| Decision number | 200720009 |
|---|---|
| Application number | 200720009 |
| Date | 27 July 2007 |
| Offeror/applicant | Hf Eimskipafelag Islands |
| Ultimate applicant beneficial ownership | 97.58 percent - Iceland, Icelandic Public 1.24 percent - Liechtenstein, Liechtenstein Public 0.85 percent - Netherlands, Dutch Public 0.33 percent - Cyprus, Cyprian Public |
| Beneficial overseas ownership | |
| - Asset current | N/A |
| - Asset proposed | N/A |
| - Share current | 100 percent |
| - Share proposed | 100 percent |
| Offeree(s)/seller(s) | Versacold Holdings Corp. 100 percent - Canada, Canadian Public |
| Business activities | Transport & Storage - Storage |
| Details of land involved | 1.9834 hectares of leasehold situated at 1 Smarts Road, Hornby, Christchurch being CT CB48B/948 (Canterbury Registry). |
| Regions involved | Canterbury |
| Total consideration | $72,000,000 |
| Consent sought | To acquire up to 100 percent of the securities of Versacold Income Fund. |
| 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. HF Eimskipafelag Islands, through its wholly-owned subsidiary Eimskip Holdings Inc, has made an offer to acquire all of the outstanding units of Versacold Income Fund (Versacold) an unincorporated, open-ended limited purpose trust listed on the Toronto Stock Exchange, created to invest in public refrigerated warehousing, distribution and related businesses in the United States of America, Canada, Australia, New Zealand and Argentina. The proposed acquisition is part of the Applicants strategy to become a leading international operator in cold storage and logistics networks. The proposal is likely to result in the following benefits:
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| Contact | Craig Nelson Simpson Grierson Private Bag 95218 AUCKLAND |