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TPC drives $20 million acquisition

TPC drives $20 million acquisition

Thomson Playford Cutlers has advised ASX-listed management investment company First Opportunity Fund Limited (FOF) in its $20 million acquisition of voice and data supplier Vocus Group Limited…

Thomson Playford Cutlers has advised ASX-listed management investment company First Opportunity Fund Limited (FOF) in its $20 million acquisition of voice and data supplier Vocus Group Limited (Vocus), advised by Sparke Helmore.

Prior to the transaction, FOF had been managed under the Pooled Development Fund regime by Investec Wentworth Private Equity Limited (IWPE).

Announced on 12 April 2010, the deal constitutes a reverse takeover whereby FOF will be renamed Vocus Communications Limited.

The current owners of Vocus will be issued with a 55 per cent share of FOF's expanded capital.

IWPE will also take up a $5 million placement of shares in FOF and underwrite FOF's $1 million public offer.

FOF's remaining wine assets are being divested, and a capital reduction to the pre-transaction shareholders exclusively undertaken.

FOF has applied for a new listing on the ASX and has issued a comprehensive prospectus as part of that process. The transaction is due to be completed on 30 June 2010.

Senior corporate partner David Zwi led the primary legal team on the transaction, which included Helen Jin, Jason Marcus, Bryan Shaw and Lucinda Girdlestone.

"It has been a pleasure working with the IWPE, FOF and Vocus teams to implement this innovative and quite complex transaction," said Zwi.

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