find the latest legal job
Senior Associate - Competition, Policy & Regulatory
Category: Other | Location: Sydney CBD, Inner West & Eastern Suburbs Sydney NSW
· Work with a well regarded Partner · Sydney CBD
View details
Commercial Litigation Senior Associate
Category: Litigation and Dispute Resolution | Location: Sydney CBD, Inner West & Eastern Suburbs Sydney NSW
· Lawyers Weekly Australia Partner of the Year 2016, Insolvency
View details
MULTIPLEX Regional Legal Counsel (Vic) | 7 to 10 years + PQE
Category: Generalists - In House | Location: Melbourne CBD & Inner Suburbs Melbourne VIC
· Career defining in-house role · Tier One international contractor
View details
Junior Lawyer - Personal Injury Law
Category: Personal Injury Law | Location: Parramatta & Western Suburbs Sydney NSW
· Highly specialized practice · Challenging role with great opportunities
View details
IR Advisor/Member Advocate
Category: Industrial Relations and Employment Law | Location: St Leonards NSW 2065
· Permanent (0.8-1.0 FTE) role in a developing team
View details
Piper Alderman rides Beach break

Piper Alderman rides Beach break

PIPER ALDERMAN has helped to “break” through the structure controlling the oil and gas interests in the Cooper Basin, and allow Beach Petroleum to acquire an average 22 per cent…

PIPER ALDERMAN has helped to “break” through the structure controlling the oil and gas interests in the Cooper Basin, and allow Beach Petroleum to acquire an average 22 per cent interest in the assets.

The law firm said it appeared impossible to give value to “note holders” of FIELD, a listed hybrid instrument over the gas and oil interests in the Cooper Basin — straddling north-east South Australia and south-west Queensland — without using a scheme of arrangement.

“There was a structure put in place by a couple of entrepreneurs about three years ago to hold these oil and gas assets and have public investment in these assets through an interest called a field note,” said Piper Alderman managing partner Gordon Grieve.

“The trick for us, and our instructions were, to find a way for Beach to be able to buy the assets without going down a scheme of arrangement route.”

Beach Petroleum had been interested in the Cooper Basin Joint Venture Assets for some time, but its search for another method other than a scheme of arrangement became more urgent when Santos made a bid for the same assets earlier this year.

Grieve said the approach his firm devised, together with corporate advisers Adelaide Equity, enabled Beach Petroleum to lock up the assets without making any public announcement, which would have allowed Santos to make a counter bid.

The solution took into account debt, equity, structural and transactional issues.

He said the Piper Alderman lawyers had been looking at ways to purchase the asset for a couple of months, but “the pressure was on due to certain commercial considerations” from about two weeks ago.

A team then worked on the new legal approach and the bid for seven days until last Wednesday.

“The complex structure in which the assets were held and the incredibly tight timeframes for completion of the deal meant that Piper Alderman’s strategic advice had to be highly innovative and proactive,” said corporate partner Robert Postema.

As well as Grieve and Postema, the key partners working on the deal were Ros Persaud, dispute resolution in Sydney, Craig Wappett, corporate partner in Brisbane, and Owen Keen and James Dickson, both corporate partners in Adelaide.

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

Piper Alderman rides Beach break
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
Two businessman, growth
Sep 19 2017
Aus catching up on international arbitration front
Australia is starting to see a spike in international arbitration with this set to continue over the...
Prison
Sep 19 2017
Manson family killer suffered ‘miscarriage of justice’: former lawyer
A retired Australian barrister has published a book on the Manson Family murders of 1969 and called ...
Belinda Lonsdale, WA
Sep 18 2017
New judicial appointments welcomed in WA
The Law Society of Western Australia has congratulated Belinda Lonsdale on her appointment to the di...
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 & ...