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Three firms act on wine trust deal
Thomsons Lawyers is playing a key role in the proposed privatisation of Challenger Investment Limited's Challenger Wine Trust (CWT). Thomsons is acting for the intending acquirer of…
Lawyers Weekly
Thomsons Lawyers is playing a key role in the proposed privatisation of Challenger Investment Limited's Challenger Wine Trust (CWT).
Blake Dawson is acting for Challenger Investments Limited as the responsible entity for the CWT and Allens Arthur Robinson for Challenger Life Company Limited (CLC).
The proposed acquisition by CK Life Sciences is to be implemented by way of a Trust Scheme of Arrangement, requiring the approval of CWT Unit holders, with CLC proposing to retain its present 27 per cent holding in CWT.
If approved by CWT Unit holders (and subject to certain other regulatory conditions), CWT will ultimately be owned in a joint venture structure by CKLS as majority equity holder with CLC having retained its equity interest.
CWT is Australasia's second largest vineyard owner, investing in vineyards and other wine infrastructure assets. It owns and manages 21 vineyards, including two wineries across Australia and New Zealand. CWT leases the vineyards to wine companies.
The deal involved specialised competencies in the takeover provisions of the Corporations Act pertaining to companies and managed investment schemes; the ASX Listing Rules; and trust law and property issues across New South Wales, Victoria and South Australia.
