Decision number | 200810047 |
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Application number | 200720134 |
Date | 27 May 2008 |
Offeror/applicant | UCG Investments Limited |
Ultimate applicant beneficial ownership | 78.09 percent - New Zealand, New Zealand Public 17.09 percent - Australia, Australian Public 4.82 percent - New Zealand, Renwick (David and Janet) |
Beneficial overseas ownership | |
- Asset current | N/A |
- Asset proposed | N/A |
- Share current | 0 percent |
- Share proposed | 17.09 percent |
Offeree(s)/seller(s) | New Zealand Public of New Zealand |
Business activities | Health & Community Services - Community Services |
Details of land involved | 1.1616 hectares of freehold situated at 28-32 Mill Road, New Plymouth being CT TNL2/388 (Taranaki Registry). |
Regions involved | Taranaki/Wanganui |
Total consideration | $6,476,000 |
Consent sought | To acquire up to 100 percent of the shares of Melody Enterprises 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. Background to the Investment: Outline of the Investment: Rationale for the Investment: The acquisition of the shares provides the Applicant with the opportunity to acquire an aged care facility in the Taranaki region. The Applicant intends to invest further capital to improve the operational performance of Rhapsody's facilities. The proposed overseas investment is or is likely to benefit New Zealand (or any part of it or group of New Zealanders) having regard to the following benefits: Overseas Investment Act 2005: Overseas Investment Regulations 2005: |
Contact | Bryce Davey/Kate Telford Hesketh Henry Private Bag 92093 Auckland Mail Centre AUCKLAND |