Slater & Gordon has taken full advantage of its listed status to snap up a competitor firm. Shareholders have given the Julia Gillard's old firm approval to raise funds through a share placement to buy Trilby Misso Lawyers, the Queensland personal injury firm.
S&G had announced back in July that it was planning on buying its competitor. And at an EGM this week, shareholders ratified the $23.5 million already raised and approved the raising of an additional $14.5million. The dosh is being raised through placements to sophisticated and professional investors. Last we checked, no Labor power brokers among them.
The full cost of the acquisition is $57 million to be paid through a mixture of cash, equity and deferred consideration, according to a report in Lawyers Weekly.
In her address to the EGM, Chairwoman Anna Booth said that the deal "brings together two of the best known names in the Queensland personal injuries litigation market", and said that it would deliver "growth that would have taken us a number of years and a heavy investment to achieve organically."
The acquisition puts S&G almost as far ahead of the personal injury law competition in Queesland as Julia Gillard is ahead of Tony Abbott as preferred PM in the polls.
Tip Off ROF
S&G had announced back in July that it was planning on buying its competitor. And at an EGM this week, shareholders ratified the $23.5 million already raised and approved the raising of an additional $14.5million. The dosh is being raised through placements to sophisticated and professional investors. Last we checked, no Labor power brokers among them.
The full cost of the acquisition is $57 million to be paid through a mixture of cash, equity and deferred consideration, according to a report in Lawyers Weekly.
 |
S&G's secret weapon. |
In her address to the EGM, Chairwoman Anna Booth said that the deal "brings together two of the best known names in the Queensland personal injuries litigation market", and said that it would deliver "growth that would have taken us a number of years and a heavy investment to achieve organically."
The acquisition puts S&G almost as far ahead of the personal injury law competition in Queesland as Julia Gillard is ahead of Tony Abbott as preferred PM in the polls.