Ashurst advises nib holdings on Maple Plan acquisition

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    The proceeds from the equity raising will be used to fund nib's entry into Australia's National Disability Insurance Scheme (NDIS) sector as a Plan Manager. Maple Plan is the seventh largest plan manager in Australia, serving around 7,000 NDIS participants and reported $4.8 million EBITDA in FY22. nib is actively assessing further acquisitions.

    Approximately 19.6 million new shares in nib will be issued under the Placement, representing approximately 4.3% of nib's ordinary shares on issue. 

    Following completion of the Placement, nib will offer eligible existing Australian and New Zealand shareholders the opportunity to apply for new nib shares through a SPP without brokerage fees. The application for new shares under the SPP will be capped at a maximum of $30,000 per shareholder (subject to scale back in the nib Board's absolute discretion if applications under the SPP exceed $15 million).

    Partner Miriam Kleiner commented: "We are delighted to have assisted nib in relation to this important acquisition and its entry into the NDIS plan manager market."

    The Ashurst team was led by partner Miriam Kleiner, who was assisted by partner Greg Golding, senior associate Miao Qun Unsworth-Tang and associate Hassan Naveed (Corporate Transactions) along with associate Maxine Viertmann (Legal Governance Advisory).