HWL Ebsworth advised Oldfields Holdings Limited (ASX:OLH) in relation to its placement to EQM Holdings Pty Limited as trustee of the EQM Holdings Trust. The placement was announced on 28 October 2019 and, despite a delayed settlement date and the difficulties of the evolving COVID-19 situation, settled on 15 April 2020.

Under the placement approved by shareholders last year, Oldfields has issued EQM with shares equal to 51% of its post allotment issued share capital.

The placement proceeds of $5 million have been used to retire bank debt and outstanding shareholder loans and provides additional working capital at this tumultuous time.

Lewis Timms, the outgoing Chairman of Oldfields said “Although the capital raising was planned and documented well before the current circumstances arose, the completion of the transaction could not have come at a more welcome time. Throughout the transaction, the HWL Ebsworth team has provided us with timely and pragmatic advice and worked closely with the Board, management, our other advisers and the subscriber and their lawyers to get this deal over the line“.

The HWL Ebsworth team was led by Paul Brown, Partner, with assistance from Cam Steele, Special Counsel, and Sarah Minns, Solicitor.

Note to Editors:

HWL Ebsworth is the largest legal partnership in Australia according to the most recent partnership surveys published by The Australian and the Australian Financial Review.

The firm comprises 1,481 staff including: 269 Partners, 843 other legal staff and 369 support staff across offices in nine locations – Adelaide, Brisbane, Canberra, Darwin, Melbourne, Hobart, Norwest (North West Sydney), Perth and Sydney.

HWL Ebsworth is an independent, nationally integrated, full service commercial law firm, providing tailored and commercially oriented legal services.

HWL Ebsworth operates a different business model to the other leading national law practices, and this allows us to offer unrivalled value for money without compromising quality and service. Our low ratio of solicitors to partners ensures that our clients receive optimal access to partner resources for all matters.

For further information, please contact:

Russell Mailler, National Marketing Manager (03) 8644 3569 or rmailler@hwle.com.au