UBS enters forward share purchase for merged Soul Patts, Brickworks entity
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The news: UBS has entered a forward share purchase agreement for 14 million shares in TopCo, the new fully capitalised ASX-listed company that will emerge from the merger of investment house Washington H Soul Pattinson and building products group Brickworks.
The context: UBS’ conditional placement constitutes part of the TopCo share capitalisation that was announced on 2 June.
Soul Patts and Brickworks previously said TopCo will issue at least 34 million new shares. At the time of the merger announcement TopCo had received commitments for $550 million shares at $36.93 each - roughly 14.9 million shares.
Soul Patts and Brickworks also confirmed that TopCo entered the concurrent repurchase by Soul Patts of up to 100% of the outstanding $450 million senior unsecured convertible notes due 2030.
Soul Patts is carrying out a reverse bookbuilding process to receive indications of interest from the holders of the convertible notes.
