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Bell Gully advises Pyne Gould on recapitalisation
Bell Gully has advised Pyne Gould on a three-step recapitalisation to support its strategy to become a publicly-listed banking and asset management company.
Pyne Gould Corporation (PGC) raised $272.9 million through a pro rata renounceable rights offer of $237 million, a $30 million share placement to institutions and investors and an ongoing share purchase plan which allowed shareholders to buy up to $5,000 worth of shares, resulting in an additional $5.9 million in capital.
Bell Gully corporate partners James Gibson, Anna Buchly and Glenn Joblin advised on the capital raising and corporate transactional work with banking and finance partners David McPherson and Rachel Paris advising on property loan aspects and restructuring of ongoing debt facilities. Litigation partner David Cooper assisted with Securities Act and NZX compliance issues and senior associate Mathew McKay advised PGC on tax matters.
The deal was innovative in that it both re-geared and recapitalised PGC. It was the company's first big capital raising, was complex in nature and completed successfully within a tight timeframe.
This equity raising was named Best NZ Deal at the FinanceAsia Achievement Awards.
