| Decision number | 200620011 |
|---|---|
| Application number | 200610120 |
| Date | 21 July 2006 |
| Offeror/applicant | S8 Limited |
| Ultimate applicant beneficial ownership | 100 percent - Australia, Australian Public |
| Beneficial overseas ownership | |
| - Asset current | N/A |
| - Asset proposed | N/A |
| - Share current | 16.61 percent |
| - Share proposed | 100 percent |
| Offeree(s)/seller(s) | Existing shareholders in Gullivers Travel Group Limited 54.58 percent - New Zealand, New Zealand Public 28.81 percent - New Zealand, Bagnall (John Andrew) 16.61 percent - Australia, Australian Public |
| Business activities | Property & Business Services - Business |
| Details of land involved | None |
| Regions involved | Various |
| Total consideration | $236,450,400 |
| Consent Sought | To acquire up to 100 percent of the shares of Gullivers Travel 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 good of character and not the kind of persons referred to in section 7(1) of the Immigration Act 1987. S8 Limited (S8) proposes to acquire 100 percent of Gullivers Travel Group Limited (Gullivers), an Australian Stock Exchange (ASX) and New Zealand Stock Exchange (NZSX) listed company through a full cash takeover offer under the Takeovers Code. S8 is a Queensland based ASX listed travel and property management company. Gullivers is the largest vertically and horizontally integrated wholesale, retail leisure and corporate outbound travel service in New Zealand. The Gullivers Travel Group comprises a portfolio of high profile travel brands including United Travel, Holiday Shoppe, Travel Smart, the New Zealand Master Franchise for Harvey World Travel, GO Retail, Atlantic Pacific Radius, Signature Travel, Biztrav, Gullivers Holidays, Gullivers Ticketing, GO Holidays and Ticketing, Travel Reward Incentive Programme (TRIPS) and online businesses of Travel.co.nz and Zuji New Zealand, as well as a travel software development and distribution division. The takeover of Gullivers presents S8 with the opportunity to fulfil its objective of expansion into the New Zealand travel industry. |
| Contact | Andrew Harmos Harmos Horton Lusk P O Box 28 AUCKLAND |