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Allens acts for ALE Property Group on A$105 million equity raising

6 August 2009

Allens Arthur Robinson (Allens) has acted for ALE Property Group (ALE Property), Australia's largest listed freehold owner of pubs, on an equity raising valued at A$105 million via an accelerated entitlement offer and an institutional placement.

The raising – which is fully underwritten by Macquarie Capital Advisers – consists of a A$76 million one-for-two renounceable entitlement, at an offer price of A$1.50, and an institutional placement at an issue price of A$2.25, raising a further A$29 million.

The transaction is one component of ALE Property's capital management initiatives aimed at strengthening the organisation's balance sheet.

Partner Stuart McCulloch, and a team including Senior Associate Eve Regnard, Lawyers Andrew Tchadovitch and Kirsty Moore and Law Graduate George Blades, advised long-time client ALE Property on the transaction.

'This transaction forms part of ALE Property's larger plan for the business and will go a long way to strengthening their financial position,' said Mr McCulloch.

'As always, our team was pleased to be able advise ALE Property on a raising that is important to the organisation in order to meet their strategic goals.'

Ends

Allens legal team Stuart McCulloch (Partner – Sydney), Eve Regnard (Senior Associate - Sydney), Andrew Tchadovitch (Lawyer – Sydney), Kirsty Moore (Lawyer – Sydney), George Blades (Law Graduate – Sydney)

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Founded in 1822, Allens Arthur Robinson offers one of the most comprehensive legal networks in Australia and Asia with more than 1500 personnel based in 14 cities and eight countries across the region. Clients voted Allens Arthur Robinson the Best Professional Services Firm (revenue over $200 million) and Best Law Firm (revenue over $100 million) in the annual BRW Client Choice Awards 2005, 2006 and 2008. We have been an EOWA Employer of Choice for Women since 2004.