Simpsons Solicitors

Stream Group Limited completes $5.5M Capital Raising

November 11th 2014

Stream Group Limited recently completed a two stage capital raising involving an institutional placement raising $2.8M followed by an underwritten rights issue raising a further $2.7M.  

Simpsons Solicitors advised on all aspects of the placement and rights issue including the obtaining of relief of ASIC under section 741(1)(b) of the Corporations Act to allow the company to utilise section 708A and section 708AA to conduct the capital raising without a disclosure document.  In the absence of the ASIC relief being granted, Stream Group Limited was ineligible to utilise section 708A and section 708AA due to the suspension of the company’s shares for more than 5 days in the lead up to its back door listing in April 2014.