Equity Capital Markets

Capital Markets

Capital Markets » Equity Capital Markets

When companies look to raise capital to strengthen company balance sheets, reduce debt or fund future growth ambitions, they need a team which understands their business enough to develop innovative structures that help them meet their objectives.

With a strong track record of high-profile equity deals for corporate clients, Corrs knows how to manage the tight timeframes which allow clients to tap the markets when opportunities arise.

Corrs' lawyers continue to play an active role in domestic and foreign investment in the Australian resources sector, advising companies raising capital to fund future ventures and ambitions.

We work closely with advisory teams, investment banks, accountants and corporate clients on high-profile strategic equity investments primarily taking the form of IPOs, private placements, rights issues, entitlement offers and hybrid offerings.

Our Experts

Christian Owen.jpg

Christian Owen

Partner Location Perth Profile
DALEY Felicity website grey SIZED TH

Felicity Saxon

Special Counsel Location Sydney Profile
TRACEY Gaynor 90x130

Gaynor Tracey

Partner Location Sydney Profile
MORLEY James website grey SIZED TH

James Morley

Partner Location Melbourne Profile
SHIRBIN James website grey SIZED TH

James Shirbin

Special Counsel Location Sydney Profile
Jeremy Horwood.jpg

Jeremy Horwood

Partner Location Brisbane Profile
FARRERJonathanwebsitegreySIZEDTH.jpg

Jonathan Farrer

Partner Location Melbourne Profile
GRAHAM Nicole website grey sized TH

Nicole Graham

Special Counsel Location Sydney Profile
Philip Kapp.jpg

Philip Kapp

Consultant Location Sydney Profile
Robert Franklyn.jpg

Robert Franklyn

Partner Location Perth Profile
Russell Phillip.jpg

Russell Philip

Partner Location Perth Profile
Sandy Mak.jpg

Sandy Mak

Partner Location Sydney Profile
Simon Morris.jpg

Simon Morris

Special Counsel Location Melbourne Profile
DAVESONStephaniewebsiteTH.jpg

Stephanie Daveson

Partner Location Brisbane Profile
MILLS Vaughan SF

Vaughan Mills

Partner Location Brisbane Port Moresby Profile

Our Experience

Andean Resources Ltd’s $250 million capital raising

Andean Resources tapped the Australian, Canadian and the US markets in a $250 million capital raising to advance the exploration and development of its Cerro Negro project in Argentina and for general working capital purposes. Andean was later acquired by Goldcorp. Corrs acted as Australian counsel to Andean Resources Ltd.

The deal comprised of an agreement between Andean and a syndicate of underwriters with BMO Capital Markets and RBC Capital Markets as joint book runners. The underwriters agreed to buy on a bought-deal basis by way of a short form prospectus.

More

Galilee Energy Ltd IPO

Corrs played a major role in ensuring Galilee Energy would become a pure play coal seam gas explorer through advising on the IPO to spin-off its New Zealand coal assets.

The transaction took many twists and turns, initially involving a spin-off of 75% of Galilee’s New Zealand coal assets through a fully-underwritten, $25 million IPO of shares in its wholly-owned subsidiary, Eastern Resources, with the prospectus envisaging Galilee would retain a 25% stake.

The prospectus for the offer was subsequently withdrawn, as Galilee accepted an alternative proposal from Bathurst Resources Ltd to acquire all of the shares in Eastern Resources for $35 million.

More

Macarthur Coal Ltd’s $438.7 million institutional placement and associated $55.2 million share purchase plan

Macarthur Coal recently raised funds to acquire a 90% interest in MDL162, a coal mining asset located in the Bowen Basin in Central Queensland. Corrs advised Macarthur Coal on all aspects of the capital raising.

This involved a $439 million institutional placement and $55 million share purchase plan, including the placement underwriting agreement and all aspects of the acquisition.

The transactions were negotiated and implemented within a very short period of time requiring a high degree of responsiveness and broad range of expertise, including equity capital markets, energy and resources, banking and finance, stamp duty and FIRB expertise.

More

Mining in Surat Basin

Stanmore Coal engaged Corrs Chambers Westgarth to assist with a deal to substantially increase its footprint in the Surat Baisin on the New South Wales/Queensland border. Under the agreement with Queensland Coal Corporation (QCC), Stanmore swapped its Altamondt tenement for QCC plots in the highly prospective basin.

The acquisition paved the way for a pipeline of Surat projects and supports the company’s plans to develop additional‚ cost-competitive open cut mines.  

Several months later, Stanmore again turned to Corrs to advise on its participation in Wiggins Island Coal Export Terminal Expansion Phase 1 and on its equity and debt funding arrangements with Sprint Capital and Credit Suisse. These transactions marked the beginning of a transformative period for Stanmore and a pivotal state in the development of its Queensland coal assets.

More

Suncorp Metway Ltd’s ASX listing of Suncorp Group Ltd

Corrs acted for Suncorp Metway Ltd (SML) in connection with the establishment and listing on the ASX of a new non-operating holding company, Suncorp Group Ltd (SGL).

