Applicant
Barra Bidco Limited
Case number(s)
200710036
Decision date
Type
Decision
Decision number200710036
Application number200620147
Date5 April 2007
Offeror/applicantBarra Bidco Limited
Ultimate applicant beneficial ownership34.16 percent - Australia, Australian Public
19.0936 percent - United States of America, United States Public
18.4352 percent - Singapore, Singapore Public
9.2176 percent - Switzerland, Swiss Public
5.2672 percent - Japan, Japanese Public
4.6088 percent - United Kingdom, United Kingdom Public
4.6088 percent - Netherlands, Dutch Public
4.6088 percent - Various, Various overseas persons
Beneficial overseas ownership 
- Asset currentN/A
- Asset proposedN/A
- Share current36.65 percent
- Share proposed100 percent
Offeree(s)/seller(s)Fulton Hogan Limited
63.35 percent - New Zealand, New Zealand Public
21.99 percent - Netherlands, Royal Dutch Petroleum Company (N.V. Koninklijke Nederlandsche Petroleum Maatschappij)
14.66 percent - United Kingdom, Shell Transport and Trading Company
Business activitiesPersonal & Other Services - Other
Details of land involved

3,767.287 hectares of freehold comprising:

  1. 19.5199 hectares situated at Smales Road, Manukau, Auckland and 81 Captain Springs Road, Te Papapa, Auckland being CTs NA7A/695, NA37D/194 and NA129C/907 (North Auckland Registry);
  2. 211.571 hectares situated at Hampton Downs Road, Meremere, Waikato being CTs SA72C/717 and SA56B/101 (South Auckland Registry);
  3. 79.2035 hectares situated at 125 and 127 Old Brighton Road, Dunedin being CTs OT352/110, OT8D/1045 and OT13B/390 (Otago Registry);
  4. 123.2446 hectares situated at Bruce Road, Turakina, Manawatu being CTs 87921, 87922 and WN221/42 (Wellington Registry); and
  5. 3,330.2252 hectares situated at Mt Cass Road, Waipara, North Canterbury being CTs CB35D/977, 170858, CB21B/1133, CB739/89 and CB3A/26 (Canterbury Registry).
  6. 2.6705 hectares situated at 1 Holder Place, Albany, Auckland being CT 140832 (North Auckland Registry); and
  7. 0.8523 hectares situated at 102-114A Patiki Road, Rosebank Peninsula, Auckland being CTs 19337 and NA 707/4 (North Auckland Registry).

225.0222 hectares of leasehold comprising:

  1. 74.4363 hectares situated at Smales Road, Manukau, Auckland and 62 Greville Road, Albany, Auckland being CT 162678, NA17A/372, NA22B/869, NA74B/525 and NA109D/354 (North Auckland Registry); and
  2. 150.5859 hectares situated at Hampton Downs Landfill, Hampton Downs Road, Meremere, Waikato being CTs SA42D/551, SA56B/100, SA14A/1347, SA24/66 and SA42D/550 (South Auckland Registry).
Regions involvedAuckland Canterbury Manawatu Otago Various Waikato
Total considerationCONFIDENTIAL
Consent soughtTo acquire up to 100 percent of the shares of EnviroWaste Services Limited.
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.

The Applicant is a company incorporated by Ironbridge Capital Pty Limited (Ironbridge), on behalf of funds managed by Ironbridge, to acquire the shares in EnviroWaste Services Limited (EnviroWaste). Ironbridge was the successful bidder in a sales process conducted by Fulton Hogan Limited in respect of the sale of all the share capital in EnviroWaste a waste collection and disposal business. Ironbridge advises that there are opportunities to increase EnviroWaste's revenue and profitability through increasing EnviroWaste's market share in the competitive waste disposal sector.

The proposal is likely to result in the following benefits:

  1. enhanced domestic services in New Zealand; and
  2. the introduction into New Zealand of additional investment for development purposes.
ContactGarth Sinclair/Michael Gartshore
Russell McVeagh
P O Box 8
AUCKLAND