Chapman Tripp – clients’ choice for capital raisings

​Chapman Tripp’s equity capital markets team continues to be in hot demand. Proving to be market leaders and trusted advisors, they have acted on more recent capital raisings than any other law firm in New Zealand.

The expertise of Chapman Tripp’s leading equity capital markets team has been amply demonstrated of late, with the firm now having acted as trusted advisors on eight capital raisings launched in eight weeks to raise over NZ$2.08bn.

Within the last week, the firm has acted for Sky Network Television on its $157m placement and accelerated non-renounceable entitlement offer (ANREO), as well as acting for Craigs Investment Partners and Forsyth Barr as joint lead managers and underwriters of Comvita’s $50m placement and ANREO, launched today.

The Sky Network Television placement and ANREO featured added complexity, with a waiver from NZX Regulation required to allow the ANREO to exceed the 2:1 cap permitted under the NZX class waiver for ANREOs. Sky Network Television is also the first NZX issuer required to rely upon the ASX class waivers for additional capital raising capacity by virtue of its fully dual-listed status.

Ready access to capital in these uncertain times is proving the value of an NZX listing. Issuers are efficiently accessing capital from a wide range of investors without needing to prepare a full product disclosure statement and instead relying on compliance with their ongoing continuous disclosure obligations.

Rachel Dunne, corporate partner at Chapman Tripp, said, “The team is working hard to help our clients through this challenging time. We are also grateful for the efforts of NZX Regulation and their COVID-19 relief package, enabling companies to access that extra capital when they need it most.”

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Corporate & commercial; Equity capital markets

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

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