| Decision | Consent Granted |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 11 March 2020 |
| Pathway(s) | Significant business assets |
| Investment | An overseas investment in significant business assets, being a financing transaction carried out by the Applicant including assets exceeding $100m, as part of a securitisation programme established by the Applicant. |
| Consideration | Exceeding $100,000,000 |
| Applicant | Prospa NZ Limited Curfore Pty Ltd, Australia (32.3%) Australian Public (26.1%) Spinoza investments Pty Limited, Australia (15.3%) International Group of Companies Pty Ltd, Australia (6.0%) JP Morgan Nominees Australia Limited, Australia (5.9%) Airtree Ventures Opportunity Fund Trusco Pty Ltd, Australia (5.9%) HSBC Custody Nominees (Australia) Limited, Australia (5.7%) Israel Public (1.5%) United States Public (0.8%) British Virgin Islands Public (0.5%) |
| Vendor | Prospa NZ Limited Curfore Pty Ltd, Australia (32.3%) Australian Public (26.1%) Spinoza investments Pty Limited, Australia (15.3%) International Group of Companies Pty Ltd, Australia (6.0%) JP Morgan Nominees Australia Limited, Australia (5.9%) Airtree Ventures Opportunity Fund Trusco Pty Ltd, Australia (5.9%) HSBC Custody Nominees (Australia) Limited, Australia (5.7%) Israel Public (1.5%) United States Public (0.8%) British Virgin Islands Public (0.5%) |
| Background | The Applicant seeks consent for financial transactions under an existing securitisation programme entered into in August 2019. The Applicant is a lender to small and medium-sized businesses in New Zealand. Its direct parent company, Prospa Advance Pty Ltd, operates a similar business in Australia. The ultimate owner of both the Applicant and Prospa Advance Pty Ltd is Prospa Group Limited, an ASX-listed entity. The Applicant expects the value of the financial assets that comprise the securitisation programme will, over time, 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 |