MinterEllison has advised Johns Lyng Group Limited (Johns Lyng) on its A$187.5 million institutional placement and A$42.5 million entitlement offer, which was announced on Thursday, 9 December 2021.
Johns Lyng is a listed integrated building services group that delivers building, restoration and repair services.
The entitlement offer comprised a 1 for 35.91 pro-rata accelerated non-renounceable offer at an issue price of A$6.80 per share, which was at a A$0.20 discount to the institutional placement price of A$7.00 per share. Funds raised will be used to pay for Johns Lyng’s US$144 million acquisition of Reconstruction Holdings, Inc. – a leading provider of insurance focused, vendor managed repair services to occupied properties in the United States.
Funds from the capital raising will also ensure Johns Lyng remains financially flexible to fund its near-term growth initiatives.
The retail entitlement offer opens on 15 December 2021 and is scheduled to close on 30 December 2021.
MinterEllison advised Johns Lyng on all aspects of the fully underwritten capital raising and participation of directors and senior executives.
The team was led by Sudharshan Senathirajah (Partner, Transaction Solutions) and Bart Oude-Vrielink (Partner, Transaction Solutions).
“We were delighted to support Johns Lyng on this capital raising and to assist them continue to grow and expand the insurance building and restoration services they offer across Australia and the United States,” said Mr Senathirajah.
“We’ve worked with Johns Lyng for a number of years – helping them list on the ASX several years ago. We’re delighted to support the team as they continue to attract interest and increase value for investors and other stakeholders,” he added.
