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Allens continues to show strong equity capital markets capability

9 February 2009

In the first few weeks of 2009, Allens Arthur Robinson (Allens) has continued to demonstrate its strong equity capital markets capability.

Partners Robert Simkiss and Robert Pick recently led the Allens teams that advised Tabcorp Holdings Limited (Tabcorp), Australia's leading entertainment group, and Newcrest Mining Limited (Newcrest), Australia's largest gold producer, on capital raisings via institutional share placements and share purchase plans. The Tabcorp placement raised A$300 million and the Newcrest placement raised A$750 million.

The continued stream of capital raisings is expected to continue in the current uncertain economic climate, as many Australian companies take the opportunity to reduce debt, strengthen their balance sheets and enhance their financial flexibility.

According to Mr Pick, Allens' Co-Head of Equity Capital Markets: 'Now, more than ever, Australian companies are acutely aware of their debt position and the need to make sure their balance sheets are in a good order. The current economic climate is also likely to present many companies with M&A opportunities to which they will need to be able to respond quickly.

'Allens' depth of capital markets experience, as well as our broader legal expertise across the full spectrum of industry sectors, means we are able to provide seamless advice to clients across the range of issues that need to be considered when undertaking a capital raising transaction.

'Working with our clients to raise capital efficiently is very important in the economic climate, and it is critical to be able to provide seamless advice in a short timeframe to enable clients to take advantage of the opportunities available to them,' said Mr Pick.

The Tabcorp and Newcrest placements are just two of the significant capital raisings in which the Allens' capital markets team has been involved in the past 12 months. Other significant transactions include:

• Qantas' A$500 million placement;
• Wesfarmers' A$2.9 billion accelerated pro-rata entitlement offer and placements;
• Henderson Group's A$106 million placement of CHESS Depositary Interests;
• Westpac's A$2.5 billion institutional placement and share purchase plan;
• QBE's A$2.1 billion placement and share purchase plan, which was implemented concurrently with its exchange offer of US$210 million and £190 million in senior notes;
• National Australia Bank's A$3 billion placement and share purchase plan;
• CSL's A$1.6 billion institutional placement;
• GPT's A$1.6 billion accelerated non-renounceable entitlement offer;
• Westpac's A$1 billion hybrid note and preference share tier 1 capital raising and A$250 million convertible note offering;
• Goodman Group's A$955 million accelerated pro rata entitlement offer;
• Alumina's A$910 million accelerated pro rata entitlement offer and US$350 million convertible note offering;
• AngloGold Ashanti's US$1.7 billion global renounceable rights issue; and
• Bendigo Bank's A$175 million SPP and share placement.

Ends

For further information, please contact:

• Jane FoleyCorporate Communications Coordinator, Melbourne
  Ph: +61 3 9613 8503
  Jane.Foley@allens.com.au

Notes for editors.

Allens Arthur Robinson has staff in 14 cities and eight countries across the Asia Pacific.