Decision Summary - EnviroWaste Services Limited

Decision number 200810037
Application number 200810008
Date 30 April 2008
Offeror/applicant EnviroWaste Services Limited
Ultimate applicant beneficial ownership 26.1432 percent - United States of America, United States Public
25.6292 percent - Singapore, Singapore Public
12.4539 percent - Switzerland, Swiss Public
11.3496 percent - Australia, Australian Public
7.1783 percent - Japan, Japanese Public
6.52 percent - Netherlands, Dutch Public
3.9138 percent - United Kingdom, United Kingdom Public
2.6062 percent - Hong Kong, Hong Kong Public
2.3447 percent - Germany, German Public
1.8612 percent - New Zealand, New Zealand Public
Beneficial overseas ownership  
- Asset current N/A
- Asset proposed N/A
- Share current 49.0694 percent
- Share proposed 98.13885 percent
Offeree(s)/seller(s) Colmar Holdings Limited
77.89 percent - New Zealand, Cashmore (Colin Reece)
11.22 percent - New Zealand, Austin (Richard)
10.89 percent - New Zealand, Cashmore (Marion)
Business activities Property & Business Services - Business
Details of land involved 123.2446 hectares of freehold situated at Bonny Glen Landfilll, 818 Wanganui Road & 28 Bruce Road, Makirikiri, Rangitikei being CTs 87921, 87922 and WN221/42 (Wellington Registry).
Regions involved Manawatu
Total consideration CONFIDENTIAL
Consent sought To acquire up to 100 percent of the securities of Manawatu Waste Limited.
Rationale

The application has been approved as it met the criteria.

The Overseas Investment Office is satisfied that the Applicant has business experience and acumen relevant to and is demonstrating financial commitment towards the investment. The Overseas Investment Office is further satisfied that the persons who exercise control over the Applicant are of good character and not the kind of persons referred to in section 7(1) of the Immigration Act 1987.

The Investment:
The Applicant already owns half the securities in Manawatu Waste Limited and therefore a 50% interest in Midwest Disposal Limited's assets.

Rationale for the Investment:
Acquiring the remaining securities in Manawatu Waste Limited will allow the Applicant to increase its market share which will lead to more market power, greater business synergies, and ultimately to increased profit.
The proposal is likely or is likely to benefit New Zealand (or any part of it or group of New Zealanders) having regard to the following factors:

Overseas Investment Act 2005:

  1. s17(2)(a)(iv) – Increased efficiency and productivity and enhanced domestic services.

Overseas Investment Regulations 2005:

  1. r28(b) – Key person in a key industry from country with which New Zealand would benefit from improved relations.
  2. r28(c)(i) – Adversely affect New Zealand's image overseas or trade.
  3. r28(e) – Previous investments in New Zealand.
  4. r28(f) – Give effect to Government policy or strategy.
Contact Garth Sinclair/Isaac Stewart
Russell McVeagh
P O Box 8
AUCKLAND

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