Burning the midnight oil: Legal team completes 365 days' worth of work in six weeks

by Mackenzie McCarty28 May 2014
A team of Chapman Tripp lawyers completed an estimated 365 days’ worth of work in a six-week  period in order to finalise the IPO of Australasian education business, Intueri Education Group (Intueri).

Intueri is one of New Zealand’s largest private providers of vocational education and Chapman Tripp partner, Stephen Lowe, tells NZ Lawyer the company’s owner ran a competitive process for the legal work on the transaction.

“I think we managed to secure it because of our tremendous track record on IPOs – including working on all the Crown IPOs –and because of work we have done in the private training establishment (PTE) sector,” says Lowe. “We were working to an incredibly tight timeframe to complete two acquisitions and list. The depth of our team meant that we had the resource to achieve this.”

Lowe estimates that his team put in “about 365 equivalent days” of work into the transaction.

“Most of it was over a very compressed six week period for the IPO.  We burnt a lot of midnight oil over that period,” he says. 

He says the meticulous attention to detail involved in the Crown IPO process meant there were not many unexpected legal issues arising out of this transaction.

“However, because Intueri is a roll up of various PTE’s, there were a large number of technical accounting disclosure issues which we had to resolve by obtaining an exemption notice from the FMA,” says Lowe. “Also, sadly, there was a fatality at Intueri’s dive school after we registered the prospectus - this had to be carefully addressed through the due diligence process.”   

In connection with the IPO, Intueri listed late last week on both the NZX Main Board and the ASX. 

Chapman Tripp partner Stephen Lowe, senior associate Joshua Pringle and senior solicitor Jeremy Gray acted for Arowana and Intueri.  

The same Chapman Tripp team advised Arowana and Intueri on Intueri’s purchase of Quantum Education Group, which completed in conjunction with Intueri’s IPO.

COMMENTS

  • by kdy69 28/05/2014 11:00:56 a.m.

    I beg your pardon...and this is something to be proud of??

  • by Tim 29/05/2014 12:39:16 p.m.

    I agree with the sentiment above. Isn't this direct evidence of some of the industry depression etc issues that the NZLS through Lawtalk is striving to educate lawyers on? Glamourising working in this fashion is irresponsible. Sure, celebrate good work but the way this is pitched suggests working 24/7 is to be celebrated.

  • by Mark 3/06/2014 9:27:18 a.m.

    ...and it also says nothing about how efficient the process was . Lawyers can't expect clients to accept time-based billing in the same way as they have in the past .