4 April, 2015

Ashurst has advised UBS AG, Australian Branch (UBS) as the underwriter in of an entitlement offer by Seven West Media (SWM) to raise up to AUD 612m.

On 29 April, SWM announced it had entered into an agreement with Seven Group Holdings Limited (SGH) which, subject to shareholder approval, enables the early conversion of all of the Convertible Preference Shares (CPS) held by SGH into ordinary shares in SWM at a price of AUD 1.28 per share.

The conversion of the CPS is approximately 12 months early and removes the uncertainty in the market place with respect to the CPS. In addition, SWM announced a 2.27 for 3 conditional, accelerated, non-renounceable entitlement offer to eligible SWM shareholders at a price of AUD 1.25 per share. This gave shareholders an equal opportunity to subscribe for ordinary shares and enabled them to do so on more favourable terms than SGH. SGH agreed not to take up its entitlement under the entitlement offer.

SWM entered into the underwriting agreement with UBS in respect of the entitlement offer for AUD 150m.

The Ashurst team advising on the matter included corporate partners Carl Della-Bosca and Sarah Dulhunty.

Conventus Law