| Decision | Consent granted Section 12(b) Overseas Investment Act 2005 Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision Date | 30 March 2016 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in up to 100% of the shares of Scott Technology Limited (“Scott”) which owns or controls a freehold interest in 3.1437 hectares of land at 630 Kaikorai Valley Road, Dunedin; and An overseas investment in significant business assets, being the Applicant's acquisition of rights or interests in up to 100% of the shares of Scott, the value of Scott and its 25% or more subsidiaries being greater than $100 million. |
| Consideration | Approximately $52,000,000 |
| Applicant | JBS Australia Pty Limited Brazil Public (100%) |
| Vendor | Existing shareholders in Scott Technology Limited New Zealand Public (98.27%) United States Public (0.03%) Australian Public (1.14%) Various overseas persons (0.30%) Canada Public (0.26%) |
| Background | The Applicant sought to effect a scheme of arrangement (as approved by Scott’s shareholders) with Scott to acquire 50.1% of Scott’s issued share capital (“Investment”), while also introducing new capital to Scott and allowing a reinvestment opportunity for existing shareholders. Scott is a New Zealand based NZX-listed technology company that specialises in the design and manufacture of automated production and process machinery. The Investment is intended to provide liquidity to existing Scott shareholders, to reduce Scott’s debt following its recent business acquisitions and to provide working capital to fund Scott’s growth aspirations. The overseas investment transaction has satisfied the criteria in sections 16 and 18 of the Overseas Investment Act 2005. The 'benefit to New Zealand' criterion was satisfied by particular reference to the following factors: Overseas Investment Act 2005 |
| More information | Silvana Schenone Minter Ellison Rudd Watts PO Box 3798 AUCKLAND 1140 |