal mine, by a consortium of international investors. The buy-out involved senior debt financing up to $795 million and mezzanine debt financing and equity of $530 million. Banking partner John Richards said the deal was one of the largest leveraged buy-outs in the Asian market in recent history.

New Zealand firm Bell Gully advised Independent Newspapers Limited (INL) on its merger with NZ pay TV operator Sky TV Limited, a transaction valued at approximately $2.69 billion. Under the terms of the deal Sky TV and 78 per cent owner INL were acquired and amalgamated into a new company, Sky Network Television Limited. The merged company is listed on both the NZ and Australian stock exchanges. Bell Gully was responsible for the legal structure which was organised under a scheme of arrangement, obtained the necessary regulatory approvals and prepared shareholder meeting materials to satisfy NZ and Australian prospectus requirements.