Ashurst acted as legal advisor to Range International Limited (RAN) on its initial public offering and listing on ASX, including the preparation of the attached prospectus lodged with ASIC. RAN is a manufacturer of plastic pallets. It has developed the ThermoFusionTM technology that allows it to make plastic pallet from 100% recycled mixed plastic waste.
The offer involved the issue of new shares to raise $50 million. Trading of shares in the Company commenced on 22 July 2016 and had a market capitalisation of A$150 million upon listing.
The IPO and related ASX listing represents an opportunity for Range to raise new capital to scale up its operations and begin production on a commercial scale. New shareholders hold approximately 33.34% of the shares in the Company upon completion of the offer with existing shareholders retaining 66.66% of shares in the Company.
This matter required the migration of the company from the Commonwealth of Dominica to Australia and a share exchange with a Singaporean subsidiary.
The Ashurst team was led by partners Anton Harris and Bruce Macdonald, who were assisted by lawyers Alli Clark and Andrew Johnston, with graduates Royce Saheed, Tim Ancev, Adam Watterson, Adelle Elhosni (Corporate); with partner Jennie Mansfield and senior Talia Firth (Employment). Support from Oentoeng Suria & Partners (Ashurst's associated Indonesian firm) was provided by partner Ratih (Ipop) Nawangsari, senior associate Rizaldy Tauhid and associate Sandra Juliana.
