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ABL/Clayton Utz rev carsales.com IPO
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Exclusive: Founding principals set sail for long-standing Aus firm:

ABL/Clayton Utz rev carsales.com IPO

Deal summary: Arnold Bloch Leibler acted for Carsales.com Ltd, Australia's leading online automotive classifiedsbusiness, in its initial public offering

Deal summary:

Arnold Bloch Leibler acted for Carsales.com Ltd, Australia's leading online automotive classifieds

business, in its initial public offering (IPO) - the first significant Australian IPO in 2009 - and listing

on the ASX.

Carsales.com Limited ("carsales"), the market leader in the Australian online automotive advertising market, lodged a prospectus with ASIC on August 17, with the intention of listing its shares on the Australian Stock Exchange in an Initial Public Offering ("IPO").

Directors of carsales who have sold shares in the IPO will retain 50 per cent of their shareholdings, while carsales founder, Managing Director and Chief Executive Officer Greg Roebuck will retain approximately two thirds of his investment. carsales' largest shareholder, ACP Magazines Limited (a wholly owned subsidiary of PBL Media Holdings Pty Ltd ("PBL Media")) is supportive of the carsales business and its growth potential and currently intends to retain all of its 49.3 per cent shareholding.

Clayton Utz advised Macquarie Capital Advisers Limited as sole lead manager and underwriter of the IPO.

It is anticipated that Carsales will begin trading shares on the ASX on 10 September 2009.

Key Players:

The matter was conducted by Arnold Bloch Leibler partner, Jonathan Wenig (pictured bottom right), and lawyers, David

Shafer and Jeremy Lanzer.

Clayton Utz partner Brendan Groves (pictured top right) led the transaction for Macquarie.

Commentary:

"This IPO was unique. Carsales already had approximately 500 shareholders prior to the IPO and the Carsales management team gave us the task of ensuring that smaller shareholders had the opportunity to sell-down into the IPO alongside the significant shareholders. Together with the Carsales team, we tried to craft a creative solution whereby smaller shareholders could participate in the IPO while minimising their exposure to liability," Wenig commented.

"Fortunately, we were able to procure the regulatory approvals necessary to achieve the desired

outcome and the IPO was a great success."

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