Seven months after releasing its first prospectus, and in the face of strident criticism from the Legal Practice Board of Western Australia, Perth company Integrated Legal Holdings Ltd is pushing ahead with plans for a share market float.
The main promoter of the float, Brett Davies Lawyers’ partner Brett Davies, told WA Business News a revised prospectus would be released shortly.
His comments followed the release of an extraordinary statement by the board, which said it had serious concerns with the planned share offer, including the valuations attached to the deal.
Mr Davies said the matters raised by the board had previously been forwarded to the Australian Securities and Investments Commission.
“ASIC has no objections to the ILH prospectus,” Mr Davies said.
“We will lodge the prospectus shortly.”
ILH is planning to raise $14 million through its IPO and will use the proceeds to acquire five businesses, including law firms Talbot Olivier, Durack & Zilko and Brett Davies Lawyers.
It is also planning to buy information provider Law Central Co and management and training consultancy Professional Services Development.
It had aimed to be the first legal business to list on the stock market, but that distinction is now likely to go to Melbourne firm Slater & Gordon Ltd, which released a prospectus last month to raise $35 million.
S&G has 21 branches across five states, has made five acquisitions over the past two years and is planning to use the float proceeds to support its ongoing acquisition program.
Mr Davies said ILH was also keen to make further acquisitions. He believes the ability to offer employee share schemes and option agreements will appeal to the owners of many legal practices, who usually walk away with nothing when they retire.
ILH’s business plan allows law firms to continue trading under their own name, in contrast to S&G which rebrands all firms under its name.
