AFL Becomes First Family Law Firm to List in Australia
Australian Family Lawyers has listed on the Australian Securities Exchange through a reverse takeover by Navigator Resources Ltd.
June 18, 2019 at 02:38 PM
3 minute read
The Australian Securities Exchange (ASX Ltd.) in Sydney, Australia. Photographer: Sergio Dionisio/Bloomberg
An Australian firm specialising in family law is the latest Australian firm to list on the Australian Securities Exchange, becoming the first family law boutique in the country to go public.
In a reverse takeover, Australia-listed Navigator Resources Ltd. acquired Australian Family Lawyers (AFL) and changed its name to AF Legal Group Ltd. earlier this month; the company also raised about $4.1 million in a share sale. According to AF Legal Group, it is the first family law firm to list on the Australian Securities Exchange.
"The strong investor support for AFL through the capital-raising process is a testament to the significant opportunity available [to become] the largest national family law firm in Australia," AF Legal Group's executive chairman, Grant Dearlove, said in a statement.
Melbourne-based AFL specialises in divorce, separation, property and children's matters, with 14 lawyers across offices also in Sydney and the Werribee and Frankston areas in the State of Victoria.
The Australian family law market is worth about $760 million, AFL said in its prospectus, citing its own research, with a consistent stream of work from divorces. According to AFL's prospectus, there was an average of 44,000 divorces per year from 2007 to 2017, citing figures from the Australian Bureau of Statistics. Dearlove added that there are no dominant players in the Australian family law market. "This represents a significant opportunity for AFL," he said.
A large portion of the proceeds raised will fund the firm's expansion into new markets, according to the prospectus. AFL said it is considering adding offices in Greater Sydney, Brisbane and the Gold Coast.
AFL is the latest Australian firm to list on a stock exchange. Others include plaintiffs firms Slater and Gordon in Melbourne and Shine Lawyers in Brisbane. Both also listed on the Australian Securities Exchange. Slater was the world's first-ever law firm to go public, raising about $29 million in 2007; Shine listed in 2013, raising about $45 million. Both firms recently discussed a possible merger to compete with Maurice Blackburn, the top plaintiffs firm in Australia, which is based in Melbourne and privately owned.
Related Stories:
British Firms Watch Australia's Law Firm IPOs With Interest
Top Australia-Listed Plaintiffs Law Firms Discussed Merger, Report Says
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