Baker McKenzie has successfully assisted Rex Minerals enter into a Scheme Implementation Deed with MACH Metals Australia Pty Ltd under which it is proposed that MACH will acquire all of the shares in Rex which it does not already own by way of a scheme of arrangement for cash consideration of AUD 0.47 per Rex share.

Rex has the Hillside copper-gold development project in South Australia and the Hog Ranch gold project in Nevada, US.

Baker McKenzie's lead partners on the transaction, Richard Lustig and Rick Troiano stated: “It has been a fulfilling journey for us as legal advisers to have assisted with the IPO of Rex Minerals in 2007, helping it since then progress towards development of the Hillside Copper Gold Project and in various other respects, and to now see it being purchased in its entirety in a board recommended transaction.”

The acquirer is fully owned by the Salim Group, Indonesia’s largest conglomerate. The Salim Group has a diverse portfolio of investments across manufacturing, food production and mining.

Richard and Rick are being assisted by corporate associate Yini Chong and other Baker McKenzie team members.

Macquarie Capital is acting as financial adviser to Rex.

Further commentary:

Commenting on today’s announcement, Rex’s Chief Executive Officer and Managing Director, Richard Laufmann, said: 

“The Transaction provides certainty of value and a significant premium representing a 98% uplift relative to Rex’s 90-day VWAP, as well as the opportunity for Rex shareholders to realise their investment at a 10-year historical share price high."

“This Transaction also represents a more certain outcome for wider stakeholders in Hillside, including the local community, the South Australian Government and Rex employees who will benefit from the significant financial strength and proven track record of MACH to deliver the successful development of Hillside."

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