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Photon raises capital

Photon raises capital

Mallesons Stephen Jaques has acted for underwriters UBS and Macquarie on the $102.5 million recapitalisation undertaken by marketing services group, Photon, following its strategic review. The…

Mallesons Stephen Jaques has acted for underwriters UBS and Macquarie on the $102.5 million recapitalisation undertaken by marketing services group, Photon, following its strategic review.

The capital raising involves the issue of approximately 1.52 billion shares, at 10 cents per share, to both existing and new shareholders.

The Mallesons team comprised mergers & acquisitions partner Dave Friedlander, senior associate Mark Bryant and solicitor Avi Naidu.

Dave Friedlander said: "The outcome is testament to the hard work of the new Photon management and the Macquarie and UBS teams. Regulatory issues and a challenging market gave the deal its share of twists and turns but it is a great outcome for the company."

Gilbert + Tobin acted for Photon.

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