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Minter Ellison advises on Tassie MyState merger
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Minter Ellison advises on Tassie MyState merger

Minter Ellison has advised on the creation MyState Limited, the result of a merger between MyState Financial Credit Union of Tasmania Limited and Tasmanian Perpetual Trustees Limited. The listed…

Minter Ellison has advised on the creation MyState Limited, the result of a merger between MyState Financial Credit Union of Tasmania Limited and Tasmanian Perpetual Trustees Limited. The listed entity has a market capitalisation of over $200 million, making it one of Tasmania's largest public companies.

Minters advised on all aspects of the complex transaction, including the demutualisation of MyState Financial, Tasmania's largest credit union and one of its leading ADIs and the merger of MyState Financial and Tasmanian Perpetual Trustees under an APRA-regulated Non-Operating Holding Company.

Legislative amendments to the Tasmanian Trustee Companies Act were required to facilitate the transaction, along with amendment of the approvals, relief, waivers or rulings by various regulators/Government bodies, including APRA, ACCC, ASIC, ASX, the Federal Treasury, the Tasmanian Attorney-General and the Tasmanian Revenue Office

The transaction has received approval from the Tasmanian Supreme Court.

Key Players:

Partner Jeremy Blackshaw Partner Tony Dhar

Minter Ellison represented MyState Financial on all aspects of the transaction, and also represented Tasmanian Perpetual Trustees in relation to the numerous regulatory approvals required. The lead partners were Tony Dhar (partner, Melbourne); Jeremy Blackshaw (partner, Melbourne)

Both MyState Financial Credit Union of Tasmania Limited and Tasmanian Perpetual Trustees Limited engaged local counsel to represent them in the Tasmanian court proceedings to approve the dual schemes of arrangement.

Dobson Mitchell Allport acted as Tasmanian counsel for Tasmanian Perpetual Trustees Ltd.

Abetz Curtis acted as Tasmanian counsel for MyState Financial.

Commentary:

"This complex transaction involved a demutualisation, merger, share issue and ASX listing, " lead partner Tony Dhar commented.

"Shares in MyState Limited were issued to more than 100,000 Tasmanians as a result of the demutualisation. That means that approximately 1 in 3 households in Tasmania received an allocation and now are shareholders in one of Tasmania's largest public companies.

"The team at Minter Ellison worked on this complex assignment for almost 18 months, and there was a real sense of achievement when the schemes of arrangement were finally implemented."

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