Perth, 23 October 2019: Clayton Utz has advised Perth-based wealth and stockbroking firm Patersons Securities Limited (Patersons) on its $25 million merger with Canaccord Financial Group (Australia) Pty Ltd (Canaccord) via scheme of arrangement.
Corporate partner Mark Paganin and Special Counsel Stephen Neale led the firm's team, with key support from lawyers Benjamin Depiazzi and Matthew Johns. Partner Cameron Belyea and lawyer James Sprivulis led the court approval aspects of the transaction.
Under the scheme, Patersons shareholders received $0.2205 cash per share, with an additional payment of $0.015 per share escrowed for two years.
Founded in 1903, Patersons is one of Australia's best known financial services firms, with over $13 billion in funds under management. Canaccord is a subsidiary of TSX-listed Canaccord Genuity Group Inc., an independent investment bank with offices in North America, the United Kingdom and Europe, Asia and the Middle East.
The merger creates one of Australia's leading capital markets, stockbroking and wealth management businesses, with over 100 advisers and $15 billion in funds under advice.