Ashurst has acted for Western Areas Ltd in an A$104 million,  fully underwritten placement (A$89 million) and non-underwritten share purchase plan (SPP) up to a further A$15 million.

The Placement was conducted via a bookbuild in both Australia and selected international jurisdictions, underwritten at A$3 per share.
The shares issued under this Placement are within Western Areas' existing placement capacity. The new shares rank equally with existing shares. The shares issued pursuant to the Placement and SPP will be eligible for the fully franked interim dividend of 1c per share. Eligible shareholders have been offered the opportunity to participate in the SPP and subscribe for new shares up to the value of A$15,000.  The SPP is capped at A$15 million and is not underwritten.

Western Areas is undertaking these raisings to reduce debt and provide greater balance sheet flexibility as it approaches the maturity of two convertible bonds totalling A$235 million.

Lead partner Roger Davies said: "We are delighted to have again assisted Western Areas with an equity raising.  Western Areas has taken advantage of a recent improvement in the nickel price and its share price.  We are pleased to have acted both on the issue of the 2014 convertible bonds and this placement to provide funds for their redemption."

Roger Davies was assisted by special counsel Matthew Rumpus and lawyer Bianca Della Vedova.