Xenith IP Group to acquire Griffith Hack News19 Dec 2016

Shaw and Partners was recently appointed Joint Lead Manager and Underwriter to the Xenith IP Group Entitlement Offer alongside UBS AG, Australia Branch and Ord Minnett.

 

On 25 November 2016, Xenith announced its plans to acquire Griffith Hack, one of Australia’s leading, specialist IP firms. The Acquisition is anticipated to deliver pre-tax cost synergies of $4-$6 million dollars which are expected to come to fruition in year 3.

 

Xenith’s Managing Director, Stuart Smith spoke of the Acquisition, suggesting “This is an exciting opportunity for Xenith to continue with its stated vison of becoming the leading IP services provider in the Asia Pacific region…to grow the combined business under the Xenith banner.”

 

Xenith is acquiring Griffith Hack for $152 million. The upfront consideration costs are funded as below:

  • $65.5 million fully underwritten, pro-rata accelerated, non-renounceable Entitlement Offer
  • $68.4 million Xenith Share Placement to Griffith Hack vendors
  • $21.8 million via amended secured debt facilities

 

Shaw and Partners’ role in the capital raising comes of the back of its successful involvement in the $55.1 million Xenith initial public offering (IPO) which came on at a 19% premium above the issue price of $2.72 per share.  The stock traded as high as $3.35 on its opening day on the ASX, closing at $3.24.

 

The Acquisition is expected to be completed on 1 February 2017.

 

Source: http://www.aspecthuntley.com.au/asxdata/20161125/pdf/01806082.pdf

Related Articles
News09 May 2017 National Australia Bank (NAB) presents 1H17 financial results at Shaw and Partners Melbourne
We were delighted to host Group CEO of National Australia Bank, Andrew Thorburn, in the Shaw and Partners Melbourne office this morning. Andrew presented the highlights of the 1H17... Read More
News01 May 2017 Shaw and Partners Appoints Chief Investment Officer to Drive Growth
Shaw and Partners today announced it has appointed Martin Crabb as its new Chief Investment Officer (CIO), accelerating the company’s product and service development for its client... Read More
News05 Apr 2017 Fruit Farmers Nutrano Shrugs off cyclone as float looms
As north Queensland reels from the Cyclone Debbie damage, fruit and vegetable producer Nutrano has appointed Shaw and Partners to work towards a public listing in the next few mo... Read More
News03 Apr 2017 NAB & Shaw and Partners named Co-Managers of the Centuria Capital No. 2 Fund
Shaw and Partners has been named Co-Manager to the Centuria Capital No. 2 Fund; Senior Secured Notes offer, alongside National Australia Bank.   Centuria Capital No. 2 Fund is a... Read More
A - Z  % Change  
{{data.Symbol}} {{data.CompanyName}} {{data.Close}} {{data.AsAt | date :'shortTime'}} {{data.Movement | number : 2}} {{data.MovementPercent | number: 2}}%