| Decision | Consent granted Section 12(b) Overseas Investment Act 2005 |
|---|---|
| Decision date | 23 October 2013 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in up to 100% of the shares in The Trust Company Limited which indirectly owns or controls various interests in land located at various locations around New Zealand. |
| Consideration | To be advised. The value of the New Zealand business is less than NZ$100 million. |
| Applicant | Equity Trustees Limited Australian Public (99.12%) Various overseas persons (0.88%) |
| Vendor | Existing shareholders of The Trust Company Limited Australia (100%) |
| Background | The Applicant and the Target share a similar background and history and the combination of the two companies is designed to create a leading Australasian financial services and trust company. The overseas investment transaction has satisfied the criteria in section 16 of the Overseas Investment Act 2005. The 'substantial and identifiable benefit to New Zealand' criteria were satisfied by particular reference to the following factors: Overseas Investment Act 2005 Overseas Investment Regulations 2005 |
| More information | Susie Kilty/Yi-Shen Lau Buddle Findlay PO Box 2694 WELLINGTON 6140 |