22 June 2018
McCann FitzGerald advises IPL Plastics on TSX IPO and innovative restructuring
We are advising IPL Plastics on its proposed initial public offering of 13,200,000 common shares at a price of Can$13.50 per common share for total gross proceeds of Can$178,200,000. On closing of the IPO, the common shares will commence trading on the Toronto Stock Exchange (the “TSX”).
An innovative structure devised for the IPO has seen IPL Plastics Inc., a Canadian company, established as the holding company of the IPL Plastics Group by means of a scheme of arrangement under the Companies Act 2014, coupled with IPL making available to its shareholders a liquidity option by share buy-back of up to Can$50 million.