| Decision number | 200720010 |
|---|---|
| Application number | 200710098 |
| Date | 27 July 2007 |
| Offeror/applicant | CIP Canada Investment Inc |
| Ultimate applicant beneficial ownership | 20 percent - Netherlands, Lipman (Johannes Jacobus) 20 percent - France, Le Proux de La Riviere (Eric) 20 percent - Netherlands, Van Moorsel (Johannes Joseph Maria) 20 percent - Netherlands, De Jong (Eric Maria Johannes Werner) 20 percent - Spain, Horcasitas (Victor Manuel) |
| Beneficial overseas ownership | |
| - Asset current | 100 percent |
| - Asset proposed | 100 percent |
| - Share current | N/A |
| - Share proposed | N/A |
| Offeree(s)/seller(s) | Stratos Global Corporation 62 percent - Canada, Aliant Inc 38 percent - Canada, Canadian Public |
| Business activities | Communication Services - Telecommunications |
| Details of land involved | 1.1645 hectares of freehold situated at 24 Unity Drive North, Auckland being CT NA110C/427 (North Auckland Registry). |
| Regions involved | Auckland |
| Total consideration | $5,100,000 |
| 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. Background and Outline of Proposed Investment: Stratos provides mobile satellite services, fixed satellite services and terrestrial communications solutions to its customers throughout the world. CIP advises that little will change as a result of the proposed transaction. Stratos' management will continue to execute Stratos' current business strategy. The land contains an earth station providing satellite coverage to the Pacific Rim. Rationale for Proposed Investment: Refusal to grant consent could likely adversely affect New Zealand's image overseas. The New Zealand component of the proposed transaction is a part of a wider international transaction. CIP and its related entities are major international investors with respected reputations as skilled investors and business operators in the satellite service industry. The proposal is likely to result in the following benefit:
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| Contact | Bruce McClintock/Sarah Twigg Chapman Tripp PO Box 2206 AUCKLAND |