| Decision | Consent Granted Section 12(b) Overseas Investment Act 2005 |
|---|---|
| Decision date | 24 September 2013 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in 100% of the issued share capital of The Trust Company Limited which indirectly owns or controls various interests in sensitive land located at various locations around New Zealand. |
| Consideration | Approximately A$233 million for the world-wide business of The Trust Company Limited. The value of the New Zealand business is less than NZ$100 million. |
| Applicant | Perpetual Limited Australia (100%) |
| Vendor | Existing shareholders of The Trust Company Limited Australian Public and Various overseas persons |
| Background | The Applicant is a diversified financial services group listed on the Australian Stock Exchange (ASX) which is proposing to acquire 100% of the issued share capital of The Trust Company Limited (also listed on the ASX). The acquisition of The Trust Company by the Applicant will accelerate the Applicant's growth strategy, broaden its regional footprint and provide new capabilities. 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 Regulations 2005 |
| More information | Chris Bargery Russell McVeagh PO Box 8 AUCKLAND |