find the latest legal job
Corporate Counsel and Company Secretary
Category: Generalists - In House | Location: Newcastle, Maitland & Hunter NSW
· Highly-respected, innovative and entrepreneurial Not-for-Profit · Competency based Board
View details
Chief Counsel and Company Secretary
Category: Generalists - In House | Location: Newcastle, Maitland & Hunter NSW
· Dynamic, high growth organisation · ASX listed market leader
View details
In-house Projects Lawyer | Renewables / Solar | 2-5 Years PQE
Category: Generalists - In House | Location: All Australia
· Help design the future · NASDAQ Listed
View details
Insurance Lawyer (3-5 PAE)
Category: Insurance and Superannuation Law | Location: Brisbane CBD & Inner Suburbs Brisbane QLD
· Dynamic organisation ·
View details
Legal Counsel
Category: Corporate and Commercial Law | Location: North Sydney NSW 2060
· 18 month fixed term contract · 3-5 years PQE with TMT exposure
View details
Clayton Utz acts on Noble sale

Clayton Utz acts on Noble sale

Law firm Clayton Utz is advising Hong Kong based Noble Group on the sale of its interest in the Middlemount Joint Venture to Gloucester Coal Limited.

LAW firm Clayton Utz is advising Hong Kong based Noble Group on the sale of its interest in the Middlemount Joint Venture to Gloucester Coal Limited.

Gloucester Coal, an Australian producer controlled by Hong Kong-based Noble, plans to sell A$455 million in shares to pay for the purchase of assets from its parent company.

Gloucester plans to pay Noble A$437.5 million, comprising A$337.5 million in cash and the issue of A$100 million worth of new Gloucester shares.

To fund the acquisition of Middlemount, Gloucester has undertaken an equity raising (via a non-renounceable pro rata entitlement offer) of approximately A$434 million.

The Clayton Utz team advising Noble on the negotiations includes energy and resources partners Rory Moriarty and Stuart MacGregor and corporate advisory and M&A partners Karen Evans-Cullen, Stuart Byrne and David Landy.

Clayton Utz is also representing Noble in relation to its takeover bid for Gloucester, which was announced in April.

Commenting on the transaction, Moriarty said it was "unique in that it involves three separate elements, making negotiations extremely complex".

Evans-Cullen said "the interaction of a live takeover bid, together with a large entitlement offer and a related party transaction has required a significant amount of strategic legal advice".

“Middlemount is a high quality development project that will not only provide Gloucester with product and geographical diversification, but considerable near-term production growth to ensure we will be well placed to benefit from the expected long- term strength in metallurgical coal markets,” chief executive officer Barry Tudor said in the statement.

“The equity raising announced today will increase Gloucester’s free float and liquidity.”

In 2009, Clayton Utz represented Noble in its acquisition of control of Gloucester Coal, which followed ground-breaking proceedings before the Takeovers Panel that resulted in a declaration of unacceptable circumstances in relation to the affairs of Gloucester Coal.



Like this story? Read more:

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

The legal budget breakdown 2017

Clayton Utz acts on Noble sale
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
LCA president Fiona McLeod SC
Aug 17 2017
Where social fault lines meet the justice gap in Aus
After just returning from a tour of the Northern Territory, LCA president Fiona McLeod SC speaks wit...
Marriage equality flag
Aug 17 2017
ALHR backs High Court challenge to marriage equality postal vote
Australian Lawyers for Human Rights (ALHR) has voiced its support for a constitutional challenge to ...
Give advice
Aug 17 2017
A-G issues advice on judiciary’s public presence
Commonwealth Attorney-General George Brandis QC has offered his advice on the public presence of jud...
APPOINTMENTS
Allens managing partner Richard Spurio, image courtesy Allens' website
Jun 21 2017
Promo season at Allens
A group of lawyers at Allens have received promotions across its PNG and Australian offices. ...
May 11 2017
Partner exits for in-house role
A Victorian lawyer has left the partnership of a national firm to start a new gig with state governm...
Esteban Gomez
May 11 2017
National firm recruits ‘major asset’
A national law firm has announced it has appointed a new corporate partner who brings over 15 years'...
opinion
Nicole Rich
May 16 2017
Access to justice for young transgender Australians
Reform is looming for the process that young transgender Australians and their families must current...
Geoff Roberson
May 11 2017
The lighter side of the law: when law and comedy collide
On the face of it, there doesn’t seem to be much that is amusing about the law, writes Geoff Rober...
Help
May 10 2017
Advocate’s immunity – without fear or without favour but not both
On 29 March 2017, the High Court handed down its decision in David Kendirjian v Eugene Lepore & ...