| Decision | Consent granted Section 12(b) Overseas Investment Act 2005 |
|---|---|
| Decision date | 3 March 2011 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in 100.0% of the shares of Eastern Resources Group Limited which owns or controls:
|
| Consideration | $46,537,000 |
| Applicant | Bathurst Resources Limited Various overseas persons (67.42%) Mathews Capital Partners Pty Ltd, Australia (13.84%) L1 Capital Pty Ltd, Australia (6.68%) JPMorgan Asset Management U.K. Ltd, United Kingdom (except Isle of Man and the Channel Islands) (4.49%) Northcape Capital Pty Ltd, Australia (3.52%) Perpetual Investments Ltd, Australia (2.09%) Focus Asset Management Pty Ltd, Australia (0.91%) New Zealand Public (0.55%) JCP Investment Partners Ltd, Australia (0.5%) |
| Vendor | Galilee Energy Limited Various, Various (54.83%) Becamal Pty Limited, Australia (16.85%) Ecarlate Pty Limited, Australia (12.06%) Ekco Investments Pty Limited, Australia (5.84%) Australian Public (5.0323%) Corostar Pty Limited, Australia (2.58%) JP Morgan Nominees Australia Limited, Australia (2.31%) New Zealand Public (0.4977%) |
| Background | The Investment will see the Applicant further expand its coal production capabilities in the South Island. The Applicant aims to become a leading producer of high quality New Zealand coking and thermal coal. 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 | Brigid McArthur Greenwood Roche Chisnall PO Box 25501 WELLINGTON |