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08 Mar 2011

Clayton Utz supports Skilled Group on $71 million capital raising

Melbourne, 8 March 2011: In another significant transaction for Clayton Utz's Corporate team, Clayton Utz has advised leading Australian and New Zealand provider of labour hire and workforce services, Skilled Group Limited, on its capital raising by way of any accelerated entitlement offer and placement, announced to the market on Wednesday 23 February.

The raising comprised a $53 million entitlement offer, with an additional $18 million raised through a placement in conjunction with the institutional component of the entitlement offer. The placement was added to the capital raising due to strong investor demand received in the institutional offer.

Melbourne Corporate partner Brendan Groves led the Clayton Utz team, which included lawyers Sachi Haga, Warrick Louey and Sarah Pfeiler. Senior Corporate partner Rod Halstead also advised on the transaction.

The offer is fully underwritten by Goldman Sachs, whose legal advisers on the deal are Gilbert + Tobin. The funds raised will be used to reduce debt and debt servicing costs, and help position Skilled Group for further growth.

Mr Groves said Clayton Utz was pleased to have worked alongside Skilled Group on this strategically significant transaction that will support its long-term growth objectives.

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Clayton Utz communications are intended to provide commentary and general information. They should not be relied upon as legal advice. Formal legal advice should be sought in particular transactions or on matters of interest arising from this communication. Persons listed may not be admitted in all States and Territories.