The increased maturity and sophistication of Australia's capital markets coupled with the confines of Australia's debt/equity provisions has necessitated innovative solutions to capital raisings.
This session provided insights into the key financial and commercial drivers for large scale capital raisings from both the issuer's and financier's perspectives.
It explained some of the current techniques employed in innovative capital raisings to return the highest after tax returns to stakeholders and then focussed on the prevailing tax issues confronting these techniques.
In particular, the session stepped through the following:
- navigating through the debt/equity provisions - current issues in capital categorisation
- the evolution of the redeemable preference share issue and common features
- avoiding pitfalls on unwind
- some recent examples.