| Decision | Consent Granted Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision Date | 9 January 2017 |
| Investment | An overseas investment in significant business assets, being the Applicant’s acquisition of rights or interests in up to 100% of the issued share capital of Compac Holdings Limited, the potential total consideration for which may (subject to certain conditions) exceed $100m. |
| Consideration | Initial Investment of $70,000,000 with additional payments of potentially up to $230,000,000 depending on the fulfilment of certain conditions. |
| Applicant | TOMRA Sorting AS (a wholly owned subsidiary of TOMRA Systems ASA) Various overseas persons (38.09%) Investment AB Latour, Sweden (25.76%) Norwegian Public (20.22%) Swedish Public (9.49%) Folketrygdfondet, Norway (6.44%) |
| Vendor | Compac Holdings Limited Hamish Kennedy, Kim Kennedy and Brian Leaning, New Zealand (75.03%) Gavin Reeve, Victoria Reeve and Brian Leaning, New Zealand (9.92%) David Buys, Christina Buys and Glaister Ennor Trustee Co Ltd, New Zealand (9.02%) Various New Zealand persons (4.63%) Various overseas persons (1.4%) |
| Background | The Applicant is currently involved in the belt and chute sorting industry and the acquisition of Compac Holdings Limited will allow it to expand into the fast-growing lane sorting industry. The overseas investment transaction has satisfied the criteria in section 18 of the Overseas Investment Act 2005. |
| More information | Cameron Taylor Minter Ellison Rudd Watts PO Box 3798 AUCKLAND 1140 |