| Decision | Consent granted Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 3 July 2014 |
| Investment | An overseas investment in significant business assets, being the Applicant's acquisition of rights or interests in up to 100% of the securities of Metroglass Holdings Limited, the value of the New Zealand assets of Metroglass Holdings Limited and its 25% or more subsidiaries being greater than $100m. |
| Consideration | $307,500,000 |
| Applicant | Metro Performance Glass Limited Various overseas persons (81.82%) Australian Public (5.77%) United States of America (8.71%) Germany (2.26%) New Zealand (1.04%) United Kingdom (0.40%) |
| Vendor | Existing shareholders of Metroglass Holdings Limited Various overseas persons (9.10%) Australian Public (28.83%) United States of America (43.54%) Germany (11.32%) New Zealand (5.21%) United Kingdom (2.00%) |
| Background | Metroglass Holdings Limited (MHL) is a leading value added processer of glass in New Zealand and sells a full range of glass products. MHL seeks to launch an initial public offering. The Applicant intends to acquire 100% of MHL and then undertake an initial public offering of MHL shares. The existing shareholders of MHL will retain a shareholding of approximately 20% in the Applicant once the initial public offering has been completed, with various New Zealand and overseas persons making up the balance of the Applicant’s shareholding. The overseas investment transaction has satisfied the criteria in section 18 of the Overseas Investment Act 2005. |
| More information | Toby Sharpe Bell Gully PO Box 4199 AUCKLAND 1140 |