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Deals 1 April 2005

Deals 1 April 2005

Independent solicitor Philip Penman acted for Grand United, an alternative health fund provider, on its recent merger with Australian Unity Limited. The merger proceeded under a court-approved…

Independent solicitor Philip Penman acted for Grand United, an alternative health fund provider, on its recent merger with Australian Unity Limited. The merger proceeded under a court-approved scheme of arrangement by which Australian Unity (a mutual company) became the only corporate member of Grand United (also a mutual), at the same time that all Grand United’s members became members of Australian Unity.

Macquarie Bank brought excitement to the otherwise routine transaction when it made a bid for Grand United and tried to obtain a list of the fund’s members. Its application to the Supreme Court of Victoria was refused and the decision was not contested. Norton Gledhill acted for both Australian Unity and Grand United on the merger and scheme of arrangement and Freehills acted for Macquarie Bank.

Bell Gully acted for Denver-based TQ3 Navigant, North America’s second largest travel management business, on its acquisition of the company assets of Australasian corporate travel provider, Synergi. Bell Gully’s team coordinated the acquisition of assets in both NZ and Australia. Freehills advised Navigant on the Australian law aspects of the deal. Melbourne-based partner Selina Lightfoot led the Freehills team.Corporate partner James Gibson led the Bell Gully team, assisted by senior associate Andrew Petersen, while partner David Simcock advised on the tax aspects of the acquisition.

Hunt and Humphry provided native title advice to Westralian Gas and Power, and Deacons carried out the due diligence in the lead up to the company’s recent listing on the Australian Stock Exchange. The IPO closed on time and oversubscribed, and raised more than the $4 million target. It’s first day of trading opened strongly last Monday before slipping back to 24 cents, below its issue price of 25 cents.

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