Hamilton Locke advised Peel Mining Limited (ASX:PEX) on its proposed acquisition by Aeris Resources Limited (ASX:AIS), a leading Australian mid-tier copper and gold producer, by way of a scheme of arrangement. Peel shareholders will own 20.5% of Aeris after the share-for-share acquisition completes.
Further, as part of the transaction Peel will demerge its non-copper assets into a new holding company (NewCo) which will have its shares distributed pro rata to Peel shareholders. NewCo and its base and precious metals assets will then be listed on ASX, with its value supported by an underwritten capital raising.
The innovative transaction structure will deliver a combined value of Aeris shares and NewCo shares to Peel shareholders at a significant 46% premium to the closing Peel share price before announcement of the transaction.
Commenting on the transaction, Hamilton Locke Partner Guy Sanderson said: “We are delighted to be advising Peel Mining on achieving a remarkable outcome for shareholders, using a combination of corporate transaction structures to maximise value. We have enjoyed working with the Peel Mining team on the transaction, as well as joint financial advisers (and underwriters to the NewCo IPO) Euroz Hartleys and Sternship Advisors.”
The team at Hamilton Locke is being led by Corporate Partner Guy Sanderson who is closely supported by Senior Associate Palak Thaker, and Lawyer Archie Shrotriya.
