Tribal is a leading provider of student management systems to universities, colleges and schools in its established markets of the UK, Australia and New Zealand. Tribal has this morning announced the details of a Rights Issue to raise approximately £21m. This follows on from the agreement to sell Tribal’s non-core Synergy business to Servelec Group plc for £20.25m which was announced on 1 March 2016. The proceeds of the Rights Issue and Disposal will be used to pay down debt.
Following the Rights Issue, it is proposed that Tribal should delist from the main market of the London Stock Exchange and apply for admission to AIM.
The Osborne Clarke team that advised on the Rights Issue and Disposal was led by Partner Mark Wesker. Members of the team that assisted Mark included: Equity Capital Markets/M&A: Cat Rutter Pooley, Damocles Merry, Ashley Morris, Jonny Gait, Peter Barratt; Banking: Omar Al Nuaimi, Deborah Golding; IP: Declan Goodwin; Tax: Tracey Wright, Elizabeth Shanahan.
Partner Mark Wesker commented:
“This is a critical transaction for Tribal, one which we’re proud to have acted on. It will restore the group’s balance sheet and enable the management team to take the business forward.
“Complex transactions of this nature are a real team effort and demonstrate Osborne Clarke’s strength in depth across many different service lines.”