| Decision | Consent Granted Section 12(b) Overseas Investment Act 2005 Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 27 May 2010 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in 100.0% of the ordinary shares of Airwork Holdings Limited which owns or controls a leasehold interest in 0.6574 hectares of land at 1 Solent Street, Mechanics Bay, Auckland. An overseas investment in significant business assets, being the Applicant's acquisition of rights or interests in 100.0% of the ordinary shares of Airwork Holdings Limited, the value of the assets of Airwork Holdings Limited and its 25% or more subsidiaries being greater than $100m. |
| Asset Value | $130,791,000 |
| Applicant | Contract Aviation Group NZ Limited The Carlyle Group, United States of America (68.4%) Hugh Ross Jones, New Zealand (30.0%) Scott Alexander McMillan, Australia (0.8%) Other reinvesting shareholders (Condor Holdings Limited), New Zealand (0.8%) |
| Vendor | Existing Shareholders of Airwork Holdings Limited Airlift Holdings Limited, New Zealand (77.33%) Hornchurch Limited, New Zealand (9.64%) Various, Various (8.33%) Wayne John Collins, New Zealand (4.7%) |
| Background | Airwork Holdings Limited (Airwork) is a group of companies forming part of the Alliance Airlines group of companies, that are involved in the aviation industry. The Investment is part of a wider transaction also involving the purchase of other companies based in Australia that form part of the Alliance Airlines group of companies. As part of the Investment, Hugh Jones (a present shareholder in Airwork) and interests associated with Scott McMillan, a shareholder in the Alliance Airlines group, will reinvest in the merged operation. The Investment will create a larger and more efficient combined group of Australian and New Zealand aviation operators. The overseas investment transaction has satisfied the criteria in sections 16 and 18 of the Overseas Investment Act 2005. The 'benefit to New Zealand' criterion was satisfied by particular reference to the following factors: Overseas Investment Act 2005 Overseas Investment Regulations 2005 |
| More information | Tim Tubman Chapman Tripp (Auckland) PO Box 2206 AUCKLAND 1140 |