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
News16 Nov 2017 Fundies back MMA Offshore recap, $100m deal set to launch
MMA Offshore - the marine services company formerly known as Mermaid Marine Australia - has secured support from key cornerstone backers for a $100 million recapitalisation.   St... Read More
News10 Nov 2017 Andrew Thorburn, NAB Group CEO presents full year results at Shaw and Partners Melbourne
Shaw and Partners had the pleasure of hosting Andrew Thorburn, Group CEO of National Australia Bank, in the Melbourne office this morning. Andrew presented the highlights of the fu... Read More
News31 Oct 2017 Shaw and Partners appointed Joint Lead Manager to the Managed Accounts Holdings Limited capital raising
Shaw and Partners has been appointed Joint Lead Manager alongside Evans and Partners for a capital raising by Managed Accounts Holdings Limited.    The company is seeking to rais... Read More
News27 Oct 2017 Shaw and Partners appointed Lead Manager to the $21.5m Brainchip capital raising
Shaw and Partners has been appointed Lead Manager to the $21.5m Brainchip capital raising   Brainchip Holdings Limited (ASX.BRN) is seeking to raise up to $21.5m via a placement... Read More
A - Z  % Change  
{{data.Symbol}} {{data.CompanyName}} {{data.Close}} {{data.AsAt | date :'shortTime'}} {{data.Movement | number : 2}} {{data.MovementPercent | number: 2}}%