DLA Piper Australia has acted for Auvex Resources on ASX-listed Mineral Resources Limited’s acquisition of Auvex via a scheme of arrangement, in a deal worth approximately AU$54 million.
DLA Piper advised Auvex on its scheme of arrangement in the Federal Court as well as its demerger to separate Auvex Resources companies that were not being acquired by Mineral Resources Ltd.
The DLA Piper team was led by Melbourne-based corporate partner Dr Gerry Bean with Perth-based finance partner Alex Jones, special counsel David Shaw, solicitors Matthew Jan, Joshua Heard and senior associate Philip Broderick.
Dr Gerry Bean says: “It has been a pleasure to work with the Auvex team. Our multi-office and multi-disciplinary team is pleased to have been able to support Auvex throughout this significant deal.”
Under the scheme, approved by the Federal Court on 20 July 2011, Mineral Resources Limited issues 4,500,000 fully paid ordinary shares in MRL to the shareholders of Auvex, in exchange for the transfer of their Auvex shares. Auvex owns 50% of the Mesa Joint Venture with Mesa Minerals Limited (ASX:MAS; Mesa), the owner and operator of the Ant Hill and Sunday Hill manganese deposits in the Pilbara region of WA.
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