Monday 3 February 2020

Under the deal, private equity firm Anzu Industrial RBI USA LLC, an existing shareholder of ASX listed Pivotal Systems, will subscribe for preferred stock with repayment being linked to a percentage of Pivotal System’s ongoing revenue. This structure provides an alternative to traditional debt or equity funding, providing more flexibility for growth stage companies which may have inconsistent revenue streams. The preferred stock is not convertible into ordinary equity and therefore does not dilute existing shareholders and does not contain financial covenants thereby providing more flexibility than customary debt financing.

The Maddocks team on the matter was partner Catherine Merity and special counsel Rosa Sayer.

Maddocks has advised Pivotal Systems on a string of recent matters, including its initial public offering and listing on the ASX in 2018.

Pivotal Systems provides gas flow monitoring and control technology platform for the global semiconductor industry.

Editor note:

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For more information:

Jason Silverii
Communications Manager
Tel: 3 9258 3509
Mobile: 0407 618 058
jason.silverii@maddocks.com.au