Chapman Tripp acts on six equity capital raisings in response to COVID-19, to raise almost $2 billion

​Chapman Tripp has been trusted counsel on more capital raisings in response to COVID-19 than any other law firm in New Zealand. Chapman Tripp’s market leading equity capital markets team has assisted with six of the seven capital raisings over $8m by NZX listed issuers so far, raising almost $2b of new equity.

Rachel Dunne, corporate partner at Chapman Tripp, said, “NZX Regulation moved swiftly and decisively to provide relief for NZX issuers to facilitate capital raisings in response to the impacts of COVID-19. We were privileged to be able to provide our expertise and assistance to NZX in formulating the three class waivers. We have since put these into action to allow NZX issuers to access the capital they need to weather the COVID-19 storm."

Chapman Tripp acted on the first equity capital raising in response to the pandemic for NZX and ASX-listed Kathmandu Holdings, also the first capital raising to utilise the NZX relief to permit an accelerated non-renounceable entitlement offer (ANREO), raising a total of $207m in combination with a placement.

Dunne said, “As well as being the first ANREO in New Zealand, the offer featured a retail oversubscription facility. Kathmandu was also one of the first issuers to rely on NZX relief for periodic reporting timeframes in response to COVID-19, deferring release of its half year results announcement in connection with the offer.”

In addition to acting for Kathmandu Holdings on its $207m placement and ANREO, the firm was instrumental in Auckland International Airport’s $1.2b placement and share purchase plan (SPP), acting for Jarden, Credit Suisse and Citi as joint lead managers and underwriters.

The expertise of Chapman Tripp’s leading equity capital markets team has been in hot demand, acting on six capital raisings in response to COVID-19, launched over a period of less than six weeks and almost all with novel features for New Zealand equity capital markets.

The firm acted for Vista Group International on its $65m placement and ANREO, Moa Group on its $8.3m cornerstone placement and renounceable rights issue, Augusta Capital on its $45m placement and ANREO, and Z Energy on its $350m placement and SPP.

Dunne commented, “We’ve helped launch six complex capital raisings so far. I’m incredibly proud of how our team has pulled together in these unprecedented circumstances to help our clients when they need us most.”

Chapman Tripp partner and equity capital markets expert Rachel Dunne was the only legal representative on the 10 person Capital Markets 2029 Steering Committee and Dunne’s team is well regarded for their annual Trends & Insights publication, looking in depth at New Zealand’s equity capital markets.

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Related topics: Corporate & commercial; Capital markets; capital raising; NZX listing rules

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