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CIC and Chengdu Tianqi Enter into Agreements Relating to Talison Lithium Purchase

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According to the press release, “Talison Lithium Limited is pleased to provide an update on the status of the transaction with Chengdu Tianqi Industry (Group) Co., Ltd and its subsidiary Windfield Holdings Pty Ltd (“Windfield”) (together “Tianqi”).

On December 6, 2012, Talison announced that it had executed a Scheme Implementation Agreement (the “SIA”) with Tianqi under which it is proposed that Windfield, or a wholly-owned entity of Windfield, will acquire the balance of the ordinary shares that it does not already own and options in Talison by way of schemes of arrangement (“Tianqi Schemes”) for cash consideration of C$7.50 per Share. This values the equity of Talison at approximately C$848 million on a fully diluted basis.

On December 19, 2012, the Federal Court of Australia ordered the convening of meetings of Talison Securityholders to consider the Tianqi Schemes (“Scheme Meetings”) to commence at 10:00am on February 27, 2013. The Scheme Booklet, which is available on SEDAR and on Talison’s website, was mailed to Talison Securityholders on or about February 5, 2013.

Under the SIA, Tianqi was given until 5:00pm (Perth time) today (February 25, 2013) to provide documentary evidence that reasonably demonstrates the availability to Windfield of the funding required to complete the transaction with Talison.

Talison confirms that Tianqi has provided the necessary documentary evidence in connection with its funding arrangements which are as follows:

  • Tianqi and Windfield have entered into agreements with Leader Investment Corporation (“Leader”), a subsidiary of China Investment Corporation (“CIC”) under which CIC, through Leader, has committed to fund Windfield with approximately C$300 million of long term equity in exchange for an approximately 35%, non-controlling equity interest in Windfield to support the Transaction. CIC has received formal advice from Australia’s Foreign Investment Review Board that the Australian Government has no objections to CIC’s investment in Windfield through Leader.
  • Tianqi, and one of its wholly owned subsidiaries, have also entered into loan agreements for US$200m from Credit Suisse AG, US$120m from Industrial and Commercial Bank of China Ltd and US$50m from Twenty Two Dragons Ltd (a company owned by ADM Capital). The funding arrangements outlined above remain subject to the satisfaction of a number of conditions precedent to drawdown. Tianqi has advised Talison that it expects each of these conditions (other than those that relate to implementation of the Tianqi Schemes) to be satisfied prior to the second court hearing scheduled for March 12, 2013.

Tianqi currently holds approximately 19.9% of the issued share capital of Talison. The funding arrangements outlined above, together with the US$25 million deposit previously paid by Tianqi, are sufficient to fund Tianqi’s obligation to purchase the remaining approximately 80% of Talison Shares and Options under the Tianqi Schemes.”

Read more: Press Release

Follow the Money – Episode 48

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This long-form podcast was recorded on December 11, 2018. Michael Maduell dissects the latest geopolitical trends that can impact institutional investors such as pensions, sovereign wealth funds, and endowments. Maduell lends his opinion on the lawsuit of Neiman Marcus and bumps in the road for augmented reality.

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CONTENTS
1:15 Huawei, Canada, Brexit, and Macron Headache
6:30 Sovereign Wealth Fund Asset Allocation
9:58 India Gets a New Central Bank Governor
13:26 Pensions Go Bust on U.S. Retailers
17:04 Augmented Reality and Sovereign Funds
22:00 Former CalPERS CIO Goes to Morgan Stanley Investment Management
24:30 Oman Investment Fund Goes on Defense in Public Markets
25:00 Japanese Scandals and Opportunities

EPISODE 48

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The views in this media are expressed by Michael Maduell and other participants and are not reflective of the Sovereign Wealth Fund Institute (SWFI).

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Danica Pensions Sells Danica Pension Sweden

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Danica Pension sold Danske Pension Försikringsaktiebolag (publ) (also known as Danica Pension Sweden) to a group of investors for around 2.6 billion SEK. Danica Pension is part of Danske Bank A/S. Of the total amount, 2.3 billion SEK is being paid in cash, while the rest is in the form of a debt instrument from Danica Pension.

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Stephen Gilmore Named CIO of New Zealand Superannuation Fund

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The Guardians of New Zealand Superannuation appointed Stephen Gilmore as chief investment officer. Previously, Gilmore was Chief Investment Strategist at Australia’s Future Fund – holding a series of positions between 2009 and 2018. In a press release, NZSF CEO Matt Whineray said, “We are delighted to have been able to attract a global investment leader of Stephen’s calibre to the Guardians. The NZ Super Fund is expected to grow strongly over the next few years and Stephen’s experience at the Future Fund, one of the world’s leading sovereign wealth funds, will be invaluable.”

Gilmore’s appointment is effective late February 2019.

Gilmore also had roles at Morgan Stanley, Banque AIG, the International Monetary Fund (IMF), and Chase Manhattan Bank.

Image photo is provided courtesy of the New Zealand Superannuation Fund.

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