Australia: Clayton Utz advising on scheme of arrangement with Simonds Group
Last Updated: 7 September 2016

Sydney, 2 September 2016: Clayton Utz is advising SR Residential Pty Ltd in respect of its entry into a Scheme Implementation Agreement with ASX-listed Simonds Group Limited (Simonds Group), announced on 31 August.

Under the agreement, SR Residential Pty Ltd, which is jointly controlled by associates of Roche Holdings Pty Ltd (Roche) and Simonds Family Office Pty Ltd (SFO), will acquire all of the outstanding shares in Simonds Group which are not already held by SFO via a scheme of arrangement.

Subject to shareholder approval, Court approvals and other conditions of the scheme being satisfied, the scheme is expected to be implemented by mid-November 2016.

If the scheme is approved, Simonds Group shareholders will receive cash consideration of $0.40 for each Simonds Group share, which implies an enterprise value of approximately $80 million.

Melbourne corporate partner John Brewster is leading the Clayton Utz team, with support from lawyer Sam Morrissy.

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