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ASX-listed entity to redomicile to Canada
Drilling services company Boart Longyear Limited will move to British Columbia has part of its restructuring support agreement entered into with key creditors.
Jerome Doraisamy
Firms: Ashurst (Boart Longyear Limited (BLY)), Strikeman Elliot LLP (Canadian legal advisers for BLY), Robinson Bradshaw (US legal advisers for BLY).
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Deal: Subject to shareholder and regulatory approval, BLY will redomicile to British Columbia, Canada by way of a scheme of arrangement.
Area: Corporate, RSSG, Tax
Value: N/A
Key players: The Ashurst team was led by partner Sarah Dulhunty. She was supported by senior associate Scott Lai, lawyers Rory McLeod, Lee-Anne Yeo, Ben Lyttle and Sarah Yang.
Ms Dulhunty was also aided by partners James Marshall, Camilla Clemente and Peter McCullough as well as lawyer Sammuel Dobbie-Smitham on the RRSG and tax considerations respectively.
Deal significance: If the scheme is implemented, Boart Canada will acquire all the ordinary shares in BLY and eligible BLY shareholders will receive the same proportionate interests in Boart Canada as they currently have in BLY, the firm said.
Boart Canada will, in addition, effectively replace BLY as the listed entity on the ASX.
