| Decision number | 200520046 |
|---|---|
| Application number | 200520062 |
| Date | 6 September 2005 |
| Offeror/applicant | Archer Capital Pty Limited as manager for the Archer Capital Fund 3 |
| Ultimate applicant beneficial ownership | 75.78 percent - Australia, Australian Public 11.65 percent - United States of America, United States Public 10 percent - New Zealand, New Zealand Public 2.57 percent - United Kingdom, United Kingdom Public |
| Beneficial overseas ownership | |
| - Asset current | 0 percent |
| - Asset proposed | 90 percent |
| - Share current | 0 percent |
| - Share proposed | 90 percent |
| Offeree(s)/seller(s) | Hanover Group Limited, 100 percent - New Zealand |
| Business activities | Property & Business Services - Business |
| Details of land involved | None |
| Regions involved | Various |
| Total consideration | CONFIDENTIAL |
| Consent Sought - 1995 Regs | To acquire property being business and assets from Leasing Solutions Limited. To acquire up to 100 percent of the specified securities of and/or having the right to exercise or control the exercise of the voting power of and/or appoint or control the appointment of the board of directors of Onesource Group Limited. |
| Rationale | The application has been approved as it met the criteria. The Overseas Investment Office is satisfied that the Applicant has business experience and acumen relevant to and is demonstrating financial commitment towards the investment. The Overseas Investment Office is further satisfied that the persons who exercise control over the Applicant are of good character and not the kind of persons referred to in section 7(1) of the Immigration Act 1987. Archer Capital Pty Limited (Archer) in its capacity as manager of private equity funds raised by the Archer Capital Group has incorporated a special purpose investment vehicle, Copier Holdings N.Z. Limited (Copier). Copier proposes to acquire all of the issued capital of Onesource Group Limited (OSGL). OSGL and its subsidiaries Konica Minolta Business Solutions New Zealand Limited (KMBS), Cogent Communications Limited (CCL), and Onesource Finance Limited, form a technology group whose principal business is document management and telecommunications solutions. The OSGL transaction is conditional upon Archer or another company controlled by Archer, entering into a separate agreement with Leasing Solutions Limited (LSL) to purchase the assets owned by LSL in connection with the business of providing leasing and financing facilities to customers of KMBS, CCL and other specified parties. Archer is incorporating a company, Office Equipment Finance Limited (OEFL) to acquire the assets owned by LSL. OSGL and LSL are indirectly wholly owned by Hanover Group Limited, New Zealand's largest privately owned group of finance companies. The proposed acquisition of OGSL and the assets from LSL fit Archer's investment criteria. |
| Contact | James Gibson/Karla Ritchie Bell Gully P O Box 4199 AUCKLAND |