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Freehills, Blakes advise on $211 million Abacus raising
Freehills partner Justin O'Farrell Freehills advised Abacus on its recent $24.4million placement
Lawyers Weekly
| Freehills partner Justin O'Farrell |
Blake Dawson advised Kirsh Group on the transaction, which follows the placement of 13.6 per cent of Abacus Property Group to the Kirsh Group for $24 million in January 2009.
Freehills lead partner Justin O’Farrell said that the deal reflected a number of interesting trends in the current capital raising market. “It is interesting to see the conventions which have already sprung up around low-doc offers in the short time they have been around.”
“Another prevalent factor in this uncertain market is the need for constant flexibility and recognition of the commercial pressures that businesses are facing,” he said.
Blake Dawson corporate partner Philip Maxwell said the transaction was a positive indicator for those seeking overseas investment for future capital raisings.
“The transaction demonstrated the availability of foreign capital for strategic investment in Australian businesses,” he said. “In representing the Kirsh Group, our challenge was to structure and complete the investment amidst the current market uncertainty.”
Maxwell added that team his team had an edge on the challenging transaction in the form of a new team member. “Our team included Matt King, who has recently joined us from South Africa, where he had previously advised the Kirsh Group.”
The rights offer closes on 26 March 2009.
