Allens has advised SpeedCast International Limited on its $61.2 million institutional placement launched on 8 August 2016.
SpeedCast is a leading global satellite communications and network service provider, which listed on the ASX in 2014.
The proceeds from the placement will be used by SpeedCast to partially fund the acquisition of WINS Limited from Eutelsat Communications and Maltasat for all-cash consideration of â‚¬60 million. WINS is a leading Europe-based provider of innovative broadband satellite communications and IT solutions for the Maritime sector.
In addition to the placement, SpeedCast intends to offer a non-underwritten Share Purchase Plan to eligible shareholders in Australia and New Zealand.
The Allens team was led by SpeedCast relationship partner, Richard Kriedemann, and also included Partner and Co-Head of the Equity Capital Markets team Robert Pick, and Senior Associate Addison Ma. 'We are pleased to have worked with the SpeedCast team on this strategically important transaction, part of SpeedCast's strategy of acquiring value-enhancing assets in key locations and industries where it sees long-term sustainable growth,' Richard said.
'The positive response from investors to the placement, which cleared above the underwritten floor price shows the strong continued support from the Australian market for capital raisings,' Robert said.
'The Allens capital markets team continues to see a strong pipeline of deals for the remainder of the year, following on from busy first half of 2016 working on deals such as the IPOs of VIVA Energy REIT and Redbubble, and recent secondary offerings by issuers including Vocus Communications, Smartgroup, Aventus Retail Property Fund and Qube.'
Allens legal team
Richard Kriedemann (Partner – Corporate, Sydney), Robert Pick (Partner – Corporate, Melbourne), Addison Ma (Senior Associate – Corporate, Sydney)
Notes for editors.
Allens is a commercial law firm working throughout Australia and Asia. Through its integrated alliance with Linklaters it provides clients access to 40 offices in 28 countries around the world.