| Decision | Consent granted retrospectively Sections 12(a) and 12(b) Overseas Investment Act 2005 |
|---|---|
| Decision date | 12 December 2013 |
| Investment | An overseas investment in sensitive land, being: i. the acquisition of 100% of the shares in Fullers Group Limited (which leases sensitive land used in conjunction with the Fullers Ferry business) by the Applicant’s subsidiary Souter Holdings Fullers Limited ii. the acquisition of 100% of the shares of Souter H&E UK Limited and Highland and Universal Securities (No 2) Limited (which indirectly own or lease sensitive land used in conjunction with the Fullers Ferry and Howick and Eastern Buses Limited businesses); iii. the renewal by the Applicant or a 100% subsidiary of the Applicant of various leases used in conjunction with the Fullers Ferry business. The sensitive land comprises: i. a freehold interest in approximately 1.5ha of bus depot (H&E Buses) land at 380 Ti Rakau Drive, East Tamaki, Auckland; and ii. a leasehold interest in approximately 0.4ha of land used for ferry terminals and depots by Fullers Group Limited including Waiheke Island bus depot. |
| Consideration | $40,000,000 |
| Applicant | Highland Global Transport Limited Sir Brian Souter, United Kingdom (58.41%) Ann Heron Gloag OBE, United Kingdom (24.77%) United Kingdom Public (16.82%) |
| Vendor | i. New Zealand Bus Finance Company Limited, New Zealand (100.0%) ii. Sir Brian and Lady Elizabeth Souter, United Kingdom (100%) iii. Auckland Transport & Alan Moore and Wynyard Wood Trustee Services Limited, New Zealand (100.0%) |
| Background | The Applicant has acquired or is acquiring the interests in sensitive land in order to continue to operate and grow its H&E Buses and Fullers Ferry passenger transport services in Auckland. The overseas investment transaction has satisfied the criteria in section 16 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 17(2)(a)(iii) – Increased export receipts 17(2)(a)(iv) – Greater productivity, efficiencies and enhanced domestic services 17(2)(a)(v) – Additional investment for development purposes Overseas Investment Regulations 2005 28(a) – Consequential benefits 28(e) – Previous investments 28(f) – Advance significant Government policy or strategy |
| More information | Paul G Foley Minter Ellison Rudd Watts PO Box 2793 WELLINGTON |
| Retrospective penalty | No penalty applied. |