The transaction had a number of unique features in connection with the listing on ASX and it involved close liaison with the ASX to implement the transaction in a tight timeframe.

The new structure assists SGL with regard to its Australian prudential requirements and assists with organising its business into three distinct divisions – banking, general insurance and life insurance – under a listed non-operating holding company.

More

Treasury Wine Estates listing

A key aspect of the Fosters Group demerger was the ASX listing of Treasury Wine Estates. Corrs advised Foster’s on all aspects of Treasury Wine Estates’ admission to the official list of ASX, whose shares commenced trading on ASX in May 2011, with a book value of around $3.2 billion.

Treasury Wine Estates is now the world's biggest listed stand-alone wine company, and Australia's largest supplier of bottled wine, with four of the top 10 wine brands. It owns Penfolds, Wolf Blass, Beringer, Lindemans, Mildara and Rosemount Estate.

More

Our Thinking

Dual listing of NZSX companies on ASX - Kiwi reforms may not fly

A technical snag may discourage NZX companies from taking advantage of ASX’s new dual listing rules.

More

ASX 200 Boards are getting younger

Directors under 40 are becoming a more popular choice for Boards.

More

Australia's M&A market 2015 - Ten trends that are shaping the market

Conditions seem ripe for M&A in 2015. So, what’s driving the market and how can bidders and targets improve their prospects for deal success?

More

ASIC looks to behavioural economics to improve financial product messages

ASIC is using its “soft power” to influence the design of securities offering documents.

More

Rating agency’s duty of care to investors upheld in Australia

The Federal Court has upheld a finding that Standard & Poor’s was negligent in giving a financial product a AAA rating. Does this open the door for copycat actions?

More

M&A Review: 2014 mid-year update

As we pass the first half of the calendar year, we have checked in on the state of the public M&A market and here are our top ten findings.

More

Crowdfunding: A new way for small business to raise capital in the digital age?

New businesses in Australia may soon be able to crowd source funds from equity investors.

More

Proxy advisers - In the interests of market integrity, it’s time for reform

Concerns over the role of proxy advisers and their influence on investor voting behaviour is warranted.

More

The complex issues for Nominee Directors

Nominee directors and their appointing shareholders are faced with a minefield of sometimes conflicting duties. What are the key risks and how can they be managed?

More

Federal Budget 2012-13: The major business tax measures

Business won’t be thrilled with the 2012-13 Budget, but should be relieved that other changes floated in the lead up ended up on the cutting room floor.

More

The importance of directing your undirected proxies

New laws governing the counting of undirected proxies are not clear, but the consequences of not counting them are.

More

Is a poll needed on a remuneration resolution?

Recent amendments to the Corporations Act have changed the way listed companies are conducting their AGMs this year.

More

Our Experience

Andean Resources Ltd’s $250 million capital raising

Andean Resources tapped the Australian, Canadian and the US markets in a $250 million capital raising to advance the exploration and development of its Cerro Negro project in Argentina and for general working capital purposes. Andean was later acquired by Goldcorp. Corrs acted as Australian counsel to Andean Resources Ltd.

The deal comprised of an agreement between Andean and a syndicate of underwriters with BMO Capital Markets and RBC Capital Markets as joint book runners. The underwriters agreed to buy on a bought-deal basis by way of a short form prospectus.

Galilee Energy Ltd IPO

Corrs played a major role in ensuring Galilee Energy would become a pure play coal seam gas explorer through advising on the IPO to spin-off its New Zealand coal assets.

The transaction took many twists and turns, initially involving a spin-off of 75% of Galilee’s New Zealand coal assets through a fully-underwritten, $25 million IPO of shares in its wholly-owned subsidiary, Eastern Resources, with the prospectus envisaging Galilee would retain a 25% stake.

The prospectus for the offer was subsequently withdrawn, as Galilee accepted an alternative proposal from Bathurst Resources Ltd to acquire all of the shares in Eastern Resources for $35 million.

Macarthur Coal Ltd’s $438.7 million institutional placement and associated $55.2 million share purchase plan

Macarthur Coal recently raised funds to acquire a 90% interest in MDL162, a coal mining asset located in the Bowen Basin in Central Queensland. Corrs advised Macarthur Coal on all aspects of the capital raising.

This involved a $439 million institutional placement and $55 million share purchase plan, including the placement underwriting agreement and all aspects of the acquisition.

The transactions were negotiated and implemented within a very short period of time requiring a high degree of responsiveness and broad range of expertise, including equity capital markets, energy and resources, banking and finance, stamp duty and FIRB expertise.

Mining in Surat Basin

Stanmore Coal engaged Corrs Chambers Westgarth to assist with a deal to substantially increase its footprint in the Surat Baisin on the New South Wales/Queensland border. Under the agreement with Queensland Coal Corporation (QCC), Stanmore swapped its Altamondt tenement for QCC plots in the highly prospective basin.

