HopgoodGanim Lawyers has advised ASX-listed Norton Gold Fields Limited (ASX: NGF) on its gold hedge buy out and associated litigation settlement with Lehman Brothers Commercial Corp., Inc.
The amount of the buy out totalled A$107 million.
According to HopgoodGanim Partner Michele Muscillo, who lead the team advising Norton Gold Fields, an agreement was signed between Lehman Brothers and Norton Gold Fields in July to terminate the hedge contract and settle the dispute after many months of negotiation.
"The parties have been working since July to satisfy the various conditions of the agreement to achieve this settlement. It was a truly international transaction, involving a number of parties and advisors in the USA, Singapore, Hong Kong, Beijing, Brisbane, Sydney and Perth.
"A large team from across HopgoodGanim, including specialists in corporate advisory, banking and finance, litigation and resources, worked together to advise on this transaction, which involved complex security and note structures.
"As a result of the transaction, Norton's production is now completely unhedged, with shareholders now having full exposure to the current gold price."
Contact:
Esther Cohen, Communications Advisor
Tel: 07 3024 0192
