Decision Summary - New Zealand Crane Group Limited

Decision number	200810049
Application number	200720113
Date	27 May 2008
Offeror/applicant	New Zealand Crane Group Limited
Ultimate applicant beneficial ownership	66.6798 percent - New Zealand, New Zealand Public 18.5703 percent - United Kingdom, United Kingdom Public 14.75 percent - Australia, Australian Public
Beneficial overseas ownership
- Asset current	0 percent
- Asset proposed	33.3203 percent
- Share current	N/A
- Share proposed	N/A
Offeree(s)/seller(s)	Sharpe (Ann Rosemary) and Jackson (Clive Rowan) as trustees of the Sharpe Family Trust of New Zealand
Business activities	Wholesale & Retail Trade - Machinery & Motor Vehicles
Details of land involved	1.0165 hectares of freehold situated at 7A Kapanui Grove, Porirua, Wellington being CT 175520 (Wellington Registry).
Regions involved	Wellington
Total consideration	$1,430,000
Consent sought	To acquire an interest in land which, either alone or together with any associated land, exceeds 0.4 hectares and adjoins land that is listed, or in a class listed, as a reserve, a public park, or other sensitive area by the regulator under section 37.
Rationale	The application has been approved as it met the criteria. The Overseas Investment Office is satisfied that the individuals with control of the Applicant collectively have business experience and acumen relevant to the overseas investment, and that the Applicant has demonstrated financial commitment towards the overseas investment. The Overseas Investment Office is further satisfied that each individual that exercises control over the Applicant is of good character and is not an individual of the kind referred to in section 7(1) of the Immigration Act 1987. Background to the Investment: The Applicant is New Zealand's largest operator in the mobile crane, tower crane and access-equipment hire businesses, operating in five locations across the country. Outline of the Investment: The relevant land is significantly larger than the Applicant's existing Porirua premises, and will allow the Applicant to expand all facets of the business. The Applicant proposes to construct a workshop and offices on the currently vacant land, with the remainder to be used as yard space. Rationale for the Investment: The Applicant currently operates its Porirua business from leased premises at 4 Kapuni Grove and proposes to relocate to accommodate for its growing crane hire business. Minimal disruption will be caused to the business by the relocation, as the relevant land is located on the same road as the Applicant's current site. The application has satisfied the criteria in section 16 of the Overseas Investment Act 2005. The 'benefit to New Zealand' criterion was satisfied, by particular reference to the following factors: Overseas Investment Act 2005: s17(2)(a)(v) - Additional investment for development purposes. Overseas Investment Regulations 2005 r28(e) - Previous investments.
Contact	Cathy Quinn Minter Ellison Rudd Watts P O Box 3798 AUCKLAND

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