Gilbert + Tobin has advised ASX-listed Cash Converters on an approximate $25 million equity raising to fund the proposed acquisition of 29 Australian franchise stores, establishing the Cash Converters Investment Group.
The equity raising consists of a fully underwritten institutional placement of approximately $5 million and a partially underwritten 1-for-9.57 pro-rata accelerated non-renounceable entitlement offer to raise approximately $20 million.
The funds raised will support the acquisition of the store network, propelling Cash Converters’ growth strategy and expanding its corporate store footprint in Australia.
The G+T team was led by Corporate Advisory Partner Sarah Turner, with support from lawyers Janelle Sputore, Sarah Urquhart and Rachael Griffiths-Szeto.
Sarah Turner commented:
This capital raising positions Cash Converters to undertake this strategically significant transaction. We’re pleased to have supported the team on a capital raising that provides the funding towards strengthening its national footprint.
