Clayton Utz advising Tox Free Solutions on $671m scheme of arrangement with Cleanaway Waste Management

Perth, 11 December 2017: Clayton Utz is advising ASX-listed, leading specialist waste management company Tox Free Solutions Limited (ASX: TOX) in respect of its entry into a scheme implementation deed with ASX-listed Cleanaway Waste Management Limited (ASX: CWY), announced today. 

Clayton Utz corporate partner Mark Paganin and senior associate Stephen Neale are leading the firm's team, with support from lawyer Benjamin Depiazzi.

Under the deed, Cleanaway will acquire 100% of the issued share capital of Tox via a scheme of arrangement.  The scheme will be subject to, among other things, approval of Tox shareholders, the Federal Court of Australia and the ACCC. 

If approved, Tox shareholders will receive $3.425 cash for each Tox share and will also be entitled to receive an interim dividend for FY2018 of $0.05 per share. Tox also expects to declare and pay a fully-franked special dividend on or shortly before the implementation of the scheme, the quantum of which will be advised to Tox shareholders in due course.

The scheme consideration values Tox's fully diluted equity at approximately $671 million and at an enterprise value of $831 million.