General Finance Corporation Subsidiary Royal Wolf Launches A$91.5 Million Australian IPO
16 5월 2011 - 8:30PM
Business Wire
General Finance Corporation
(NASDAQ:GFN)(NASDAQ:GFNCL)(NASDAQ:GFNCZ) (“General Finance”) today
announced that its subsidiary Royal Wolf Holdings Limited (“Royal
Wolf”) lodged a prospectus with the Australian Securities
Investment Commission (“ASIC”) on May 13, 2011 for an initial
public offering by Royal Wolf of its ordinary shares on the
Australian Stock Exchange (the “Australian IPO”). General Finance
will retain an indirect majority interest in Royal Wolf following
the Australian IPO.
Royal Wolf is offering 50 million ordinary shares at A$1.83 per
share to raise anticipated gross proceeds of A$91.5 million. Based
on the Australian IPO, Royal Wolf would have a market
capitalization of approximately A$183.7 million. The net proceeds
of the Australian IPO will be used to, among other things, prepay
in full Bison Capital’s subordinated notes at Royal Wolf,
repurchase Bison Capital’s 13.8% ownership of the parent company of
Royal Wolf, reduce senior borrowings at Royal Wolf and Pac-Van and
for general working capital purposes. In conjunction with the
Australian IPO, the senior secured credit facility of Royal Wolf
will be amended to, among other things, extend the maturity of the
credit facility to June 2014.
The Australian IPO is expected to close on May 30, 2011, and the
expected commencement date for trading of Royal Wolf’s ordinary
shares on the Australian Stock Exchange is June 7, 2011.
The Australian IPO will include a broker firm offer and an
institutional offer. The offering will not be available to persons
who are in the United States.
No securities regulatory authority has either approved or
disapproved of the contents of this news release. The securities to
be offered have not been and will not be registered, and may not be
offered or sold, in the United States absent an exemption from the
registration requirements of the United States Securities Act of
1933, as amended. A prospectus for the securities will be made
available in Australia when the securities are offered and any
permitted applicant under the terms of that prospectus will need to
complete the application form that will be in or will accompany the
prospectus. This press release is for information purposes only and
does not constitute an offer to sell or a solicitation of an offer
to buy ordinary shares of Royal Wolf.
About General Finance Corporation
General Finance Corporation (www.generalfinance.com), through
its indirect 86.2%-owned subsidiary, Royal Wolf Trading Australia
Pty Ltd. (www.royalwolf.com.au) and its indirect 100%-owned
subsidiary Pac-Van, Inc. (www.pacvan.com), sells and leases
products in the portable services industry to a broad cross-section
of industrial, commercial, educational and government customers
throughout Australia, New Zealand and the United States. These
products include storage containers and freight containers in the
mobile storage industry; and modular buildings, mobile offices and
portable container buildings in the modular space industry.
Cautionary Statement About Forward-Looking Statements
Statements in this news release that are not historical facts
are forward-looking statements within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Such forward-looking
statements include, but are not limited to, statements and
assumptions in the forecasts and information to be included in the
prospectus filed with the ASIC, plans to list the Shares on the
Australian Securities Exchange, our ability to raise capital or
borrow additional funds or changes in the Australian or New Zealand
dollar relative to the U.S. dollar. These involve risks and
uncertainties that could cause actual outcomes and results to
differ materially from those described in forward-looking
statements. We believe that the expectations represented by our
forward looking statements are reasonable, yet there can be no
assurance that such expectations will prove to be correct.
Furthermore, unless otherwise stated, the forward looking
statements contained in this press release are made as of the date
of the press release, and we do not undertake any obligation to
update publicly or to revise any of the included forward-looking
statements, whether as a result of new information, future events
or otherwise unless required by applicable legislation or
regulation. The forward-looking statements contained in this press
release are expressly qualified by this cautionary statement.
Readers are cautioned that these forward-looking statements involve
certain risks and uncertainties, including those contained in
filings with the Securities and Exchange Commission.
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