| Decision | Consent Granted Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 27 September 2010 |
| Investment | An overseas investment in significant business assets, being the Applicant's acquisition of rights or interests in a further 4.46% of the shares of Christchurch Casinos Limited (CCL), the value of the assets of CCL and its 25% or more subsidiaries being greater than $100m. |
| Asset Value | $220,000,000 |
| Applicant | Skycity Investments Christchurch Limited New Zealand Public and Various Entities, New Zealand (32.67%) Various overseas persons (29.21%) Australian Investors, Australia (21.55%) Investors Mutual Limited, Australia (6.25%) United States Public (5.86%) United Kingdom Public (4.46%) |
| Vendor | Southern Equities Limited Louis Mervyn Crimp, New Zealand (100.0%) |
| Background | The Applicant is a wholly owned subsidiary of SKYCITY Entertainment Group Limited (SKYCITY), which operates a number of casinos in New Zealand and Australia. SKYCITY has a 45.54% interest in CCL, which in turn has a 33% interest in Dunedin Casinos Limited. Through a share buyback, the Vendor will cease to own any of CCL and SKYCITY's ultimate ownership of CCL will increase to 50%. The Investment will simplify the ownership structure of CCL so that a minority shareholder is removed and there will effectively be two major shareholders with equal shareholdings in CCL. The overseas investment transaction has satisfied the criteria in section 18 of the Overseas Investment Act 2005. |
| More information | Garth Sinclair Russell McVeagh (Auckland) PO Box 8 AUCKLAND |