| Decision number | 200710013 |
|---|---|
| Application number | 200610093 |
| Date | 21 February 2007 |
| Offeror/applicant | New Zealand Crane Group Limited |
| Ultimate applicant beneficial ownership | 68.0073 percent - New Zealand, New Zealand Public 18.5703 percent - United Kingdom, United Kingdom Public 13.4225 percent - Australia, Australian Public |
| Beneficial overseas ownership | |
| - Asset current | 0 percent |
| - Asset proposed | 31.9928 percent |
| - Share current | N/A |
| - Share proposed | N/A |
| Offeree(s)/seller(s) | TP Group Limited 100 percent - New Zealand, Pollock (Rex David) |
| Business activities | Property & Business Services - Property |
| Details of land involved | 1.445 hectares of freehold situated at 15C Amber Crescent, Tauranga being CT SA54D/726 (South Auckland Registry). |
| Regions involved | Bay of Plenty/Coromandel |
| Total consideration | $3,750,000 |
| Consent sought | To acquire an interest in land which, either alone or together with any associated land, exceeds 0.4 hectares and adjoins land that is listed, or in a class listed, as a reserve, a public park, or other sensitive area by the regulator under section 37. |
| Rationale | The application has been approved as it met the criteria. The Overseas Investment Office is satisfied that the individuals with control of the Applicant collectively have business experience and acumen relevant to the overseas investment, and that the Applicant has demonstrated financial commitment towards the overseas investment. The Overseas Investment Office is further satisfied that each individual that exercises control over the Applicant is of good character and is not an individual of the kind referred to in section 7(1) of the Immigration Act 1987. In March 2006, the Applicant acquired the business of Todd & Pollock a regional crane and trucking business located in Tauranga. The Applicant has entered into a short-term lease of the subject land and now proposes to exercise an option to purchase the freehold of the land. The Applicant carries on business of crane and access equipment hire, and haulage vehicle and related equipment hire. The acquisition of the Todd & Pollock business is part of the Applicant's expansion strategy. The proposal is likely to result in enhanced domestic services in New Zealand through the growth and expansion of the Todd & Pollock business by the Applicant. |
| Contact | Cathy Quinn Minter Ellison Rudd Watts P O Box 3798 AUCKLAND |