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.
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