Applicant
Aspire2 Group Limited
Case number(s)
201520041
Decision date
Type
Decision
DecisionConsent granted retrospectively
Section 13(1)(a) Overseas Investment Act 2005
Decision Date6 October 2015
InvestmentAn overseas investment in significant business assets being Aspire2 Group Limited’s acquisition of rights or interests in 100% of the issued share capital of:
  • Queens Academic Group Limited;
  • Withheld under s(9)(2)(b)(ii) of the Official Information Act
  • NZ Tertiary Education Group Limited;
  • National Tertiary Education Consortium Limited;
  • Safety-N Action Limited; and
  • Personalised Education Limited,
or any combination thereof, the consideration of which collectively exceeds $100m.
Consideration$144,849,012
ApplicantAspire2 Group Limited
Gregory James Kern, Australia (50.0%)
Gabriel Anna Giufre, Australia (50.0%)
Vendors

Lihui Wang Chen
New Zealand (100%)
Withheld under s(9)(2)(b)(ii) of the Official Information Act

CLM Trustees Limited, Mark James Scapens and Sharon Kathleen Scapens as trustees of the Scapens Family Trust No. 2
New Zealand (100%)

Ansari Ma and Lion Holdings (NZ) Limited
Ansari Ma, New Zealand (50.0%)
Ngee Hwai Phua, New Zealand (25.5%)
Anne Therese Feeney, New Zealand (24.5%)

Go Safe Limited
Rhonda Denise McKenzie, New Zealand (50.0%)
Rowan Bruce McKenzie, New Zealand (50.0%)

Solomon Family Trust and Franklin and Judith Solomon
Jenny Marie Solomon, Franklin Solomon and Judith Anne Solomon as trustees of the Solomon Family Trust, New Zealand (98.0%)
Judith Anne Solomon, New Zealand (1.0%)
Franklin Solomon, New Zealand (1.0%)

Background

The Applicant intends to purchase six private training establishment groups (or a combination thereof) and consolidate them under a corporate umbrella.

The Applicant considers that the managing these private training establishment groups together will allow the business to grow and allow for improved quality and consistency between the private training establishment groups.

The overseas investment transaction has satisfied the criteria in section 18 of the Overseas Investment Act 2005.

More informationMark Stuart
Minter Ellison Rudd Watts
PO Box 3798
Auckland 1140
Retrospective penalty$8,0000