Funds and entities associated with CHAMP Private Equity have agreed to acquire a 33.2% stake in Miclyn Express Offshore from Macquarie Capital Group, for a total consideration of approximately A$199m ($207.33m).
The entities will in total acquire 92.4 million ordinary shares at A$2.15 ($2.22) a share, with up to a further A$0.10 ($0.103) per share, which will be payable upon certain earning milestones being achieved.
Miclyn Express Offshore said the board of directors would be restructured after the share sale agreement.
It will comprise of one representative from each of Headland and CHAMP, two existing independent non-executive directors, Neil Hamilton and George Venardos and managing director Diederik de Boer.
Miclyn Express Offshore said Neil Hamilton will remain chairman of the board of directors, and George Venardos will remain chair of the audit, risk management and safety committee.
The company also said that although it is listed on the Australian Stock Exchange, it was incorporated in Bermuda and therefore operates subject to Bermudan law.
It is therefore not subject to certain provisions of the Corporations Act 2001. Under the terms of Bermudan law, there is no equivalent prohibition on shareholders owning more than 20% of the shares in an entity.
Miclyn Express Offshore is a provider of service vessels to the expanding offshore oil and gas industry, while CHAMP is an independent buyout fund operating in Australasia.
Caption: CHAMP Private Equity aquired a stake in Miclyn Express Offshore from Macquarie Capital Group. Courtesy of: Christa Richert.