Ashurst advises on the re-domicile of Boart Longyear Limited

BLY has entered into a Scheme Implementation Agreement with Boart Canada, a newly incorporated company domiciled in British Columbia, Canada. If the Scheme is implemented, Boart Canada will acquire all the ordinary shares in BLY and eligible BLY shareholders will receive the same proportionate interests in Boart Canada as they currently have in BLY. Boart Canada will apply to be listed on the ASX and BLY will be delisted from the ASX. Boart Canada will effectively replace BLY as the listed entity on the ASX.

The re-domicile reflects BLY's commitment under the Restructuring Support Agreement entered into with its key creditors ('Supporting Creditors') in connection with the recapitalisation which completed in September 2017, under which BLY agreed to take all requisite steps to re-domicile to the US, Canada or the UK unless BLY determined, jointly with the Supporting Creditors, that a re-domicile would not be in the best interests of BLY. 

The team was led by partner Sarah Dulhunty (Corporate), and included senior associate Scott Lai, and lawyers Rory McLeod, Lee-Anne Yeo, Ben Lyttle, and Sarah Yang (Corporate); partners James Marshall and Camilla Clemente (RSSG); partner Peter McCullough and lawyer Sammuel Dobbie-Smitham (Tax).