Perth, 28 June 2021: Clayton Utz has advised Indonesian integrated energy company PT Indika Energy TBK (Indika) on its proposal to move to full ownership of ASX-listed Nusantara Resources Limited (Nusantara) by way of scheme of arrangement.
Perth-based Corporate partner Liz Humphry and lawyer Georgia Denny led the firm's team, with key support from lawyers Sam Pullin and Tess Dillon.
Under the scheme, Indika will pay $0.35 cash per Nusantara share, valuing Nusantara at approximately AUD$80 million. The scheme is subject to a number of conditions, including approval by Nusantara shareholders at a general meeting expected to be held in September this year.
Indika and Nusantara are joint venture partners in the Awak Mas Gold Project located in Sulawesi, Indonesia. Indika's move to wholly acquire Nusantara is part of Indika's strategy to diversify its operations, which consist primarily of providing energy resources, services and infrastructure.
Commenting on the firm's role on the transaction, Liz said:
We have supported Indika since its initial investment into Nusantara in 2018. It's fantastic to continue to work with the Indika team to realise the true value and potential of the Awak Mas Project. This transaction is further evidence of the busy M&A market we are experiencing following 2020, particularly looking at consolidation in a number of commodities, including gold.