Fladgate has advised AIM listed Tri-Star Resources on a series of related transactions designed to restructure the company’s balance sheet. These transactions include the conversion of £4.4m of loan notes into equity, a £9.1m placing, the application of £7.8m of the placing proceeds to the redemption of the balance of the company’s loan notes held by Odey and the conditional waiver of the obligation on Odey to make an offer under Rule 9 of the Takeover Code.
Tri-Star’s principal asset and focus of activities is its 40% interest in an Omani joint venture company that is developing an antimony roaster (OAR). Construction of the OAR has commenced on site and the first items of major equipment have started to arrive.
The Fladgate team was led by capital markets partner David Robinson assisted by corporate associate Zehra Kofturcu and corporate trainee solicitor Emily Comber.