The Brief:
Pan African Resources is acquiring ASX-listed Emmerson Resources via scheme of arrangement at an implied A$0.45 per share.
Corrs acts for Pan African; Thomson Geer acts for Emmerson.
For years, Pan African Resources and Emmerson Resources were partners.
The two gold companies shared the Tennant Creek mineral field in the Northern Territory through a joint venture, with Pan African holding 75% and Emmerson the remaining 25%.
Now Pan African wants it all.
The deal
JSE and LSE-listed Pan African has agreed to acquire 100% of Emmerson via a court-approved scheme of arrangement, valuing the explorer at around A$311m.
Emmerson shareholders will receive 0.1493 Pan African shares for each share held, issued as CDIs to allow local trading. The implied price of A$0.45 per share represents a 36.4% premium to Emmerson's pre-announcement close of A$0.33.
The Tennant Creek field spans over 1,800 square kilometres, with a production history of more than 5.5Moz gold and 470,000 tonnes copper. Full ownership removes the JV complexity and hands Pan African direct control of capital allocation across the field.
Pan African has also tipped in a $5m interim unsecured loan to cover any cash calls under the JV during the transaction period.
The scheme meeting is expected in early to mid-July 2026, with implementation to follow in late July.
Who’s acting
Corrs Chambers Westgarth advised Pan African, led by partner Russell Philip.
Philip was supported by partners Oliver Carrick, Cameron Blackwood, Ronan Boothman, Rebecca Field, Lara Hall, Jeremy Horwood, Peter Jarosek and Adam Stapledon, spanning corporate, banking and finance, regulatory, tax, energy and natural resources, real estate and employment.
It's familiar territory for Philip. He recently steered Gold Road Resources through its $3.7bn acquisition by Gold Fields and Pilbara Minerals through its $580m takeover of Latin Resources — both by scheme.
Thomson Geer acted for Emmerson, led by partners Michael Ng and Scott Gibson. The firm has built a strong run in the gold sector, having recently advised Westgold on its $2.2bn merger with Karora Resources.
What they said
Corrs’ Russell Philip said:
"We are thrilled to advise Pan African Resources on this landmark acquisition and the consolidation of ownership of the Tennant Creek mineral field. The transaction reinforces Corrs' market-leading reputation for delivering trusted advice on complex cross-border transactions in the resources sector."
Emmerson chair Mark Connelly said:
“The transaction delivers our shareholders with an immediate value realisation event at an attractive premium, whilst providing exposure to a larger, more diversified and well-capitalised gold producer with a broad portfolio and a strengthened platform for long-term value creation.”