| Decision number | 200610067 |
|---|---|
| Application number | 200520011 |
| Date | 1 June 2006 |
| Offeror/applicant | Five Mile Holdings Limited |
| Ultimate applicant beneficial ownership | 76.95 percent - New Zealand, New Zealand Public 13.52 percent - Various, Various overseas persons 9.53 percent - Australia, Australian Public |
| Beneficial overseas ownership | |
| - Asset current | N/A |
| - Asset proposed | N/A |
| - Share current | 85.19 percent |
| - Share proposed | 23.05 percent |
| Offeree(s)/seller(s) | Existing shareholders in Gardez Investments Limited 34.76 percent - Australia, Australian Public 30.57 percent - United States of America, United States Public 14.81 percent - New Zealand, New Zealand Public 5.31 percent - United Kingdom, United Kingdom Public 3.89 percent - Singapore, Singapore Public 3.13 percent - Various, Various overseas persons 2.95 percent - Japan, Japanese Public 2.57 percent - Hong Kong, Hong Kong Public 2.01 percent - Canada, Canadian Public |
| Business activities | Property & Business Services - Property |
| Details of land involved | 7.827 hectares of freehold situated at SH 6, Frankton, Queenstown being CT OT17C/912 (Otago Registry). |
| Regions involved | Otago |
| Total consideration | Up to $33,340,400 (comprising cash and mandatory convertible notes) |
| Consent sought | To acquire up to 100 percent of the shares of Gardez Investments Limited. |
| Rationale | The application has been approved as it met the criteria. The Overseas Investment Office is satisfied that the individuals with control of the Applicant collectively have business experience and acumen relevant to the overseas investment, and that the Applicant has demonstrated financial commitment towards the overseas investment. The Overseas Investment Office is further satisfied that each individual that exercises control over the Applicant is of good character and is not an individual of the kind referred to in section 7(1) of the Immigration Act 1987. Five Mile Holdings Limited, a wholly owned subsidiary of Property Ventures Limited (PVL), is in the process of undertaking a full takeover of Gardez Investments Limited (Gardez) pursuant to the Takeovers Code. Part of the consideration for the takeover offer is the issue of mandatory convertible notes in PVL, converting to shares in PVL on 30 June 2008, to the shareholders in Gardez. PVL is an unlisted public company that undertakes commercial and residential property acquisition, development, and sale. PVL is currently undertaking or is proposing developments situated in Christchurch, Invercargill, Lake Te Anau, St Arnaud, Frankton, Gibbston, and Paraparaumu. Gardez owns a development property situated at Frankton. The takeover of Gardez by PVL's wholly owned subsidiary, Five Mile Holdings Limited, provides an expansion of PVL's development activities in the Frankton, Queenstown area. The land owned by Gardez is adjacent to PVL's land. All the individuals with control of the overseas person are New Zealand citizens. |
| Contact | Grant Smith Cousins & Associates PO Box 25 249 CHRISTCHURCH |