| Decision | Consent granted Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 16 February 2015 |
| Investment | An overseas investment in significant business assets, being the Applicant's acquisition of rights or interests in up to and including 57.21% of the issued share capital of Martin Aircraft Company Limited when aggregated together with the securities held by the Applicant’s associates, the value of the assets of Martin Aircraft Company Limited and its 25% or more subsidiaries being greater than $100m. |
| Asset value | Greater than $100,000,000 |
| Applicant | KuangChi Science Limited China Public (approximately 42.15%) New Horizon Wireless Technology Limited, China, People's Republic of (33.27%) World Treasure Global Limited, Hong Kong (SAR) (18.76%) Hong Kong Public (approximately 5.82%) |
| Vendor | Existing shareholders of Martin Aircraft Company Limited New Zealand Public (41.19%) Glenn Neil Martin, New Zealand (24.2%) Various overseas persons (18.88%) Australian Public (15.73%) |
| Background | The Applicant is acquiring shares in Martin Aircraft Company Limited to support the development of the Martin Jetpack as it goes to market. The overseas investment transaction has satisfied the criteria in section 18 of the Overseas Investment Act 2005. |
| More information | Mark Forman Minter Ellison Rudd Watts PO Box 3798 AUCKLAND 1140 |