find the latest legal job
Banking Associate - 1-6PQE - Allen & Overy
Category: Banking and Finance Law | Location: United Kingdom
· Banking Associate - 1-6 PQE - Allen & Overy
View details
Academic Dean and Head of School of the TC Beirne School of Law
Category: Other | Location: Brisbane QLD 4000
· An outstanding opportunity · Provide educational, research and organisational leadership
View details
Senior Property Lawyer I Commercial Litigator
Category: Property Law | Location: Arncliffe NSW 2205
· Rapidly growing law firm, working with a highly experienced team in a high growth industry across all areas of property and strata law
View details
Senior Property Lawyer I Commercial Litigator
Category: Property Law | Location: All Sydney NSW
· Rapidly growing law firm, working with a highly experienced team in a high growth industry across all areas of property and strata law
View details
Senior Property Lawyer I Commercial Litigator
Category: Property Law | Location: Sydney NSW 2000
· Rapidly growing law firm, working with a highly experienced team in a high growth industry across all areas of property and strata law
View details
Three firms move on major coal acquisition

Three firms move on major coal acquisition

Minter Ellison has advised Gloucester Coal Ltd (Gloucester) on its proposed acquisition of 100 per cent interest in Donaldson Coal Holdings Limited (Donaldson) and Ellemby Holdings Pty Limited…

Minter Ellison has advised Gloucester Coal Ltd (Gloucester) on its proposed acquisition of 100 per cent interest in Donaldson Coal Holdings Limited (Donaldson) and Ellemby Holdings Pty Limited (Monash). Both are subject to shareholder approval. This is expected to create a leading Australian coal company, with expected market capitalisation of approximately $2 billion.

The proposed Donaldson acquisition is linked with the proposed Monash acquisition, subject to conditions including shareholder approval, sourcing of new debt facilities and FIRB approval.

Gloucester has entered into the agreement with Noble Resources Australia Pty Ltd (Noble), advised by Clayton Utz, Gloucester's largest shareholder, for 100 per cent interest in Donaldson.

Donaldson owns one open cut and two underground mines producing thermal coal and semi-soft coking coal. This includes the 11.6 per cent founding shareholding in NCIG Holdings Pty Limited, a new coal export terminal at the Port of Newcastle. Gloucester will acquire Donaldson for an enterprise value of $585 million, comprising $360 million in new Gloucester shares and $225 million in debt.

The Monash acquisition is under an agreement with shareholders of Ellemby Holdings Pty Limited (Ellemby). It is a deal for 100 per cent of the Monash entities with a base purchase price of $30 million payable in cash to Ellemby shareholders. The Monash acquisition is a prospective large semi-soft coking and thermal coal development opportunity, with Monash owning two exploration licenses.

To fund the cash consideration for these acquisitions, Gloucester is in the process of completing an equity raising of approximately $230 million, through a fully underwritten 2 for 11 non-renounceable accelerated pro-rata Entitlement offer.

The Entitlement Offer comprises $218 million underwritten institutional component and $12 million underwritten retail component. The institutional component was successfully completed on 17 May 2011. The offer price for the equity raising is $9.00 per share.

The Minter Ellison team included partners John Steven, Bart Oude-Vrielink, James Hutton, Simon Scott, Simon Ball, Sam MacGibbon, Adrian Varrasso and John Riley.

"This was an extremely complex transaction requiring intensive contributions over an extended time frame from multiple Minter Ellison interstate and overseas offices. Various work streams, extending across different divisions, included corporate, capital markets, finance, resources, infrastructure and tax specialists within the firm," said Oude-Vrielink.

Freehills acted for the underwriters in the capital raising.

Like this story? Read more:

Book commemorates diamond milestone for WA law society

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

Three firms move on major coal acquisition
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
Gavel, legal book, criminal lawyers
Jan 19 2018
Three criminal lawyers named NSW magistrates
The NSW Attorney-General has announced the appointment of three new local court magistrates. ...
Warning
Jan 18 2018
Lawyer highlights ‘unintended consequences’ on SSM estate planning
A succession lawyer has warned that the right for same-sex couples to legally marry could have a sub...
drug rehabilitation services available in rural and remote communities
Jan 18 2018
ALS survey shines spotlight on insufficient rehabilitation services
A new survey posted by the Aboriginal Legal Service (NSW/ACT) has revealed an alarming insight into ...
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 & ...