find the latest legal job
Corporate Counsel and Company Secretary
Category: Generalists - In House | Location: Newcastle, Maitland & Hunter NSW
· Highly-respected, innovative and entrepreneurial Not-for-Profit · Competency based Board
View details
Chief Counsel and Company Secretary
Category: Generalists - In House | Location: Newcastle, Maitland & Hunter NSW
· Dynamic, high growth organisation · ASX listed market leader
View details
In-house Projects Lawyer | Renewables / Solar | 2-5 Years PQE
Category: Generalists - In House | Location: All Australia
· Help design the future · NASDAQ Listed
View details
Insurance Lawyer (3-5 PAE)
Category: Insurance and Superannuation Law | Location: Brisbane CBD & Inner Suburbs Brisbane QLD
· Dynamic organisation ·
View details
In-house lawyer 1-4 PAE
Category: Generalists - In House | Location: Adelaide SA 5000
· Leading Brand · Report to a Dynamic Legal Counsel
View details
Minters acts on cross-border demerger

Minters acts on cross-border demerger

Minter Ellison has acted for Mineral Deposits on a demerger following an announcement in August this year that the business intended to separate its two core assets, namely the Sabodala gold…

Minter Ellison has acted for Mineral Deposits on a demerger following an announcement in August this year that the business intended to separate its two core assets, namely the Sabodala gold project and the Grande Côte mineral sands project.

Under the arrangement, the Sabodala gold project will be transferred to a new Canadian company, Teranga Gold, to be dual-listed on the Toronto Stock Exchange (TSX) and ASX.

The demerger involved the transfer of the Sabodala gold assets in Senegal in consideration for the issue of new shares in Teranga and the payment of deferred cash consideration to Mineral Deposits, with not less than 80 per cent of the shares in Teranga held by Mineral Deposits to be distributed in specie to Mineral Deposits' shareholders.

The demerger, which required the approval of Mineral Deposits' shareholders, was completed in November 2010, with the in specie distribution of Teranga Gold shares to Mineral Deposits' shareholders (and a consolidation of their Mineral Deposits shares) occurring in early December 2010.

Teranga Gold undertook concurrent IPOs in Canada and Australia as part of its proposal to dual-list on the TSX and ASX. The IPOs were fully subscribed and Teranga Gold listed on TSX on 7 December 2010 and ASX on 10 December 2010.

The lead partner on the deal was Marcus Best, who was assisted by David and Adrian Varrasso.

Canadian firm Stikeman Elliott LLP advised Mineral Deposits and Teranga Gold on Canadian legal matters pertaining to the Mineral Deposits demerger and the Canadian IPO and listing of Teranga Gold on the TSX.

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

Minters acts on cross-border demerger
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
Unite
Aug 22 2017
Professionals unite in support of marriage equality
The presidents of representative bodies for solicitors, barristers and doctors in NSW have come toge...
Aug 21 2017
Is your firm on the right track for gig economy gains?
Promoted by Crowd & Co. The way we do business, where we work, how we engage with workers, ev...
Scales of Justice, Victorian County Court, retiring judges
Aug 21 2017
Replacements named for retired Vic judges
Two new judicial officers have been appointed in the Victorian County Court, following the retire...
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 & ...