HopgoodGanim is pleased to have advised Kangaroo Resources Limited on its Scheme of arrangement, approved on 3 December 2018, by Justice Vaughan of the Supreme Court of Western Australia. The Court made orders approving the Scheme which will now result in PT Bayan Resources Tbk paying consideration to Kangaroo Resources shareholders to acquire the remaining approximately 44% in Kangaroo Resources that it does not presently own.
Justice Vaughan’s orders follow approval last week of the Scheme by Kangaroo Resources shareholders (excluding PT Bayan and associated entities) by 99% in value and 98% in number of shareholders who voted on the Scheme.
Kangaroo Resources is an ASX-listed coal mining venture with significant assets in the coal-rich Indonesian province of East Kalimantan. The Scheme will facilitate the merger of PT Bayan and Kangaroo Resources and the consolidation and expansion of PT Bayan’s significant coal mining operations in Indonesia.
HopgoodGanim are pleased to have advised Kangaroo Resources on the Scheme which is scheduled to complete implementation on 11 December 2018. HopgoodGanim Partner Robyn Ferguson acted on this matter with support from Solicitor, Callum Twigger and Law Graduate, Gwynette Govardhan.