Overseas investment decision for case 200710017 - Allco HIT Limited

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.

Allco Principals Trust (APT) is a registered managed investment scheme managed by a subsidiary of Allco Finance Group Limited (AFGL). APT acquired a 50% indirect stake in SIGL which is largely held by Allco Principals Property Pty Limited, a wholly-owned subsidiary of APT. This proved to be a successful investment for APT.

The applicant is a newly incorporated company and is presently owned 100% by Allco Hybrid Investment Trust (Allco HIT). Allco HIT has decided to restructure its business as part of a broader strategy to expand and build a diversified range in lending products and to therefore acquire 50% ownership of SIGL from APT. Under the restructure Allco HIT has proposed an agreement with the holders of the remaining 50% of the shares in SIGL to purchase those shares. The acquisitions would provide the applicant with ownership of, access to, and relationships with, a significant commercial customer base. Following the acquisition the applicant will look to acquire and integrate additional finance businesses with the objective of further diversifying and enhancing its product suite.