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Daniel specialises in capital markets and mergers and acquisitions. He has extensive experience in all forms of equity and hybrid capital raisings and other corporate finance transactions, as well as public and private merger and acquisition deals.
Daniel has advised on many IPOs (including dual track process and dual listings), placements, rights issues and entitlement offers, other secondary offers, secondary sales and convertible and corporate bond offers. His clients include the full spectrum of company and managed investment scheme issuers, private equity sponsors, institutional investors and lead managers and underwriters. Daniel's merger and acquisition experience covers private treaty trade sales, sales and acquisitions by private equity sponsors, as well as public transactions, such as schemes of arrangement and regulated takeover bids. He also advises clients on the Corporations Act and ASX Listing Rule compliance, reporting and disclosure obligations.
Daniel also has extensive international corporate finance experience, having worked on cross border transactions in Australia and for a top-tier law firm in New York, working on equity financing, both investment grade and high-yield debt financings, debt tender offers and spin-offs.
Acted for Asaleo Care Limited and Pacific Equity Partners on Asaleo's 2014 $1.06 billion initial public offering and listing on the Australian Securities Exchange. The Company's initial public offering of shares raised approximately $655.8 million at an issue price of $1.65 per share. Asaleo Care has been admitted to the official list of ASX Limited and commenced trading of their shares on a conditional and deferred settlement basis on 27 June 2014.
Advised the PAS Group Limited on its initial public offering of ordinary shares and listing on the Australian Securities Exchange. Shares representing approximately 77% of PAS's capital are being offered at $1.15 per share, implying an enterprise value of around $160 million.
Acted for iSentia Group Limited on its initial public offering of ordinary shares and listing on the Australian Securities Exchange. Shares representing approximately 70% of iSentia's capital were offered at A$2.04 per share, implying an enterprise value of over A$465 million. On completion of the IPO, the business' pre-IPO majority owners, Quadrant Private Equity, will hold 25% of iSentia's issued share capital.
Acted for Dick Smith Holdings Limited (Dick Smith) on its initial public offering of ordinary shares and listing on the Australian Securities Exchange. Shares representing 66.2% of Dick Smith's capital were offered at A$2.20 per share, implying a market capitalisation of over A$520 million. On completion of the IPO, the business' pre-IPO majority owners, being funds managed by Anchorage Capital Partners, held 20% Dick Smith's issued share capital. Shares in Dick Smith began trading on ASX in December 2013 (on a conditional and deferred settlement basis).
Acted for Insurance Australia Group Limited (IAG) on the proposed $1.85 billion acquisition of the Australian and New Zealand insurance underwriting businesses of Wesfarmers Limited, the number 1 and number 5 general insurers in Australia respectively. ACCC approval has been granted after close analysis but without the ACCC releasing a Statement of Issues. Acquiring an insurance group of companies out of a major retail group not only raises issues of inherited compliance risk, but also the potential risk of joint and several liability for consolidated tax group obligations of the wider group. This necessitated due diligence of past returns, existing income tax and GST sharing agreements and processes for clear exit, in addition to a detailed review of the tax compliance and risk management history of the target entities, as well as negotiating comprehensive tax warranties and indemnity as part of the share sale documentation.
Advising Morgan Stanley Australia Securities Limited and Macquarie Capital (Australia) Limited in relation to their roles as joint lead managers of the Watermark Market Neutral Fund Limited (Watermark) initial public offering (IPO). Watermark is seeking to raise up to $120 million under the IPO and to list on ASX Limited as a 'listed investment company'.