Hamilton Locke advised New World Resources Limited (ASX:NWC) on competing takeover bids from Central Asia Metals Plc (LON:CAML) and Kinterra Capital.
New World is an Australian, ASX listed exploration and development company. Its flagship Antler Copper Project is located in Arizona, USA.
An auction for control of New World started in May 2025 with a scheme of arrangement proposal being agreed with CAML, and from there it quickly developed into a series of increasing takeover bids from Kinterra Capital and CAML. Following eight bid increases in total from both bidders, Kinterra Capital emerged as the successful bidder with a recommended bid valuing New World at around $250 million.
Hamilton Locke also acted for New World on three applications to the Takeovers Panel during the course of the transaction.
Under the terms of the Kinterra bid, New World shareholders will receive cash of $0.067 per share which represents a significant premium of 139% to New World’s 30-day VWAP before the CAML scheme proposal was announced and 235% to the issue price of New World’s March 2025 capital raise, on which Hamilton Locke also acted.
Commenting on the transaction, Hamilton Locke Partner Guy Sanderson said: “We are delighted to be advising New World on achieving a remarkable outcome for shareholders. We have enjoyed working with the New World team and Sternship Advisors on the transaction.”
The multi-disciplinary team at Hamilton Locke is being led by Corporate Partner Guy Sanderson who is closely supported by Senior Associate Palak Thaker, Lawyer Elena Martino and Law Graduate Archie Shrotriya. Litigation Partner Tim Grave and Senior Associate Hugh Farquhar led the Court process for the scheme of arrangement proposal. New World’s Australian financial adviser for the deal is Sternship Advisers.
