Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Over $2.35 Billion Capital Raised With Chapman Tripp’s Equity Capital Markets Experts

Chapman Tripp’s equity capital markets team has advised clients on capital raisings totalling over $2.35b since NZX Regulation released its COVID-19 relief package. Capital raising activity continues for many NZX issuers, with Chapman Tripp’s trusted advisors leading the way for their clients.

The firm acted for Jarden, Credit Suisse and UBS as joint lead managers and underwriters, of NZX listed SkyCity’s recently announced $230m equity raising through a placement of $180m and share purchase plan (SPP) of $50m. The raising is novel in that both the placement and SPP were fully underwritten, reflecting the strong level of pre-commitments obtained from institutional shareholders ahead of the launch of the offering.

Chapman Tripp also advised on the most significant Australasian IPO in COVID-19 times, for Aroa Biosurgery, with an indicative market capitalisation of A$225m at the offer price. Chapman Tripp’s equity capital markets team advised on the New Zealand law aspects of the IPO, extending the offer into New Zealand under the Trans-Tasman Mutual Recognition Regime, as well as the pre-IPO capital raising, capital restructure and associated shareholder approvals. Aroa Biosurgery expects to list on the ASX on 30 July.

In addition to capital raising activity, the firm’s equity capital markets team have been busy acting on significant sell downs in NZX issuers. The firm acted for cornerstone shareholder Capital Royal Group on its $60m sell down in NZX listed AFT Pharmaceuticals, in conjunction with AFT’s $10m placement and $2m share purchase. In addition, the Chapman Tripp team provided advice to Forsyth Barr and Bell Potter, the joint lead managers and underwriters, in connection with the transaction.

Citigroup and Forsyth Barr also looked to Chapman Tripp for advice on the block trade of approximately $323m shares in NZX listed EBOS Group by its major shareholder, Sybos Holdings Pte Limited, through a bookbuild run by Citigroup and Forsyth Barr.

Chapman Tripp partner and equity capital markets expert, Rachel Dunne, commented, “This was a great deal to be involved with. It is the largest block trade in New Zealand since the last sell down by Sybos Holdings in November 2019 – and it was executed on an accelerated timeframe, at a tight discount to the market price, without any trading halt being required.”

“While the rate of capital raising has somewhat slowed, we may see a second wave as issuers look to shore up their balance sheets and the full economic impact of COVID-19 plays out. We are continuing to assist clients with a range of corporate governance and periodic reporting related queries, and expect that this will be an increasing focus as we head into reporting season”, Dunne adds.

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Energy Sector: Meridian Spilled Water To Hike Electricity Prices - Authority Ruling

The Electricity Authority has found that generator Meridian Energy manipulated the power market, costing consumers about $80 million. More>>

ALSO:

XE Data Update: RBNZ Official Cash Rate Decision

The RBNZ will keep the Official Cash Rate (OCR) at 0.25%. T he key points in the RBNZ statement are: RBNZ keeps the OCR unchanged at 0.25% Maintain the LSAP (large scale asset purchase) at NZD$60 billion. Committee prepared to use additional monetary ... More>>

ALSO:

Electricity: Kiwis Ignore Promise Of Cheaper Power

Electric Kiwi and Flick Electric Co are joint winners of Canstar Blue’s award for Most Satisfied Customers | Electricity Providers From putting on an extra layer – rather than turning on a heater – to turning off lights and choosing the energy-saving ... More>>

ALSO:

Economy: COVID-19 Contributes To 1.6 Percent Fall In March Quarter GDP

Gross domestic product (GDP) fell 1.6 percent in the March 2020 quarter, the largest drop in 29 years, as the initial effects of COVID-19 restrictions impacted on economic activity, Stats NZ said today. This quarter’s GDP results showed a widespread drop ... More>>

ALSO:


Electricity: Transmission Pricing For A Low Carbon Future

The Electricity Authority has decided on new guidelines for transmission pricing. James Stevenson-Wallace, Chief Executive of the Electricity Authority says the new guidelines will deliver significant benefits to consumers, through lower electricity ... More>>

ALSO:

ASB: Investor Confidence Falls To Four-Year Low

As the world grapples with the fallout from the most significant pandemic the world has seen in a century, economic concerns are weighing on investors, dragging investor confidence down to a four-year low in the first quarter of the year. For the three ... More>>

ALSO:

Science Media Centre: Funding For R&D In New Zealand – Expert Reaction

Research, Science and Innovation Minister Dr Megan Woods has today announced $401.3 million funding for research and development through Budget 2020 and the COVID Response and Recovery Fund. The fund includes $150 million for an R&D loan scheme, ... More>>

ALSO:


Science: 2019 Prime Minister’s Science Prizes Announced

The 2019 Prime Minister’s Science Prizes have been announced in a digital livestream event today. The Prizes recognise the impact of science on New Zealanders’ lives, celebrate the achievements of current scientists and encourage scientists of the ... More>>

ALSO:


RNZ: Fuel, Alcohol Costs To Go Up From Today

The increase today in the taxes on fuel, road user charges and alcohol is being called a tone-deaf move. More>>

ALSO:

Stardome Observatory: Young Kiwi Astro-Photographer Shoots For The Stars

Matariki by Josh Kirkley. The stars are aligning for up-and-coming Auckland-based astro-photographer Josh Kirkley (Kāi Tahu). During lockdown, one of his images was picked up by NASA and shared on the space agency’s Instagram to its 59.2 million ... More>>


DCANZ: Time For EU To Commit To A Level Playing Field For Trade

The Dairy Companies Association of New Zealand (DCANZ) has welcomed New Zealand Trade Minister David Parker’s statement that it is unacceptable for New Zealand exporters to continue facing an ‘unlevel playing field’ in the EU. Details leaked ... More>>

ALSO:

Potatoes New Zealand: Protecting NZ Fries As Part Of PNZ Pandemic Recovery & Transformation Plan

Potatoes New Zealand has met with Minister Faafoi this week to discuss investigating the potential importation of heavily discounted frozen potato chips into New Zealand. With MBIE’s support we are undertaking an investigation to gather evidence of the ... More>>

ALSO:


New Zealand Government: Supporting Kiwi Businesses To Resolve Rent Disputes

The Government will legislate to ensure businesses that suffered as a result of the COVID-19 response will get help to resolve disputes over commercial rent issues, Justice Minister Andrew Little announced today. More>>

ALSO:


Science Media Centre: Understanding 5G Concerns – Expert Q&A


Recent attacks on cell phone towers have brought concerns over the rollout of 5G technology into sharp relief.
While scientific research has consistently shown that the technology does not adversely affect human health, public concerns about its impact have spread around the world, fueled in part by growing misinformation online. The SMC asked experts to comment... More>>

ALSO:


Trade: Record Monthly Surplus As Imports Dive

Imports in April 2020 had their biggest fall since October 2009, resulting in a monthly trade surplus of $1.3 billion, Stats NZ said today. “This is the largest monthly trade surplus on record and the annual goods trade deficit is the lowest ... More>>

ALSO: