The $393m scheme of arrangement deal will see MACH pick up all remaining Rex Minerals shares
Rex Minerals has tapped Baker McKenzie as its legal advisor in relation to the sale of its remaining shares to MACH Metals Australia Pty Ltd.
Under the scheme implementation deed entered into by both companies, MACH will acquire all of Rex Minerals’ shares through a scheme of arrangement. Each share has a cash consideration of $0.47.
Rex Minerals manages the Hillside copper-gold development project in South Australia as well as the Hog Ranch gold project in Nevada.
“The transaction provides certainty of value and a significant premium representing a 98% uplift relative to Rex’s 90-day VWAP, as well as the opportunity for Rex shareholders to realise their investment at a 10-year historical share price high”, Rex Minerals CEO and managing director Richard Laufmann said. “This transaction also represents a more certain outcome for wider stakeholders in Hillside, including the local community, the South Australian Government and Rex employees who will benefit from the significant financial strength and proven track record of MACH to deliver the successful development of Hillside”.
The Baker McKenzie team that worked on this deal was led by partners Richard Lustig and Rick Troiano, who received support from corporate associate Yini Chong and other lawyers on the team. Providing financial advice to Rex Minerals is Macquarie Capital.
“It has been a fulfilling journey for us as legal advisers to have assisted with the IPO of Rex Minerals in 2007, helping it since then progress towards development of the Hillside Copper Gold Project and in various other respects, and to now see it being purchased in its entirety in a board recommended transaction”, Lustig and Troiano said.
Three new partners elevated
Baker McKenzie also elevated three to partner in its Australian offices recently.
Janet Cho (tax, Sydney), Lizzie Lu (M&A, Sydney) and Andrew Prowse (dispute resolution, Melbourne) officially joined the partnership on 1 July as part of a massive promotions cycle that saw 66 lawyers make partner across the firm’s global branches. The round also saw Sydney lawyers Kathleen Jeremy, Daniel McGuinness and Alexandra Stead become special counsels.
The firm also elevated 12 to senior associates.
