| Decision | Consent Granted Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 7 October 2010 |
| Investment | An overseas investment in significant business assets, being the Applicant's acquisition of rights or interests in 100.0% of the shares of L&M Coal Limited, the consideration of which exceeds $100m. |
| Consideration | $165,390,000 (plus certain on-going royalty consideration) |
| Applicant | Bathurst Resources Limited (as at 14 September 2010) Australian Public (66.85%) Regent Pacific Group Limited, Hong Kong (Special Administrative Region) (19.8%) Hamish L Bohannan, Australia (2.51%) United Kingdom Investors, United Kingdom (except Isle of Man and the Channel Islands) (2.24%) Gary E Weston, Australia (2.22%) Wardman Family Holdings, Australia (2.22%) Macquarie Investment Management Limited, Australia (2.2%) Hong Kong Public (1.2%) Various overseas persons (0.76%) |
| Vendor | L&M Coal Holdings Limited New Zealand Public (33.34%) Tangent International Limited, Switzerland (33.33%) Campania Holding Inc, Hong Kong (Special Administrative Region) (33.33%) |
| Background | The Applicant will acquire a coal project in the Buller region, which is ready to progress to coal mining and production stages through a number of coal exploration permits. The Applicant aims through the Investment to become a mid-tier coking coal producer. The Applicant plans to eventually have premises in both Christchurch and Westport and will need to employ, directly and indirectly, around 400 local mine staff. The overseas investment transaction has satisfied the criteria in section 18 of the Overseas Investment Act 2005. |
| More information | Brigid McArthur Chapman Tripp (Wellington) PO Box 993 WELLINGTON 6140 |