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

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