| Decision number | 200520067 |
|---|---|
| Application number | 200410002 |
| Date | 30 September 2005 |
| Offeror/applicant | Saraceno Holdings Limited BV of Netherlands |
| Ultimate applicant beneficial ownership | 100 percent - Netherlands |
| Beneficial overseas ownership | |
| - Asset current | N/A |
| - Asset proposed | N/A |
| - Share current | 100 percent |
| - Share proposed | 100 percent |
| Offeree(s)/seller(s) | van Heeren (Alexander Pieter) of Belgium |
| Business activities | Accommodation - Hotel/Motel/Lodge |
| Details of land involved | 11.6347 hectares of freehold situated at Huka Falls Road, Taupo being CT SA1424/13 and SA1424/14 (South Auckland Registry). |
| Regions involved | Bay of Plenty/Coromandel |
| Total consideration | $16,875,000 |
| Consent Sought - 1995 Regs | To acquire up to 100 percent of the specified securities of and/or having the right to exercise or control the exercise of the voting power of and/or appoint or control the appointment of the board of directors of Worldwide Leisure Limited. |
| Rationale | The application has been approved as it met the criteria. The Overseas Investment Office is satisfied that the Applicant has business experience and acumen relevant to and is demonstrating financial commitment towards the investment. The Overseas Investment Office is further satisfied that the persons who exercise control over the Applicant are of good character and not the kind of persons referred to in section 7(1) of the Immigration Act 1987. Worldwide Leisure Limited (WWL) owns the subject property (known as Huka Lodge). The shares in WWL are currently owned by Mr van Heeren. The transfer of the shares in WWL by Mr van Heeren to the Applicant is part of Mr van Heeren's asset protection procedures (refer also A200410001) whereby Mr van Heeren is transferring his international private assets into trust entities. The Applicant will hold the shares as bare trustee for Mr van Heeren. The transaction is essentially a transfer of assets for family and asset protection measures. The transaction is not likely to result in any change to the operations of Huka Lodge or the subject property. |
| Contact | David McGregor Bell Gully P O Box 4199 AUCKLAND |