Rare relisting involves MinterEllison

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MinterEllison is continuing its work for one of its international clients, this time guiding the company in a rare relisting on the ASX.

The firm is the legal counsel of POSCO on the IPO of Jupiter Mines. With a 17% stake, POSCO, a multinational steelmaker based in South Korea, is the second largest shareholder of Jupiter. The company delisted from the ASX in 2014.

A minimum of 500 million and a maximum of 600 million shares are being offered in the $240m capital raise, MinterEllison said.

“This transaction is a rare relisting in the context of there being no controlling shareholder, but rather a group of eight 'big' minor shareholders,” said MinterEllison partner Tom Shon. “Therefore, this structure required many months of complex negotiations between the parties to agree on terms of the relisting, all within the desired IPO window.”

MinterEllison has previously acted for POSCO on a number of major transactions, including its sale of its stake in Sandfire Resources, its $35m sale of its interests in Integra Coal Joint Venture to Vale and the subsequent full divestment to Glencore, and the sale of its minority interest in the Carborough Downs Joint Venture to Fitzroy.

The firm has also acted as independent adviser to POSCO Australia on its $159.2m stake acquisition in Pilbara Minerals.

Shon led the MinterEllison team, which also included senior associate Michael Scarf, associate Sophia Bai, and graduate Rosie Connolly.

 

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