Ashurst has advised UBS AG, Australia Branch (UBS) and Credit Suisse (Australia) Limited (CS) as Underwriters of a fully underwritten pro-rata non-renounceable entitlement offer by Webjet Limited (Webjet) to raise A$164 million (Entitlement Offer).

Under the Entitlement Offer, eligible shareholders have been invited to subscribe for one new ordinary share in Webjet for every six existing Webjet shares held on Monday 7 August 2017. The offer price of $10.00 per new share represents a 8.6% discount to the theoretical ex-rights price of $10.94 on 1 August 2017.

Approximately 16.4 million new Webjet shares will be issued under the Entitlement Offer and new shares will rank equally with existing shares. The Entitlement Offer is being fully underwritten by UBS and CS.

The proceeds of the Entitlement Offer will go towards partly funding Webjet's acquisition of JacTravel Group, a leading European business-to-business travel company.

The team was led by partner Sarah Dulhunty (Corporate) and included lawyer Sagar Sritharan and graduate Sharon Liu.