Allens has advised Tabcorp Holdings Limited on its A$236 million capital raising. Tabcorp will raise the funds via a fully underwritten pro-rata accelerated renounceable entitlement offer (with retail rights trading).

The offer was announced on 5 February 2015 in conjunction with Tabcorp's announcement of a special dividend of $0.30 per share, which will be fully franked. The special dividend will be paid out of retained earnings of Tabcorp and will be funded by the proceeds of the offer.

The Allens team on the matter was led by Corporate Partners Greg Bosmans and Robert Pick, and Tax Partner Sarah Bernhardt.

Mr Bosmans said: 'We are delighted to be working together again with the Tabcorp Board and management team. This latest transaction is a continuation of a long and close relationship between Allens and Tabcorp, which has included advising Tabcorp on equity and hybrid capital raisings in 2009, 2011 and 2012 and on the demerger of Echo Entertainment in 2012.'

Mr Pick, Co-Head of the Allens Equity Capital Markets group, said: 'After a period where ECM markets have been dominated by IPOs, we expect to see an increase in secondary capital raisings over the course of the year – driven by increased M&A activity and capital management strategies.

CONTACTS

Greg Bosmans (Partner – Melbourne), Robert Pick (Partner – Melbourne), Sarah Bernhardt (Partner – Melbourne) and Jonathan Hoe (Lawyer – Melbourne).