Baker & McKenzie Successfully Acts On AUD20 million Institutional Placement By Toxfree Solutions To Fund The Acquisition Of Worth Corporation
Baker & McKenzie advised Morgan Stanley Australia Securities Limited (Morgan Stanley) and Evans and Partners Pty Ltd (Evans & Partners) in their role as joint lead managers of the AUD20million institutional placement by Toxfree Solutions Ltd (Toxfree). The institutional placement was fully underwritten by Morgan Stanley.
Toxfree is one of Australia's leading integrated waste management and industrial service providers. Established and listed on the Australian Securities Exchange (ASX) in 2000, Toxfree has experienced substantial growth during this time, achieved through acquisitions, new green-field developments and the organic growth of their existing businesses. Today Toxfree employs over 1,100 people and provides national services from over 57 locations Australia wide.
Lead partner on the deal, Lauren Magraith commented: "The institutional placement was undertaken by Toxfree Solutions to partly fund its acquisition of 100 percent of the shares in waste management company Worth Corporation Pty Ltd. A non-underwritten share purchase plan of up to AUD4million will also be made available to eligible shareholders of Toxfree Solutions following the placement. We are pleased to have assisted our clients Morgan Stanley and Evans & Partners on the successful execution of this transaction."
Ms Magraith said: "Gross proceeds of AUD20 million have been raised at a fixed price of AUD2.55 per share with the placement fully subscribed primarily by existing institutional shareholders of Toxfree."
Ms Magraith was assisted by senior associate Hoda Nahlous and associate Ivo Basoski.