Squire Patton Boggs advised Pindan Group Pty Ltd on the deal. Steinepreis Paganin acted for Oxley and Taylor & Taylor acted for the retiring co-founders.
Oxley Holdings Pte Ltd (Oxley: SGX-ST: 5UX) executed the acquisition of all the shares in Pindan, through a combination of a share buyback by Pindan and share transfer to Oxley from co-founders George Allingame and David Pringle.
The restructure involved Oxley increasing its 40% stake in Pindan, which it acquired in 2016, to 100%, in return for a settlement of some legacy issues. This new shareholding, coupled with a revitalised management team, is expected to allow Pindan to focus on its core competencies moving forward and to bring a renewed strength.
Oxley Holdings Limited is a home-grown Singaporean property developer. The Company is principally engaged in the business of property development and property investment.
Pindan offers a comprehensive range of services including design and construction, capital raising, development management, asset management, project marketing and sales across multiple sectors.
According to Oxley, Pindan Group had a net tangible asset value of AU$25.8 million, based on its unaudited financial statements as at 30 June 2019, and ASIC records indicate its revenue was AU$318.6 million in the 2017-18 financial year.
The Squire Patton Boggs legal team was led by partner Simon Rear (Picture) and Fiona Ellett (of counsel) also included Bruno Di Girolami (partner), Dominique Hartfield (of counsel), Louise Boyce (tax counsel), Natalie Cosh (senior associate) and Isabella Mosole (law graduate).
Involved fees earner: Louise Boyce – Squire Patton Boggs; Natalie Cosh – Squire Patton Boggs; Bruno Di Girolami – Squire Patton Boggs; Fiona Ellett – Squire Patton Boggs; Dominique Hartfield – Squire Patton Boggs; Simon Rear – Squire Patton Boggs;
Law Firms: Squire Patton Boggs;
Clients: Pindan Group Pty Ltd;