International legal practice Norton Rose Group has advised Allied Gold Mining Plc on its merger with gold producer St Barbara Limited. The deal sees the creation of a combined group with a market capitalisation of approximately AU$1 billion.
Under the terms of the recommended offer, St Barbara will acquire the entire issued and to be issued ordinary share capital of Allied Gold for AU$1.025 in cash and 0.8 St Barbara shares for each Allied Gold share. The deal values Allied Gold at AU$556 million.
The merger means Allied Gold becomes a wholly owned subsidiary of St. Barbara, with current St Barbara shareholders owning 67% and Allied Gold shareholders owning 33%, of the new group.
The Norton Rose Group team brought together lawyers from the Group’s London, Canada and Australia offices. The London team was led by corporate partners Raj Karia and Paul Whitelock, with assistance from corporate associates Fiona Millington, Emma Howes, Brian Butterwick, Christopher McCarthy and incentives partner Monique Fry. The Canadian team from Toronto was led by partner Pierre Dagenais, with assistance from corporate associate Bruce Sheiner. The Australian team was led from Perth by partner Liz Allnutt and senior associate Sarah Lilly.
Norton Rose Group also advised Allied Gold Mining on its restructuring and listing on the main market of the London (LSE), Australian (ASX) and Toronto (TSX) stock exchanges last year.
Raj Karia, corporate partner at Norton Rose Group, commented:
“This deal represents a major step for the companies involved and for the wider gold mining market. The combined group will be a c.435,000 ounce gold producer, with a development profile spanning exploration to gold production, and the resources to expand further.
“It’s particularly pleasing for us to be able to take Allied Gold through this next stage in its development following its triple listing last year. With our presence in London, Australia and Canada, we’ve been able to put together a team for Allied Gold that has helped them through a period of great change.”
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