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Allens advises on proposed acquisition of AWE

21 December 2017

Allens is advising AWE Limited on its proposed acquisition by Mineral Resources Limited via a recommended scheme of arrangement, as well as its response to the takeover bid from China Energy Reserve and Chemical Group.

AWE is an ASX-listed company focused on upstream oil and gas opportunities, including the Waitsia Gas Project in which AWE has a 50 per cent interest and of which it is operator.

Under the deal with Mineral Resources, each AWE shareholder will receive a combination of cash and Mineral Resources shares (with price protection mechanisms), but will have the ability to elect to receive 100 per cent cash or 100 per cent scrip subject to possible scale-back.

Allens' Head of M&A Guy Alexander, who led the Allens team, said:

'We are pleased to be advising AWE on this deal, and on AWE's recent capital raising.

'The deal with Mineral Resources includes an innovative price protection mechanism, whereby AWE shareholders will receive a fixed value of Mineral Resources rather than a fixed change ratio, subject to a cap and collar based on the Mineral Resources share price prior to the scheme vote.

'The deal is expected to complete in the second quarter of 2018.'

Allens legal team Guy Alexander (Partner), Julian Donnan (Partner), Andrew Wong (Mergers & Acquisition Counsel), and Apoorva Suryaprakash (Senior Associate).

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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.