| Decision | Consent granted Section 12(b) Overseas Investment Act 2005 Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 26 February 2015 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in up to 32.5% of the shares of T R Group Limited which owns or controls:
An overseas investment in significant business assets, being the Applicant's acquisition of rights or interests in up to 32.5% of the shares of T R Group Limited, which has assets valued at over $100m. The investment comprises a combination of shares issued to the Applicant by T R Group Limited and shares sold to the Applicant by Newbury Holdings Limited. |
| Consideration | $12,449,970 |
| Applicant | CHAMP Ventures 7 Management Pty Limited for and on behalf of CV7A Investment Trust and CHAMP Ventures Investments Trust No. 7C Australian Public (43.58%) North American Public (21.26%) Various (12%) Malaysian Public (10.53%) Japanese Public (7.37%) Swiss Public (5.26%) |
| Background | T R Group, together with its subsidiaries, operates a New Zealand truck, trailer, bus and coach leasing and rental business. The investment by the Applicant will enable T R Group to substantially increase its truck and trailer fleet. The overseas investment transaction has satisfied the criteria in sections 16 and 18 of the Overseas Investment Act 2005. The 'benefit to New Zealand' criterion was satisfied by particular reference to the following factors: Overseas Investment Act 2005 Overseas Investment Regulations 2005 |
| More information | Michael Pollard and James Hawes Simpson Grierson Private Bag 92518 AUCKLAND 1141 |