| Decision | Consent Granted |
|---|---|
| Decision date | 30 March 2010 |
| Investment | An overseas investment in significant business assets, being the Applicant's acquisition of rights or interests in 71.0% of the shares of Seniors Money International Limited, the value of the assets of Seniors Money International Limited and its 25% or more subsidiaries being greater than $100m. |
| Consideration | $5,500,000 |
| Applicant | Quadrant Private Equity Pty Ltd as manager of Quadrant Private Equity No. 1 Australia (100%) |
| Vendor | Existing Shareholders of Seniors Money International Limited other than Quadrant Private Equity Pty Ltd New Zealand Public (67.74%) Australian Public (28.23%) Various overseas persons (1.53%) United Kingdom Public (1.38%) Kenya Public (1.12%) |
| Background | The Applicant previously obtained consent on 12 March 2009 (Case No. 200910012) in respect of its acquisition of rights or interests in up to 67.2% of the redeemable preference shares (RPS) and up to 68.5% of the ordinary shares of Seniors Money International Limited (SMIL) which has now lapsed. The Applicant currently holds 19.9% of the ordinary shares and 58.5% of the RPS in SMIL. SMIL now proposes to issue up to $5.5 million of further RPS on the same terms and conditions as those applicable to the existing RPS previously issued by SMIL. The Applicant has agreed to subscribe for all of the proposed issue of RPS less those subscribed for by other shareholders. Following completion of the issue of the RPS by SMIL the Applicant will:
The overseas investment transaction has satisfied the criteria in section 18 of the Overseas Investment Act 2005. |
| More information | Erich Bachmann Hesketh Henry Private Bag 92093 AUCKLAND |