Company Briefs: Golden Energy and Resources

Golden Energy and Resources

Singapore-listed Golden Energy and Resources (Gear) is leading deals worth up to A$249 million (S$250 million) to acquire Australia-listed Stanmore Coal.

Coal producer Gear is acquiring a 19.9 per cent stake in coking-coal-focused Stanmore for A$47.6 million in cash, with plans to eventually transfer that interest to a 51 per cent joint venture that is offering up to A$201 million for all the remaining shares of Stanmore.

The offer by joint venture Golden Investments (Australia), which Gear has set up with Ascend Global Investment Fund, is pegged at 95 Australian cents per Stanmore share. After the offer closes, Golden Investments will acquire Gear's 19.9 per cent Stanmore stake for a number of Golden Investments shares equal to the cash amount that Gear paid for the Stanmore shares. Gear is acquiring the Stanmore shares from Greatgroup Investments, Stanmore's largest shareholder.

The volume weighted average price of Stanmore Coal's shares for all trades done on Nov 16 - the last full day of trading before the announcement - was approximately 85.97 Australian cents per share.

Gear and Ascend Global have agreed to fund Golden Investments' bid by subscribing for additional Golden Investments shares. Gear has agreed to subscribe for shares totalling up to A$79.25 million, while Ascend Global will subscribe for up to A$121.88 million of shares only if Golden Investments is able to obtain control of at least 51 per cent of Stanmore.

Deloitte Legal

Deloitte Legal has added a Singapore legal practice to its network of over 2,400 legal professionals in more than 80 countries.

Deloitte Legal in a media statement yesterday announced its latest addition to its network - Sabara Law. The practice's focus is on fields that are adjacent and complementary to Deloitte's international multidisciplinary teams, advising clients in data protection, financial services regulatory and commercial law; mergers and acquisitions; employment law and legal management consulting.

Sabara Law will also work with Deloitte Legal International, a licensed foreign law practice unveiled in August providing full international legal services using Singapore as a regional hub to serve clients in South-east Asia.

Sabara Law managing director Yeoh Lian Chuan has over 24 years of experience and has also worked at the Monetary Authority of Singapore previously.

A version of this article appeared in the print edition of The Straits Times on November 20, 2018, with the headline 'Company Briefs'. Print Edition | Subscribe