Thomson Geer advises Cassini Resources on its acquisition by OZ Minerals and Caspin Resources on its demerger and initial public offering

26 November 2020

News

Thomson Geer has advised base and precious metals developer and explorer, Cassini Resources Limited (Cassini) in relation to a scheme of arrangement in which it was acquired by OZ Minerals Limited (OZ Minerals).

This significant acquisition by OZ Minerals was valued at an enterprise value of A$76 million for Cassini shareholders.

Implemented on 5 October 2020, the acquisition of Cassini by OZ Minerals also involved a simultaneous demerger of its Yarawindah Brook and Mount Squires assets via an in-specie distribution of shares in a wholly owned subsidiary of Cassini, Caspin Resources Limited (Caspin Resources).

Yesterday, Caspin Resources commenced trading on ASX, with its shares closing at $0.46, a 130% premium to its initial public offering price of $0.20.

Thomson Geer Partner Scott Gibson said, “It was a pleasure to work in partnership with Cassini and its shareholders to complete this transaction. We are also thrilled for Caspin Resources and its shareholders in relation to Caspin’s exciting debut on the ASX”.

The Thomson Geer team on the acquisition and demerger schemes of arrangement was jointly lead by Partners, Scott Gibson and Michael Ng, and Senior Associate, Christopher Seotis. Scott Gibson and Special Counsel, Cameron Bill, led the initial public offering of Caspin Resources, with assistance from Graduate Lawyer, Ryan Gava.