| Decision number | 200710014 |
|---|---|
| Application number | 200710001 |
| Date | 26 February 2007 |
| Offeror/applicant | Multichannel Limited |
| Ultimate applicant beneficial ownership | 50 percent - Australia, Catalyst Buyout Fund 1A Pty Limited 50 percent - Australia, Catalyst Buyout Fund 1B Pty Limited |
| Beneficial overseas ownership | |
| - Asset current | N/A |
| - Asset proposed | N/A |
| - Share current | 23 percent |
| - Share proposed | 56.5415 percent |
| Offeree(s)/seller(s) | Existing shareholders in Ezibuy Limited 77.16 percent - New Zealand, New Zealand Public 22.84 percent - Australia, Australian Public |
| Business activities | Wholesale & Retail Trade - Personal & Household Goods |
| Details of land involved | None. |
| Regions involved | Various |
| Total consideration | CONFIDENTIAL |
| Consent sought | To acquire up to 43.47 percent of the shares of Ezibuy 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. The Applicant is a special purpose vehicle established for the purposes of the proposed investment by Catalyst Investment Managers Pty Limited (Catalyst). The Applicant proposes to acquire 43.47 percent of the shares in Ezibuy Limited (Ezibuy) an apparel and home decor business operating in New Zealand and Australia. The acquisition will ensure that the combination of Ezibuy's industry background and management experience with the financial resources and business acumen of Catalyst will help to improve and grow Ezibuy's business. |
| Contact | John Strowger/Sarah Twigg Chapman Tripp P O Box 2206 AUCKLAND |