Australia's first publicly listed law firm group is on its way, with Perth-based Integrated Legal Holdings Ltd announcing plans to raise $14 million through an initial placement offer, and acquire three WA law firms.
ILH aims to acquire the legal practices of Talbot Olivier, Durack Zilko and Brett Davies Lawyers, as well as information provider Law Central Co and management and training consultancy Professional Services Development.
The practices granted ILH options to acquire them after recent changes to state law allowed non-lawyers to own legal practices. Talbot Olivier Lawyers, which ranked in 13th place on the WA Business News Book of Lists 2006, is set to receive $2.2 million on the exercise of the option, after signing on in January this year.
Durack Zilko and Brett Davies signed similar agreements for $343,000 and $604,125 respectively.
The consideration for the purchase of Professional Services Development is $3.8 million, while Law Central will cost $4 million and the issue of 3.9 million shares.
Talbot Olivier indicated in an announcement today that the deal will allow for a greater growth strategy and improved staff retention.
The IPO of ILH will offer 28 million shares at 50 cents each, with the company not ruling out the prospect of further acquisitions on its completion.
The company is chaired by former Commonwealth Treasurer John Dawkins, who is joined on the board by Anne Tregonning and managing director Thomas Henn.
Ernst & Young are acting as auditor and investigating accountant to the deal, with the IPO opening on October 17, to close on November 27.
