Clutz advises Patersons Securities

By Grace Ormsby|13 June 2019

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

Area: Corporate

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.

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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.

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Clutz advises Patersons Securities
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