find the latest legal job
Senior Associate - Litigation & Dispute Resolution
Category: Litigation and Dispute Resolution | Location: Melbourne CBD & Inner Suburbs Melbourne VIC
· Come work for a firm ranked in Lawyers Weekly Top 25 Attraction Firms
View details
Associate - Workplace Relations & Safety
Category: Industrial Relations and Employment Law | Location: Brisbane CBD & Inner Suburbs Brisbane QLD
· Employer of choice · Strong team culture
View details
Freelance Lawyers
Category: Banking and Finance Law | Location: All Perth WA
· Freelance opportunities through Vario from Pinsent Masons
View details
Freelance Lawyers
Category: Other | Location: All Adelaide SA
· • Qualified lawyer with a strong academic background
View details
Freelance Lawyers
Category: Other | Location: All Melbourne VIC
· • Qualified lawyer with a strong academic background
View details
Mining deal puts firms on the map

Mining deal puts firms on the map

Pacitti Antonella

Three firms were involved in negotiating a contractor issue and capital raising for Atlas Iron Ltd in response to falling iron ore prices.

Firms: Ashurst (Atlas), Herbert Smith Freehills and Johnson Winter & Slattery (McAleese Ltd)

Deal: Atlas introduced a low-cost supply arrangement with key contractors and a capital raising proposal for $150 million.

Value: $180m

Area: Finance

Key players: Ashurst partners from the corporate team were Antonella Pacitti (pictured), Roger Davies and Adam Conway. Restructuring specialist James Marshall and disputes specialist Lucas Wilk also assisted.

Deal significance: Following the drop in iron ore prices, Atlas announced it would progressively suspend its mining operations and requested a voluntary suspension of quotations on its shares.

On April 30, Atlas announced mining would continue at certain locations after the contractor collaboration agreement and capital structuring proposal were formulated.

Under the contractor collaboration agreement, contractors have agreed to a lower rate structure for two years but will receive an uplift once the price of iron ore rises and a total of 25 per cent of applicable positive net operating cash flows.

Moreover, each of the key contracts has agreed to subscribe for Atlas securities worth $23 million in aggregate. Additional contractors are expected to subscribe for securities under the contractor issue, to a value up to $7 million.

Under the capital raising proposal, Atlas will place shares of up to $50 million to retail and institutional investors. The company will also make a shareholder participation offer to shareholders to raise up to $100 million.

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

Mining deal puts firms on the map
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
Oct 20 2017
Podcast: One of law’s most infamous alumni – in conversation with Julian Morrow
In this episode of The Lawyers Weekly Show, Melissa Coade is joined by The Chaser’s Julian Morrow....
Oct 20 2017
High Court overturns ‘excessive’ anti-protest legislation
Bob Brown’s recent victory in the High Court over the Tasmanian government was a win for fundament...
Oct 20 2017
Changes to Australian citizenship laws blocked
Attempts to beef up the requirements to obtain Australian citizenship were thwarted this week, after...
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'...
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...
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 & ...