It's a time of much uncertainty for the equity capital markets community as a result of the cases being brought by the ACCC and ASIC in relation to the ANZ capital raising in 2015. ASIC’s report 605 gives almost no guidance on when disclosure is required in relation to a shortfall, however it does give guidance on two important issues: allocation processes and bookbuild messaging.
To execute a successful capital markets transaction, participants need to pursue their commercial goals whilst working within the financial and legal parameters in this jurisdiction and globally. To successfully navigate these challenges, you need legal advisers skilled in interpreting existing and developing legal requirements combined with a strong awareness of commercial and market realities.
Our place in the market
In the 2018 calendar year Thomson Reuters and Bloomberg ranked us first in Australia/NZ by number of deals as legal advisor to the manager and second in Australia/NZ by number of deals as legal advisor to the issuer. Our relationships with investment banks operating in the Australian market are second to none.
Our Capital Markets team advise listed companies and funds, financial advisers and their clients, underwriters and institutional investors across the range of Australian capital markets transactions. Providing commercial advice and outcomes, we ensure our clients are kept informed and feel in control throughout the process.
We are renowned for providing innovative advice on new and existing financial structures and financial products. We have acted for many listed corporations in their debt and equity capital markets transactions. We have excellent working relationships with the Australian Securities & Investments Commission, the Australian Securities Exchange and the Australian Prudential Regulatory Authority.
- Conducting initial public offerings.
- Establishing and structuring listed and unlisted managed funds.
- Advising on subsequent offerings including rights issues (including accelerated entitlement offers), private placements, share purchase plans, DRP underwritings and on the establishment of share and interest sale facilities.
- Advising on block trades.
- Advising on the structuring of complex capital instruments, such as debenture and hybrid offerings.
- Advising on capital management strategies, including buy-backs and capital reductions.
- Debt capital markets and securitisation – on various programme establishments, drawdowns, credit-wrapped notes, US private placements and Islamic bonds.
Our team has also worked closely with investment bank advisers and corporate management to advise on a number of public-to-private transactions.
- Viva Energy Group Limited on its successful $2.65 billion initial public offering and listing on the Australian Securities Exchange - the largest IPO in Australia for 4 years and the largest non-government IPO in Australian corporate history.
- Yancoal Australia Limited's dual listing on the Hong Kong Stock Exchange and the associated IPO of its shares to raise HK$1.605 billion.
- Yancoal Australia Limited’s Independent Board Committee on the company’s US$2.5 billion capital raising to fund its acquisition of Coal & Allied from Rio Tinto.
- Beach Energy on its equity capital raising and debt financing to fund its $1.585 billion acquisition of Lattice Energy Limited.
- IOOF on its $975 million acquisition of ANZ’s OnePath Pensions and Investments business, including advising on a capital raising by way of placement and share purchase plan to fund the transaction.
- Cleanaway Waste Management on its $590 million accelerated non-renounceable entitlement offer to fund its proposed acquisition of Tox free Solutions.
- TPG Telecom on its $400 million accelerated non-renounceable entitlement offer.
- The dual-track IPO and trade sale process of Zip Industries Limited, which resulted in the sale of Zip by Quadrant Private Equity to Advent-backed Culligan International.
- Credit Suisse and UBS in relation to their role as underwriter for the $264 million IPO of Netwealth Group Limited.
- APN Property Group on the Convenience Retail REIT initial public offering and listing on the ASX.
- Morgan Stanley as the lead manager of the New Energy Solar Fund IPO.
- Viva Energy REIT on its $1.5 billion initial public offering.
- J.P. Morgan and Macquarie Capital as the joint lead managers on the $918 million initial public offering of Reliance Worldwide Corporation Limited.
- Gilbert + Tobin's Capital Markets team is ranked Band 1 by Chambers Global and Chambers Asia-Pacific 2019.
- Gilbert + Tobin's Capital Markets team is ranked Tier 1 by Legal 500 2019.
- Gilbert + Tobin's Capital Markets team won Equity Market Deal of the Year at the 2018 Australasian Law Awards.
- Gilbert + Tobin was named Capital Markets Law Firm of the Year, Australia, by Finance Monthly Global 2017.