Ashurst has advised Clough Limited (Clough) on the fully underwritten sale of its 36% shareholding in Forge Group Limited (Forge), to raise gross proceeds of approximately A$187 million.
Clough entered into a Block Trade Agreement with Macquarie Capital (Australia) Limited (Macquarie) for the fully underwritten sale of its shares in Forge, at a price of A$6.05 per share.
Lead partner on the matter, Sarah Dulhunty, said: “It was a pleasure to work with Clough to help execute this transaction and to assist it in achieving its strategic objectives.”
Clough became a major shareholder in Forge in February 2010. In addition to its shareholding in Forge, Clough works with Forge through the Clough Forge Joint Venture which provides an integrated engineering, procurement and construction service to resource projects.
Clough intends to use the proceeds from the sale of the Forge shareholding to deliver shareholder value through strategic acquisitions and/or capital management initiatives.
The Ashurst team led by Sarah Dulhunty included partner Roger Davies, senior associate Stuart Napthali and lawyer Scott Lai.
