NEW ZEALAND firm Bell Gully has advised St Laurence Mortgage Holdings Limited on the sale of 25 per cent of the shares in St Laurence Limited to Dorchester Pacific Limited.
The firm’s Wellington-based team of partner Mark Freeman, senior solicitor John Buick-Constable and solicitor Renee Lally acted for St Laurence in the sale. The transaction was valued at NZ$29.6 ($26.4) million.
St Laurence Mortgage Holdings was issued with new shares in Dorchester Pacific, representing 13 per cent of Dorchester Pacific, in part payment of the purchase price.
Included in the transaction, Dorchester Pacific has an option to acquire a further 25 per cent of St Laurence Limited. St Laurence Mortgage Holdings is able to acquire all of the shares in St Laurence Limited held by Dorchester Pacific if a change in control of Dorchester Pacific occurs.
The parties also negotiated and entered into a shareholders’ agreement in respect of St Laurence Limited.