| Decision | Consent Granted Section 13(1)(c) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 13 February 2018 |
| Investment | An overseas investment in significant business assets, being the Applicant acquiring property in New Zealand used in carrying on business in New Zealand, that property being various vehicle lease receivables and related vehicle assets, which, over time, may result in over $100m of receivables. |
| Consideration | Exceeding $100,000,000 |
| Applicant | Eclipx Fleet Holding (NZ) Limited Australian Public (37.75%) HSBC Custody Nominees (Australia) Limited, Australia (28.34%) JP Morgan Nominees Australia Limited, Australia (18.06%) National Nominees Limited, Australia (8.15%) Citicorp Nominees Pty Limited, Australia (7.7%) |
| Vendor | Eclipx Leasing Finance (NZ) Limited Australian Public (37.75%) HSBC Custody Nominees (Australia) Limited, Australia (28.34%) JP Morgan Nominees Australia Limited, Australia (18.06%) National Nominees Limited, Australia (8.15%) Citicorp Nominees Pty Limited, Australia (7.7%) |
| Background | Members of the Eclipx Group, acting through New Zealand-based subsidiaries, will transfer assets to NZGT (FP) Trustee Limited as the trustee of the FP Ignition 2017 Warehouse Trust, a securitisation trust. The assets are vehicle and loan receivables. Eclipx Leasing Finance (NZ) Limited will be the sole beneficiary of the trust. Over time, consideration paid will exceed $100 million. The Applicant has satisfied the OIO that the individuals who will control the investment have the relevant business experience and acumen and are of good character. The Applicant has also demonstrated financial commitment to the investment. |
| More information | Mei Nah Mayne Wetherell PO Box 3797 Shortland Street AUCKLAND |