The acquisition paved the way for a pipeline of Surat projects and supports the company’s plans to develop additional‚ cost-competitive open cut mines.  

Several months later, Stanmore again turned to Corrs to advise on its participation in Wiggins Island Coal Export Terminal Expansion Phase 1 and on its equity and debt funding arrangements with Sprint Capital and Credit Suisse. These transactions marked the beginning of a transformative period for Stanmore and a pivotal state in the development of its Queensland coal assets.

Suncorp Metway Ltd’s ASX listing of Suncorp Group Ltd

Corrs acted for Suncorp Metway Ltd (SML) in connection with the establishment and listing on the ASX of a new non-operating holding company, Suncorp Group Ltd (SGL).

The transaction had a number of unique features in connection with the listing on ASX and it involved close liaison with the ASX to implement the transaction in a tight timeframe.

The new structure assists SGL with regard to its Australian prudential requirements and assists with organising its business into three distinct divisions – banking, general insurance and life insurance – under a listed non-operating holding company.

Treasury Wine Estates listing

A key aspect of the Fosters Group demerger was the ASX listing of Treasury Wine Estates. Corrs advised Foster’s on all aspects of Treasury Wine Estates’ admission to the official list of ASX, whose shares commenced trading on ASX in May 2011, with a book value of around $3.2 billion.

Treasury Wine Estates is now the world's biggest listed stand-alone wine company, and Australia's largest supplier of bottled wine, with four of the top 10 wine brands. It owns Penfolds, Wolf Blass, Beringer, Lindemans, Mildara and Rosemount Estate.

Our Thinking

Dual listing of NZSX companies on ASX - Kiwi reforms may not fly

A technical snag may discourage NZX companies from taking advantage of ASX’s new dual listing rules.

ASX 200 Boards are getting younger

Directors under 40 are becoming a more popular choice for Boards.

Australia's M&A market 2015 - Ten trends that are shaping the market

Conditions seem ripe for M&A in 2015. So, what’s driving the market and how can bidders and targets improve their prospects for deal success?

ASIC looks to behavioural economics to improve financial product messages

ASIC is using its “soft power” to influence the design of securities offering documents.

Rating agency’s duty of care to investors upheld in Australia

The Federal Court has upheld a finding that Standard & Poor’s was negligent in giving a financial product a AAA rating. Does this open the door for copycat actions?

M&A Review: 2014 mid-year update

As we pass the first half of the calendar year, we have checked in on the state of the public M&A market and here are our top ten findings.

Crowdfunding: A new way for small business to raise capital in the digital age?

New businesses in Australia may soon be able to crowd source funds from equity investors.

Proxy advisers - In the interests of market integrity, it’s time for reform

Concerns over the role of proxy advisers and their influence on investor voting behaviour is warranted.

The complex issues for Nominee Directors

Nominee directors and their appointing shareholders are faced with a minefield of sometimes conflicting duties. What are the key risks and how can they be managed?

Federal Budget 2012-13: The major business tax measures

Business won’t be thrilled with the 2012-13 Budget, but should be relieved that other changes floated in the lead up ended up on the cutting room floor.

The importance of directing your undirected proxies

New laws governing the counting of undirected proxies are not clear, but the consequences of not counting them are.

Is a poll needed on a remuneration resolution?

Recent amendments to the Corporations Act have changed the way listed companies are conducting their AGMs this year.

Our Experts

Christian Owen.jpg

Christian Owen

Partner Perth +61 8 9460 1708
DALEY Felicity website grey SIZED TH

Felicity Saxon

Special Counsel Sydney +61 2 9210 6585
TRACEY Gaynor 90x130

Gaynor Tracey

Partner Sydney +61 2 9210 6151
MORLEY James website grey SIZED TH

James Morley

Partner Melbourne +61 3 9672 3193
SHIRBIN James website grey SIZED TH

James Shirbin

Special Counsel Sydney +61 2 9210 6083
Jeremy Horwood.jpg

Jeremy Horwood

Partner Brisbane +61 7 3228 9790
FARRERJonathanwebsitegreySIZEDTH.jpg

Jonathan Farrer

Partner Melbourne +61 3 9672 3383
GRAHAM Nicole website grey sized TH

Nicole Graham

Special Counsel Sydney +61 2 9210 6360
Philip Kapp.jpg

Philip Kapp

Consultant Sydney +61 2 9210 6768
Robert Franklyn.jpg

Robert Franklyn

Partner Perth +61 8 9460 1706
Russell Phillip.jpg

Russell Philip

Partner Perth +61 8 9460 1673
Sandy Mak.jpg

Sandy Mak

Partner Sydney +61 2 9210 6171
Simon Morris.jpg

Simon Morris

Special Counsel Melbourne +61 3 9672 3201
DAVESONStephaniewebsiteTH.jpg

Stephanie Daveson

Partner Brisbane + 61 7 3228 9493
MILLS Vaughan SF

Vaughan Mills

Partner Brisbane +61 7 3228 9875