The firm also assisted in a number of cross-border transactions in recent months
Clayton Utz has advised supercomputer tech business DUG Technology Ltd on a successful ASX listing.
The firm helped DUG to raise $26m for its IPO, generating a market capitalisation of about $134m for the business. The firm said that the founder shareholders sold another $8.8m into the offer, boosting the total offer amount to $34.8m.
“The IPO followed an $18.2m raising undertaken by DUG in February via a pre-IPO convertible note issue, which Clayton Utz also advised on,” the firm said.
The funds raised will be applied to growing DUG’s operations, as well as to expanding the company’s reach through investments in extra supercomputing power. Established in Perth by Dr Matthew Lamont and Dr Troy Thompson in 2003, DUG now has branches in London, Houston, and Kuala Lumpur.
“DUG's products and services offerings, its focus on research and development, its highly experienced and qualified team and proprietary knowledge was recognised by the market in strong support for this oversubscribed IPO,” Clayton Utz lead partner Liz Humphry said. “We're delighted to have worked with the DUG team and the Canaccord team in achieving this important milestone for the company. It's a great result for them.”
Humprhy, a corporate partner with the firm, was supported by lawyer Samuel Pullin. The team also drew on specialist IP support from partner David Benson, who has long been an adviser for DUG, and senior associate Samuel Fiddian.
DUG debuted on the ASX on 12 August.
Recently, Clayton Utz also advised Japanese and Canadian companies on cross-border deals.
Partner Hiroyuki Kano, who leads the Japan practice group, took point on a massive multidisciplinary team that acted for major Japanese developer Mitsubishi Estate as it acquired a 25% interest in the One Sydney Harbour Residences One project from Lendlease. Located in Sydney’s Barangaroo, this project is among the most prestigious residential developments in the country, with the sales revenue from its 317 units estimated at $2bn.
The team navigated complex finance structures and planning regulations while working on the deal.
“This was a highly complex deal on which to advise, and involved a truly team effort from our Clayton Utz team who brought together their expertise in corporate/M&A, real estate, financing, environment and planning and projects to navigate the complexities successfully,” Kano said. “We congratulate Mitsubishi Estate on its investment, which highlights that there is still strong appetite for Australian assets despite the global economic conditions.”
Senior associate Masatoshi Suzuki, who is part of the Japan practice group, co-led the team with Kano. Other team members included partners Kathy Santikos (banking), Lina Fischer (major projects), Carrie Rogers (real estate) and Claire Smith (environment and planning), as well as special counsel Tania Chahine and Kate Thomas, senior associates Lauren Smith, Lance Bode and Tanvir Ahmed, and lawyers Leona Zhang and Shaun Chng.
Meanwhile, Perth-based banking partner Rohan Mishra led Clayton Utz’s team in advising Canada-based investment manager and lender Sprott Resources Lending on its four-year US$60m credit facility to TSX-listed Novo Resources.
The credit facility will be used to finance Novo Resources’ acquisition of Millennium Minerals.
“The financing for Novo reflects the strong appetite for gold assets,” the firm said.
Mishra was supported by special counsel Kate Casellas and graduate Luke Crofts. The team collaborated with Canadian firm Davies in acting for Sprott.