Overseas investment decision for case 200820025 - Tasman Secondary Trust

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:
Tasman Capital Partners Pty Limited (Tasman Capital) proposes to acquire 100 percent of the shares in Pall Mall Hirequip Limited (PMHL) from Aus Holdings (2007) Limited. PMHL holds 86 percent of the shares in Pacific Equipment Solutions Limited (Pacific Equipment) The remaining shares in Pacific Equipment are held by management of Pacific Equipment. Pacific Equipment is the parent company of Hirequip Limited, a company operating a general equipment hire business throughout New Zealand.

Outline of the Investment:
Tasman Capital will acquire the shares in Pall Mall Hirequip Limited as trustee of the Tasman Secondary Trust.

Rationale for the Investment:
Pall Mall Hirequip Limited fits well with Tasman Capital's investment criteria. Tasman Capital intends to enhance the value of Pall Mall Hirequip Limited.