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Aus coal company advised on IPO, dual primary listing
Australian-based coal producer Yancoal has been advised on its public offering and dual primary listing on the Hong Kong Stock Exchange to raise HK$1.605 billion.
Jerome Doraisamy
Firm: Herbert Smith Freehills (joint sponsors and underwriters); Slaughter and May (joint sponsors and underwriters’ HK and US legal counsel); Gilbert + Tobin (Yancoal – Australian legal counsel); Freshfields Bruckhaus Deringer (Yancoal – HK and US legal counsel); King & Wood Mallesons (PRC counsel).
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Deal: Yancoal has been advised on its dual primary listing on HKEx and public offering to raise $HK1.605 billion, the proceeds from which will be used to fund future growth opportunities, repay outstanding debt, increase its stake in the Moolarben joint venture and for general working capital purposes, it noted.
Morgan Stanley Asia Limited, CMB International Capital Limited and BOCI Asia Limited were the joint sponsors of the action.
Value: HK$1.605 billion
Area: Equity
Key players: The HSF team was led by partners Philippa Stone, Philip Hart and Adam Strauss, who were assisted by solicitors Christian Bourke and Lucinda Bradshaw.
The Gilbert + Tobin team was led by corporate partners Costas Condoleon, Sophie Chen and Adam D’Andreti.
Gilbert + Tobin corporate partner Deborah Johns and energy and resources partner Chris Flynn also played an important role in this deal, according to a statement from the firm. The partners were supported by corporate lawyers Kevin Ko, Lucy Hall, Dimitri Kalis, Michael Tong and Lily Zhang, and energy and resources lawyers Anthony Pizzolato, Henry Cornwell and Alena Stirton.
Deal significance: This action marks the first dual primary listing of an Australian company on both the HKEx and Australian Stock Exchange, HSF said in a statement.
Ms Stone said: “We are delighted to have advised the Joint Sponsors on Yancoal’s dual primary listing on HKEx. We have worked with Yancoal and the Joint Sponsors over many years and are honoured to have been involved in this landmark transaction.”
Mr Hart added: “The listing involved addressing a range of complex cross-border issues. We are pleased to have worked with the Joint Sponsors and Yancoal and the other advisers to deliver a successful transaction.”
Commenting on behalf of Gilbert + Tobin, partners Costas Condoleon and Sophie Chen said: “This transaction represents another chapter in Yancoal’s transformation into one of Australia’s leading mining companies".
"G+T is privileged to have assisted Yancoal achieve its dual primary listing on the Hong Kong Stock Exchange. This is a transaction that will bring long-term strategic benefits to the company and involved consideration of a number of complex Australian and Hong Kong regulatory matters.”
