Davis Polk advised the underwriters on the SEC-registered initial public offering by MOGU Inc. of 4,750,000 American Depositary Shares, each representing 25 Class A ordinary shares, for total net proceeds of $61.8 million. MOGU has granted the underwriters an option to purchase up to an additional 712,500 ADSs. The ADSs are listed on the NYSE under the symbol “MOGU.”
Paul, Weiss is representing Tencent in its public cash tender offer, as part of an investor consortium, to acquire Finnish sportswear group Amer Sports Corporation. The consortium is investing via a newly incorporated entity set up by ANTA Sports Products Limited, a fund set up by FountainVest Partners and Anamered Investments, an investment vehicle owned by Chip Wilson. Tencent joined the consortium through its LP investment in the FountainVest fund. The voluntary tender offer values Amer Sports at EUR 4.6 billion.
International law firm Ashurst advised Sheffield Resources Limited ('Sheffield') on the successful equity raising of approximately A$16 million by way of a placement of fully paid ordinary shares. Sheffield are also seeking to raise at least A$3 million under a share purchase plan ('SPP').
The issue price for the shares to be issued under the placement and SPP is A$0.65 per share, which represents a 13.3% discount to Sheffield’s closing price of Sheffield shares on the ASX on 5 December 2018. Settlement of the placement is expected to occur on 12 December 2018.
Herbert Smith Freehills' investment funds and energy teams in London have advised SDCL Energy Efficiency Income Trust plc ("SEEIT") on its £100 million initial public offering ("IPO") and admission to listing on the premium category of the UK Listing Authority's Official List and the premium segment of the London Stock Exchange's main market. SEEIT is a newly formed UK investment trust which will be the first UK-listed fund to focus exclusively on the energy efficiency sector.
Clayton Utz is acting for Euroz Securities Limited and Sprott Capital Partners, a division of Sprott Private Wealth LP, as joint lead managers, underwriters and bookrunners to West African Resources Limited's $43.2 million placement, which forms part of the company's $326 million debt and equity funding package announced to the ASX today.
Clayton Utz corporate partner Mark Paganin is leading the firm's team, with key support from special counsel Stephen Neale and lawyers Benjamin Depiazzi and Matt Johns.
Ashurst and K&L Gates are advising Faroe Petroleum in relation to an unsolicited offer for the company, recently announced by DNO ASA. DNO acquired a 28.2% stake in Faroe in April 2018 and on 26 November announced its firm intention to make an offer of 152p in cash, valuing Faroe at approximately £608 million.
The directors of Faroe have urged shareholders to take no action in relation to the offer and have stated that they consider Faroe to be worth substantially more than 152p per share.
Freshfields Bruckhaus Deringer (‘Freshfields’) has advised Yancoal Australia Ltd (‘Yancoal Australia’) on the global offering and listing of its shares on the Main Board of the Hong Kong Stock Exchange (‘HKSE’). The value of the offering was US$178m (before any exercise of the Over-Allotment Option).
Herbert Smith Freehills is pleased to have advised the Joint Sponsors and Underwriters of Yancoal Australia Ltd’s (Yancoal) dual primary listing on the Hong Kong Stock Exchange (HKEx) and public offering (IPO) to raise HK$1.605 billion.
Morgan Stanley Asia Limited, CMB International Capital Limited and BOCI Asia Limited acted as Joint Sponsors on the IPO, which marks the first dual primary listing of an Australian company on both the HKEx and Australian Stock Exchange (ASX).
Slaughter and May, Hong Kong, has advised on the dual primary listing and global offering of shares of Yancoal Australia Ltd (YANCOAL AUS) on the Main Board of the Hong Kong Stock Exchange, raising approximately US$151 million through the issue of new shares constituting approximately 4.52% of its enlarged issued share capital. Yancoal Australia Ltd is the first dual primary listed company on the Australian Securities Exchange and on the Hong Kong Stock Exchange.
Sidley advised Kaisa Property Holdings Limited (HKEX: 2168) as the issuer’s Hong Kong counsel in its approximately HK$259 million (approximately US$33 million) global offering on the Main Board of the Hong Kong Stock Exchange.
Kaisa Property Holdings Limited is one of the leading comprehensive property management service providers in China focusing on mid- to high-end properties, in particular in the Guangdong-Hong Kong-Macau Bay Area and Yangtze River Delta.