| Decision number | 200720068 |
|---|---|
| Application number | 200720100 |
| Date | 30 November 2007 |
| Offeror/applicant | Gabane Pty Limited |
| Ultimate applicant beneficial ownership | 100 percent - Australia, Greiner (Nicholas Frank and Kathryn Therese) |
| Beneficial overseas ownership | |
| - Asset current | N/A |
| - Asset proposed | N/A |
| - Share current | 86.05 percent |
| - Share proposed | 86.0919 percent |
| Offeree(s)/seller(s) | Existing shareholders in Sirius NZ Holdco Limited 51.0484 percent - United States of America, United States Public 32.68 percent - Australia, Australian Public 12.4 percent - New Zealand, Sturgess (Thomas Wilton) 2.3216 percent - Singapore, Singapore Public 1.55 percent - New Zealand, New Zealand Public |
| Business activities | Manufacturing - Printing, Publishing & Recorded Material |
| Details of land involved | None |
| Regions involved | Various |
| Total consideration | $500,000 |
| Consent sought | To acquire rights and interests in up to 0.3 percent of the shares of Sirius NZ Holdco 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. Consent was granted on 16 February 2007 (refer A200620144/D200710010) for Sirius NZ Finance Co Limited (Sirius Finance) to acquire 100 percent of the shares in Blue Star Print Group Limited (Blue Star). This consent included the issue of shares in the Sirius Finance to Sirius NZ Holdco Limited (Sirius Holdco). The shares in Sirius Holdco were issued to Castle Harlan Australian Mezzanine Partners Pty Limited (CHAMP) as manager for the CHAMP Buyout II Trust and Castle Harlan, Inc. as manager for the CHI II Funds. Blue Star is a company that provides print and marketing communications solutions in New Zealand and Australia. In order to fund further growth and acquisitions, Sirius Holdco proposes to issue ordinary shares to each of the existing shareholders (refer also A200720055 and A200720056) and the Applicant. Gabane Pty Limited (Gabane) is a company controlled by Nicholas Greiner, who is a current director of Blue Star and who is currently being appointed as a director of Sirius Holdco and the Vice Chairman of CHAMP's Investment Committee. CHAMP and Castle Harlan, Inc manage the CHAMP funds which currently hold approximately 86 percent of the ordinary shares in Sirius Holdco. It is proposed that Gabane will be issued with 500,000 ordinary shares in Sirius Holdco. Gabane will be considered to be an associate of CHAMP for the purposes of the Overseas Investment Act 2005. |
| Contact | Chris Bargery/Isaac Stewart Russell McVeagh PO Box 8 AUCKLAND |