In July 2013, AJ Lucas announced a $148.8mm balance sheet recapitalisation which consisted of:
- $11.1mm institutional placement
- $137.7mm accelerated non-renounceable entitlement offer
Highbury Partnership acted as Sole Financial Adviser and Sole Arranger, delivering AJ Lucas an equity raising which was fully committed at launch via subscriptions from a number of strategic and institutional investors. This was a pioneering structure in Australian equity capital markets, being the first time a significant accelerated equity placement and entitlement offer was successfully executed without the participation of an Investment Bank or Broker.
AJ Lucas used the proceeds to recapitalise its balance sheet and repay debt.
