Perth, 25 May 2018: Clayton Utz congratulates its client Tox Free Solutions Limited (ASX: TOX) on the successful implementation of its scheme of arrangement today with Cleanaway Waste Management Limited (ASX: CWY).
Corporate partner Mark Paganin and senior associate Stephen Neale led the firm's team, with key support from lawyer Ben Depiazzi. Partner Cameron Belyea and lawyer Alex Snell led the court aspects of the scheme process.
The total consideration valued Toxfree's fully diluted equity at approximately $670 million and implied an enterprise value of $830 million. Toxfree shareholders today received $2.845 cash for each Toxfree share, having already received a fully franked special dividend of $0.58 per Toxfree share.
Toxfree is one of the leading industrial services and waste management businesses in Australia. It was incorporated in 1993 and listed on the ASX from the time of its 2000 initial public offering until de-listing, which is expected to occur shortly given the scheme's implementation.
Clayton Utz has acted as legal adviser to Toxfree since 2011.