Clutz advises Patersons Securities
Patersons Securities Limited has proposed a scheme of arrangement with an Australian subsidiary of TSX-listed Canaccord Genuity Group Inc.
Firm: Clayton Utz (Patersons Securities Limited)
Deal: Clayton Utz is advising Patersons Securities Limited on a proposed scheme of arrangement with Canaccord Genuity Group.
Value: $25 million
Key players: Clayton Utz corporate partner Mark Paganin and special counsel Stephen Neale are leading the firm’s team, with key support provided by Benjamin Depiazzi and Matthew Johns.
Deal significance: Patersons Securities Limited is an independent Australian securities business, according to a statement from Clayton Utz.
Patersons’ wealth management business is noted as having more than $13.6 billion in client assets under advice.
According to the firm, the business combination of Patersons and Canaccord will create a leading Australian capital markets, stockbroking and wealth management business.
Clayton Utz has flagged the total consideration payable under the scheme as $25 million, with $0.015 per share to be escrowed for a period of time.
It was reported that the scheme’s implementation is subject to various conditions, including the approval of Patersons shareholders and the court.