| Decision | Consent granted Section 12(b) Overseas Investment Act 2005 |
|---|---|
| Decision date | 15 January 2014 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in up to 100% of the shares of NZGT Holding Company Limited which indirectly owns or controls various interests in sensitive land around New Zealand. |
| Consideration | $68,500,000 |
| Applicant | Complectus Limited Andrew Howard Barnes, Australia (67.0%) Milford Active Growth Wholesale Fund, New Zealand (33.0%) |
| Vendor | The Trust Company Limited Australia (100%) |
| Background | The Applicant has been granted consent to acquire all the shares in NZGT Holding Company Limited, the 100% owner of New Zealand Guardian Trust Company Limited (“NZGT”, a statutory trustee company). This application follows an earlier application in which Bath Street Capital Limited (the parent company and 67% shareholder of the Applicant) was granted consent to acquire 100% of Perpetual Trust Limited (“PTL”, also a statutory trustee company - refer case Mr Barnes and his family intend to reside indefinitely in New Zealand. The overseas investment transaction has satisfied the criterion in section 16(1)(e)(i) of the Overseas Investment Act 2005. |
| More information | Grant Kemble Russell McVeagh PO Box 8 AUCKLAND |