McCullough Robertson acts in the acquisition of G&S Engineering Services by Calibre

McCullough Robertson acts in the acquisition of G&S Engineering Services by Calibre

McCullough Robertson has advised shareholders of leading Queensland based provider of operations, maintenance, and asset management services to the coal sector G&S Engineering Services Pty Ltd (G&S) in relation to the selling of their shares as part of Calibre Group Limited’s (ASX: CGH) acquisition of the company.

Our role involved providing initial structuring advice with G&S holding several properties that did not form part of the share sale. We also negotiated and drafted the share sale agreement as well as land contracts and leases.

Calibre will acquire 100% of the shares in G&S for the following consideration:

  • an initial cash and scrip payment, payable on completion, of approximately:
    • $39.2 million cash, and
    • 14.2 million CGH shares
  • assumption of G&S’s existing debt, and
  • a final deferred acquisition payment which is payable on the achievement of certain FY2013 financial performance milestones by G&S and is anticipated to be approximately $18 million, with a floor of $11 million.

McCullough Robertson has acted for G&S, which is headquartered in Mackay, since 2005. In 2011/12 the company achieved revenue of $279 million.

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