We advised Bega Cheese on its initial public offering and listing on the ASX in mid-2011, which completed over-subscribed and raised $35 million for Bega Cheese.  The lead-up to the listing included advising the company with respect to its overall corporate strategy, including:

1. the disclosure and meeting process for achieving the necessary Bega Cheese farmer shareholder approval to changes to the structure of Bega Cheese to allow the IPO to proceed;
2. negotiating and drafting a Merger Principles Agreement with Tatura Milk Industries Limited, which at that time was owned as to 70% by Bega Cheese and 30% by its farmer suppliers, to set out the procedure for a full merger by way of a scheme of arrangement after the listing of Bega Cheese.

The IPO also involved the inclusion of a number of “co-operative” style features within the Bega Cheese constitution and this required extensive consultation with ASIC and ASX.  In addition, the Bega Cheese prospectus was one of the first disclosure documents to be issued after the release of new ASIC guidance on clear, concise and effective disclosure.  The process also involved the implementation of an employee share scheme and corporate governance regime for Bega Cheese.

CBA Equities were the lead managers on the IPO, represented by Allens.  Kidder Williams were the corporate advisers to Bega Cheese.