Applicant
EnviroWaste Services Limited
Case number(s)
200810037
Decision date
Type
Decision
Decision number200810037
Application number200810008
Date30 April 2008
Offeror/applicantEnviroWaste Services Limited
Ultimate applicant beneficial ownership26.1432 percent - United States of America, United States Public
25.6292 percent - Singapore, Singapore Public
12.4539 percent - Switzerland, Swiss Public
11.3496 percent - Australia, Australian Public
7.1783 percent - Japan, Japanese Public
6.52 percent - Netherlands, Dutch Public
3.9138 percent - United Kingdom, United Kingdom Public
2.6062 percent - Hong Kong, Hong Kong Public
2.3447 percent - Germany, German Public
1.8612 percent - New Zealand, New Zealand Public
Beneficial overseas ownership 
- Asset currentN/A
- Asset proposedN/A
- Share current49.0694 percent
- Share proposed98.13885 percent
Offeree(s)/seller(s)Colmar Holdings Limited
77.89 percent - New Zealand, Cashmore (Colin Reece)
11.22 percent - New Zealand, Austin (Richard)
10.89 percent - New Zealand, Cashmore (Marion)
Business activitiesProperty & Business Services - Business
Details of land involved123.2446 hectares of freehold situated at Bonny Glen Landfilll, 818 Wanganui Road & 28 Bruce Road, Makirikiri, Rangitikei being CTs 87921, 87922 and WN221/42 (Wellington Registry).
Regions involvedManawatu
Total considerationCONFIDENTIAL
Consent soughtTo acquire up to 100 percent of the securities of Manawatu Waste Limited.
Rationale

The application has been approved as it met the criteria.

The Overseas Investment Office is satisfied that the Applicant has business experience and acumen relevant to and is demonstrating financial commitment towards the investment. The Overseas Investment Office is further satisfied that the persons who exercise control over the Applicant are of good character and not the kind of persons referred to in section 7(1) of the Immigration Act 1987.

The Investment:
The Applicant already owns half the securities in Manawatu Waste Limited and therefore a 50% interest in Midwest Disposal Limited's assets.

Rationale for the Investment:
Acquiring the remaining securities in Manawatu Waste Limited will allow the Applicant to increase its market share which will lead to more market power, greater business synergies, and ultimately to increased profit.
The proposal is likely or is likely to benefit New Zealand (or any part of it or group of New Zealanders) having regard to the following factors:

Overseas Investment Act 2005:
s17(2)(a)(iv) – Increased efficiency and productivity and enhanced domestic services.

Overseas Investment Regulations 2005:
r28(b) – Key person in a key industry from country with which New Zealand would benefit from improved relations.
r28(c)(i) – Adversely affect New Zealand's image overseas or trade.
r28(e) – Previous investments in New Zealand.
r28(f) – Give effect to Government policy or strategy.

ContactGarth Sinclair/Isaac Stewart
Russell McVeagh
P O Box 8
AUCKLAND