Leading law firm, MinterEllison is advising ASX-listed Thorn Group in connection with the proposed scheme of arrangement pursuant to which all of the issued capital in Thorn will be transferred to Bermudan based Somers Limited. Under the scheme of arrangement, Somers will acquire the remaining 51% of Thorn's shares that it does not already own at $1.17 each, subject to adjustment for any dividend or capital return declared or announced by Thorn. The proposed transaction is subject to shareholder and Court approval, as well as an independent expert's opinion that the scheme is in the best interests of Thorn shareholders.

With over 80 years in business, Thorn Group is a prominent Australian financial service provider offering financing solutions to small and medium enterprises (SMEs). Up until the recent disposal to ASX listed Resimac Limited which MinterEllison advised Thorn on, Thorn's services included debtor finance and asset finance provided under the Thorn Money brand. Thorn's current business focus has been on executing and managing investments in the fintech sector. Somers is a diversified financial services investment company with investments in banking, wealth management, fintech and asset financing.

MinterEllison M&A partner Shaun Clyne leads the transaction with support from the firm's Finance and Disputes teams.

Thorn Group is a long-standing client of MinterEllison. MinterEllison previously advised Thorn Group during the 2021 Takeover Panel proceedings in connection with the control implications arising from the application of a dividend reinvestment plan to a special dividend, responding to and rejecting an unsolicited on-market takeover bid from Somers, the sale of Thorn's Radio Rentals business to Credit Corp and the sale of Thorn's Asset Finance Portfolio to Resimac Limited.