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 unpopular Brockman bid

Clayton Utz acts on unpopular Brockman bid

Clayton Utz is advising a Hong Kong company on its takeover bids for ASX-listed iron ore producer Brockman Resources, while the Australian company urges shareholders to reject the bids.

CLAYTON Utz is advising a Hong Kong company on its takeover bids for ASX-listed iron ore producer Brockman Resources, while the Australian company urges shareholders to reject the bids.

The firm is advising Hong Kong Stock Exchange listed Wah Nam

International Holdings Limited on its concurrent off-market takeover bids for Brockman and FerrAus Limited, as well as Wah Nam's initial public offering and listing on the ASX.

Brockman, which was last week the centre of a $932 million all-scrip takeover bid by Wah Nam, is hoping to produce 17 to 20 million tonnes of iron ore each year from Western Australia’s Pilbara region, The Australian newspaper reported today.

Wah Nam already holds about 23 per cent of Brockman.

Brockman Resources chairman Barry Cusack said his company’s directors were unanimously urging shareholders not to accept the offer.

“Being a scrip offer with a foreign exchange and involving a simulatabous bid for FerrAus makes this a complicated bid to analyse and assess,” Cusack told The Australian.

Clayton Utz’s Perth corporate and M&A partner, Mark Paganin, is leading the firm's team, which includes special counsel, Glenda Currie and senior lawyer Stephen Neale.

Under the concurrent bids, which will be undertaken through Wah Nam's wholly owned subsidiary, Wah Nam International Australia Pty Ltd, Wah Nam will offer 30 Wah Nam shares for every Brockman Resources Limited share, and 6 Wah Nam shares for every FerrAus Limited share.

This values the Brockman Resources bid at approximately A$925 million and the FerrAus Limited bid at approximately A$265 million.

Wah Nam's IPO is seeking to raise A$2 million with a facility to raise an additional A$1 million in oversubscriptions.

On completion of its IPO and listing, Wah Nam would become the first HKEx-listed company to list on the ASX.



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 unpopular Brockman bid
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
Scales of Justice
Aug 16 2017
Urgent criminal law reforms can prevent ‘unwarranted acquittals’
Concerns about unfair prejudice arising from the use of tendency and coincidence evidence are mispla...
Aug 15 2017
Press Control-S on your firm
Promoted by BHL Software It’s now a truism that when your IT systems stop working, so does you...
Aug 15 2017
The Importance of Leadership Skills for Aspiring Lawyers
Promoted by LHD Lawyers Even the most prominent lawyers of our age (or ages past, for that matter...
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 & ...