Decision Summary - Quadrant Private Equity Pty Limited as manager of Quadrant Private Equity No. 1

Decision number 200810062
Application number 200810076
Date 26 June 2008
Offeror/applicant Quadrant Private Equity Pty Limited as manager of Quadrant Private Equity No. 1
Ultimate applicant beneficial ownership 100 percent - Australia, Australian Public
Beneficial overseas ownership
- Asset current N/A
- Asset proposed N/A
- Share current 32.26 percent
- Share proposed 76.291 percent
Offeree(s)/seller(s) Existing Shareholders of Seniors Money International Limited
67.74 percent - New Zealand, New Zealand Public
28.23 percent - Australia, Australian Public
1.53 percent - Various, Various overseas persons
1.38 percent - United Kingdom, United Kingdom Public
1.12 percent - Kenya, Kenya Public
Business activities Finance & Insurance - Financial Institutions
Details of land involved None.
Regions involved Auckland
Total consideration $15,400,000
Consent sought To acquire rights and interests in up to 65 percent of the shares of Seniors Money International Limited.
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:
The Applicant currently holds 19.9% of SMIL's ordinary shares.

The Investment:
The Applicant, as manager of Quadrant Private Equity No. 1A (QPE1) will subscribe for up to 65% of Redeemable Preference Shares (RPS) issued by SMIL. Each RPS is convertible on a one-to-one to ordinary shares in SMIL and conversion must be completed within 5 years from the date the Overseas Investment Office grants consent.

Rationale:
The proposed investment will allow SMIL to raise funds through the issue of shares to the Applicant. The Applicant is an existing major shareholder and wishes to support SMIL by subscribing for the shares.
Contact John Strowger/Justine Tuite
Chapman Tripp
PO Box 2206
Auckland

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