| Decision | Consent granted retrospectively Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 5 November 2009 |
| Investment | An overseas investment in significant business assets, being the Applicant's acquisition of rights or interests in an additional 1.68% of the securities of Vitaco Health Group Limited, the value of the assets of Vitaco Health Group Limited and its 25% or more subsidiaries being greater than $100m. |
| Consideration | $208,666,000 |
| Applicant | Next Capital (Services A) Pty Limited as Trustee for the Next Capital Fund 1A, Next Capital (Services B) Pty Limited as trustee for the Next Capital Fund 1B and Next Capital Pty Limited as Trustee for the Next Capital Health Group Co-Investment Trust Australia (100.0%) |
| Vendor | Existing security holders in Vitaco Health Group Limited other than Next Capital New Zealand (99.04%) Australia (0.96%) |
| Background | This is a retrospective application. Certain transactions in May 2007, June 2008 and September 2008 caused the relative aggregate ownership interest of the Applicants in the securities of Vitaco to increase from 70.68% to 72.36%. At the time those transactions were effected, it was not appreciated that consent was required. On 31 March 2009, the Applicants also obtained consent to giving effect to a transaction or series of transactions which will result in the Applicants’ acquisition of rights or interests of up to 100% of the securities of Vitaco. Vitaco is the holding company for two separate groups comprising Healtheries New Zealand Limited (Healtheries) and Vitaco Health (NZ) Limited (Vitaco Health) and their subsidiaries. Healtheries is a well established New Zealand business manufacturing an extensive range of health foods and supplements. Vitaco Health is a supplier of vitamins, minerals, herbs and other dietary supplements. The Applicants propose to hold their interest in Vitaco as a medium to long-term investment. The acquisition of further securities will enable the Applicants to enhance the value of Vitaco's businesses. The overseas investment transaction has satisfied the criteria in section 18 of the Overseas Investment Act 2005. |
| More information | Cathy Quinn Minter Ellison Rudd Watts (Auckland) PO Box 3798 AUCKLAND 1140 |
| Retrospective penalty | $2,000.00 |