Thursday 25 July 2019
Maddocks has advised ASX-listed PSC Insurance Group Limited (PSC Group) on its institutional placement to raise $35 million, with the proceeds being used to partially fund its acquisition of UK based insurance broker Paragon International Holdings Limited.
Maddocks is delighted to assist PSC Group with this significant transaction which will result in the PSC Group being a leading Lloyd’s broker and approximately doubling the group’s UK business following the Paragon acquisition.
The institutional placement will complete on 2 August, resulting in the issue of more than 13 million shares at a price of $2.60 per share.
PSC Group is a diversified insurance service group operating in Australia, the United Kingdom and New Zealand. Maddocks partner Catherine Merity and special counsel Rosamond Sayer assisted the PSC Group with its IPO and ASX listing in 2015 and has been privileged to continue acting for PSC Group following its listing, including with the pursuit of its growth initiatives.
This transaction continues a run of significant ASX capital raising transactions by the Maddocks Equity Capital Markets team over the past three months, including advising technology companies Atomos Limited, Brainchip Holdings Ltd and Audinate Group Limited on secondary capital raisings during this period.
Maddocks is a proudly independent Australian law firm that works closely with corporations, businesses and governments throughout Australia and internationally. We advise national and international clients across the built environment, education, government, healthcare and technology sectors, from our Canberra, Melbourne and Sydney offices. Our specialist expertise includes dispute resolution and litigation, employment and safety, financial services, franchising and insolvency.
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