Squire Patton Boggs has acted for Pindan Group Pty Ltd (Pindan) in a restructure involving the acquisition by Oxley Holdings Pte Ltd (Oxley: SGX-ST: 5UX) of all the shares in Pindan, through a combination of a share buyback by Pindan and share transfer to Oxley from co-founders George Allingame and David Pringle, who have announced their retirements.
The restructure involved Oxley increasing its 40% stake in Pindan, which it acquired in 2016, to 100%, in return for a settlement of some legacy issues. This new shareholding, coupled with a revitalised management team, is expected to allow Pindan to focus on its core competencies moving forward and to bring a renewed strength.
According to Oxley, Pindan Group had a net tangible asset value of AU$25.8 million, based on its unaudited financial statements as at 30 June 2019, and ASIC records indicate its revenue was AU$318.6 million in the 2017-18 financial year.
The Squire Patton Boggs legal team led by Simon Rear (partner) and Fiona Ellett (of counsel) also included Bruno Di Girolami (partner), Dominique Hartfield (of counsel), Louise Boyce (tax counsel), Natalie Cosh (senior associate) and Isabella Mosole (law graduate).
Simon Rear commented: “This transaction marks a very important milestone for the continued success of Pindan and we look forward to watching its ongoing development as one of Western Australia’s largest construction companies.”
Steinepreis Paganin acted for Oxley and Taylor & Taylor acted for the retiring co-founders.