Overseas investment decision for case 200910037 - Next Capital Fund 1A and Next Capital Fund 1B

Consent was granted on 28 July 2006 (A200620007/D200620015) for Bligh Investments Limited (Bligh) to acquire the business and assets of Hirepool Limited, Hirepool IP Limited & Nationwide Equipment Limited (together the Hirepool Group). At that time, the Next Capital Fund 1A and the Next Capital Fund 1B owned 100 percent of Bligh. Bligh has subsequently been renamed New Zealand Rental Group Limited.

Since the acquisition the ownership and controling interest of the Applicant in New Zealand Rental Group Limited has been reduced through the introduction of further investors principally management and institutional investors. The Applicant currently hold 56.58 percent of the securities in New Zealand Rental Group Limited.

To raise further equity, New Zealand Rental Group Limited has offered its existing security holders the opportunity to subscribe for new securities on a pro rata basis. It is also likely that New Zealand Rental Group Limited will require further injections of new equity capital from time to time. If the Applicant takes up these offers and other security holders do not take up further shares on a pro rata basis, this will have the effect of the Applicant increasing its security holding. The Applicant also seeks consent to acquire securities in New Zealand Rental Group Limited from other security holders if and when other security holders wish to sell down their investment.

The proposed acquisition of securities by the Applicants will provide New Zealand Rental Group Limited with additional equity capital from time to time, and enable other existing security holders to exit their investment if they wish to do so.

The overseas investment transaction has satisfied the criteria in section 18 of the Overseas Investment Act 2005.