McCullough Robertson has acted on behalf of Shine Corporate Ltd (Shine) on its recently announced IPO.
Shine’s main operating entity is Shine Lawyers Limited, an Australian national law firm with a focus on plaintiff litigation. The IPO makes Shine only the second law firm to list on the Australian Securities Exchange (ASX), following the success of Slater & Gordon Limited after its listing in 2007.
Shine had a market capitalisation of $155 million when listed in May 2013. The offer was a $45 million raising (broker firm only), comprising $15 million in new capital and a $30 million vendor sell down, and was significantly oversubscribed. Shine is expected to be listed in the ASX Queensland Index Top 50.
In acting for Shine, McCullough Robertson:
- conducted due diligence on Shine and managed the due diligence process
- advised on corporate governance issues
- advised on selection of appropriate non-executive directors for the board
- advised on unique regulatory requirements applicable to incorporated legal practices, and
- advised on appropriate structures for the listed vehicle, including the quarantining of statutory risk.
McCullough Robertson also undertook the other usual steps in connection with an IPO, including drafting the prospectus, negotiating the underwriting agreement, preparing the ASX listing application, attendance to queries and drafting and reviewing sundry float documentation.
The listing is set to strengthen Shine’s balance sheet, ensuring the continued growth of the firm, both organically and through potential acquisitions domestically and abroad.