Allens has acted for Newcrest Mining Limited on the company's selldown of its stake in Evolution Mining Limited.
The selldown – known as a block trade – will see Newcrest retain a 14.9 per cent share of Evolution. The $106 million raised by the selldown will be used to repay debt.
The Allens team on the matter was led by Partner Richard Kriedemann.
Mr Kriedemann said block trades have become an increasingly common method to effect sales of substantial stakes without creating market disruption.
A block trade sees an order or trade organised through a bookbuild process, usually with underwriting support and outside of the open markets.
'The block trade process has the benefit of speed, and certainty of execution for the vendor via the underwriter. It avoids the potential adverse impacts on the issuer compared to selling down through ordinary trading.'
Allens legal team
Richard Kriedemann (Partner); Sean Cole (Senior Associate)
Notes for editors.
Allens is a commercial law firm working throughout Australia and Asia. Through its integrated alliance with Linklaters it provides clients access to 40 offices in 28 countries around the world.