Cattaneo advises on Malaysian deal
Cattaneo LLP, the Birmingham based corporate finance advisor, has started 2015 by advising Riverview Rubber Estates Berhad in Malaysia on its takeover offer for the Narborough Plantations PLC.
Riverview is a plantation company with a 75 year history and is listed on the main market of the Bursa Malaysia. Riverview’s main operations comprise four wholly-owned freehold palm oil plantations covering 1,784.20 hectares and a 9.31 hectare leasehold plantation, all in Perak, Malaysia.
Narborough, was admitted to Listing on the London Stock Exchange in April 1948, and has its Ordinary Shares and Preference Shares listed on the London Stock Exchange’s Main Market. Its principal activity consists of the cultivation of oil palm trees from an estate, in Sungkai, Perak Darul Ridzuan, Malaysia, comprising approximately 564 hectares. The oil palm tree is a perennial crop which starts yielding palm fruits for oil about three years after planting and has a continual productive lifespan of 25 – 30 years.
Riverview already owned a 49% stake in Narborough and got the opportunity in early December to buy a further c26% from a shareholder to take its stake in Narborough to over 75%. Narborough’s shares are listed on the London Stock Exchange and under the rules of the UK Takeover Code the acquisition triggered the requirement for Riverview to make a mandatory offer for the balance of the shares in Narborough. The offer values Narborough at £17m.
Commenting, Charles Cattaneo said:
“We are delighted to be able to start 2015 with this transaction which is yet another example of how Midlands based advisers can advise on the full range of cross border transactions. Advising Riverview had a number of complexities not least the fact that the offer for Narborough has had to be made in both pounds sterling and Ringgit Malaysia”.
A number of local advisers worked on the transaction including Cattaneo, Hill Hofstetter and Shakespeares. Riverview was advised by Charles Cattaneo and Ian Stanway of Cattaneo, Zanna Patchett and Phoebe Matthews from Hill Hofstetter providing legal advice. Narborough was advised by David Stevenson at Shakespeares in Birmingham and EGR Broking in London provided financial advice.