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Clifford Chance acts on sale of Tinkler assets

Clifford Chance acts on sale of Tinkler assets

Clifford Chance and HWL Ebsworth acted on the sale of a number of companies owned by Nathan Tinker that were placed into receivership.

Firms: Clifford Chance (OCP Asia and FTI Consulting); Aeon Metals Limited (HWL Ebsworth)

Deal: Resolution of the receivership of the Aston Metals Group of companies

Value: Combination of debt and equity in excess of $20 million

Area: Energy & Resources

Key Players: Clifford Chance acted for the receivers, FTI, and OCP Asia, the secured creditor. HWL acted for the purchaser, Aeon Metals. Aston Metals Limited and its subsidiary, Aston Metals (Qld) Limited were placed into receivership in August 2013. The receivership came to an end on 17 June as a result of an asset sale and recapitalisation of the company. Clifford Chance’s team was led by partners Scott Bache (pictured) and Lance Sacks

Deal Significance: As part of the deal Aston Metal (Qld) Limited was sold to Aeon Metals, with that sale including the exploration rights to the Walford Creek and Mt Isa tenements in Queensland. Clifford Chance also advised OCP Asia on the arrangement and subscription for a $20 million secured limited recourse note, $10 million of warrants and 48 million shares in Aeon Metals Limited. “This was a complex deal to structure in the midst of a high-profile receivership and administration,” said Bache, who led the team advising OCP Asia and FTI Consulting. Earlier this month the National Rugby League took the controlling share in the Newcastle Knights, ending Nathan Tinkler’s tenure as the owner of the team.

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