Gresham, together with China International Capital Corporation (CICC), advised Guangong Rising Assets Management (GRAM) on its 19.9% cornerstone investment in PanAust.
GRAM, a Chinese state-owned entity, is an asset investment company with interests in a variety of sectors including metals and mining, electronics, hotels and resorts, and construction. GRAM had consolidated total assets of over US$6.5 billion (December 2008).
GRAM's cornerstone investment in PanAust coincided with an institutional placement and non-renounceable entitlements offer to ordinary PanAust ordinary shareholders, raising a total of $358 million in new equity. GRAM's investment in PanAust included a A$180 million initial placement followed by a top-up placement of $35 million to maintain its 19.9% equity interest in PanAust following the equity offer. GRAM received one Board seat following completion of the transaction.