Queens Lane Capital entered into an implementation deed to acquire The PAS Group Limited (ASX:PGR) from Coliseum Capital Management, LLC and others on October 23, 2020. Queens will pay a nominal purchase price of AUD 1 to acquire all the shares of PAS Group. In a related transaction Queens agreed to acquire Designworks and Yarra Trail businesses of PAS Group(Designworks Transaction). The current Chief Executive Officer of PAS Group, Eric Morris, will remain in place, as will its current management team, but will be overseen by a new board, formed and led by Larry Kestelman The transaction is subject to approval from Federal Court of Australia, consummation of Designworks transaction and approval from PAS Group's shareholders. As per filing dated December 2, 2020 the Deed Administrators applied to the Federal Court of Australia pursuant to section 444GA of the Corporations Act 2001 (Cth) for leave to transfer the shares in PAS Group to Queens on November 27, 2020. The application for leave has been tentatively listed for final hearing by the Federal Court on December 18, 2020. As of December 2, 2020, the Designworks transaction has consummated. The transaction is expected to close on or before January 31, 2021. The use of proceeds from the transaction will be applied in accordance with the terms of the Deeds of Company Arrangement for PAS Group and its wholly owned Australian subsidiaries. Simon Dalgarno and Dave Pearson of Leadenhall VRG Pty Ltd acted as fairness opinion provider for PAS Group. Martin Ford, Stephen Longley and David McEvoy of PricewaterhouseCoopers acted as the administrators for PAS Group. Ben Mahoney, Leon Zwier, Stephen Lloyd and Alexandra HarrisonIchlov of Arnold Bloch Leibler acted as legal advisor for PAS Group.