| Decision | Consent granted Section 12(b) Overseas Investment Act 2005 Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 23 November 2009 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in up to 100.0% of the shares of Synlait Milk Limited which owns or controls:
An overseas investment in significant business assets, being the Applicant's acquisition of rights or interests in up to 100.0% of the shares of Synlait Milk Limited, the value of the assets of Synlait Milk Limited and its 25% or more subsidiaries being greater than $100m. |
| Consideration | $165,000,000 |
| Applicant | Synlait Limited on behalf of Synlait Milk Limited and Unknown Overseas Persons Various (100.0%) |
| Vendor | Existing Shareholders in Synlait Limited New Zealand (75.4%) Japan (22.5%) Ireland (2.1%) |
| Background | Synlait is proposing to raise up to $165 million of new capital by way of an initial public offering made in accordance with the Securities Act 1978 (Public Offer) to members of the public for shares in Synlait Milk Limited (Synlait Milk), Synlait’s wholly-owned subsidiary company which owns and operates the milk powder processing facility. The Public Offer will comprise an offer by Synlait Milk of new shares and will also include a secondary offer by Synlait of existing shares in Synlait Milk. The purpose of the Public Offer is to raise funds to fund the expansion of the milk processing facility and to reduce debt for Synlait. The new capital raised through the Public Offer will enable Synlait to fund the expansion of its milk processing facility described above. The overseas investment transaction has satisfied the criteria in sections 16 and 18 of the Overseas Investment Act 2005. The 'substantial and identifiable benefit to New Zealand' criteria were satisfied by particular reference to the following factors: Overseas Investment Act 2005 Overseas Investment Regulations 2005 |
| More information | Andrew Monteith PO Box 3798 AUCKLAND 1140 |