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Deals 17 December 2004

Deals 17 December 2004

Deacons recently completed the raising of $51 million by IBT Education Limited (IBT), WA’s biggest float since Multiplex and believed to be the first such offering in the private education…

Deacons recently completed the raising of $51 million by IBT Education Limited (IBT), WA’s biggest float since Multiplex and believed to be the first such offering in the private education sector. With a market capitalisation of $346.5 million at the offer price, IBT is an ASX Top 200 company. Established in Perth in 1994, the IBT Group has grown over the past 10 years to provide “pathway programs” with associated universities in Sydney, Melbourne, Brisbane and Adelaide, and internationally in the UK and Africa. The Deacons team in Perth, led by partners Derek La Ferla and Shaun McRobert has also completed a number of other capital raisings for more than $30 million in the last month.

Allens Arthur Robinson acted for the ANZ Banking Group in a joint venture with the Royal Group of Companies (Cambodia) to establish a bank in Cambodia. To be known as the ANZ Royal Bank Cambodia, Allens said the joint venture represents a significant investment in Cambodia’s fledgling banking industry and is an important step in the country’s continuing economic development.

ANZ will own 55 per cent of the new bank. The shareholders agreement between ANZ and the Royal Group of Companies (Cambodia) was signed on 1 November but the joint venture still requires regulatory approval from Cambodia’s central bank. The group plans to open the new bank next year.

Allens provided both legal and strategic advice to ANZ, with a team of lawyers from the law firm’s offices in Singapore, Cambodia and Australia working together on the deal. Singapore-based partner Gavin MacLaren led the team that advised ANZ.

Clayton Utz is acting for Tattersall’s, the Australian and international gaming group, on its proposed IPO and listing on the Australian Stock Exchange. Tattersall’s is said to be Australia’s largest private company and analysts have reported the group’s value at up to $2 billion.

Gadens Lawyers is acting in the setting up of the first oil refinery in PNG by InterOil. Managing partner Michael Bradley said Gadens had helped negotiate supply agreements and a range of government approvals and was involved in procuring financing from the US.

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Deals 17 December 2004
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