Applicant
Auckland Aquarium Limited
Case number(s)
200820013
Decision date
Type
Decision
Decision number200820013
Application number200810043
Date28 July 2008
Offeror/applicantAuckland Aquarium Limited
Ultimate applicant beneficial ownership81.13 percent - Australia, Australian Public
6.77 percent - Various, Various overseas persons
5.58 percent - United States of America, United States Public
3.94 percent - United Kingdom, United Kingdom Public
2.58 percent - Various, Asian Public
Beneficial overseas ownership 
- Asset current42.1 percent
- Asset proposed100 percent
- Share currentN/A
- Share proposedN/A
Offeree(s)/seller(s)Tourism Holdings Limited
57.9 percent - New Zealand, New Zealand Public
22.2 percent - United States of America, United States Public
14.7 percent - Australia, Australian Public
3.4 percent - Hong Kong, Hong Kong Public
1.8 percent - Various, Various overseas persons
Business activitiesCultural & Recreational Services - Amusement/Entertainment
Details of land involved1.2419 hectares of leasehold situated at Tamaki Drive and 244 Orakei Road, Remuera Auckland being CTs NA57D/433, NA56C/1018 and areas marked A, B, and C on SO 58359 (North Auckland Registry), lease C391562.1 of Lot1 DP 90630, and an unregistered lease.
Regions involvedAuckland
Total consideration$13,000,000
Consent soughtTo acquire a leasehold interest in land situated at Tamaki Drive and Orakei Road, Remuera, Auckland.
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.

Outline for the Investment:
The Applicant entered a sale and purchase agreement with Tourism Holdings Limited (Vendor) to acquire the business of Kelly Tarlton's Antarctic Encounter and Underwater World" (Business). The Vendor's business assets include various leases over sensitive land for terms greater than 5 years.

Rationale for the Investment:
The Applicant's parent entity, Village Roadshow Limited (VRL), views the Business as highly complementary to its exiting portfolio of investments and intends to cross-market the Business with its other tourist operations.

The proposed overseas investment will 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:
s17(2)(a)(iii) - Increased export receipts.
s17(2)(e) - Adequate public walking access.

Overseas Investment Regulations 2005:
r28(b) - Key person in key industry.
r28(c) - Adversely affect New Zealand's image overseas.
r28(d) - Vendor undertaking significant investment.
r28(e) - Previous investments.

ContactAllan McRae/Hannah Peoples
Minter Ellison Rudd Watts
PO Box 3798
AUCKLAND