Decision Summary - Christchurch Hotels Limited
| Decision number | 200820016 |
|---|---|
| Application number | 200810101 |
| Date | 30 July 2008 |
| Offeror/applicant | Christchurch Hotels Limited |
| Ultimate applicant beneficial ownership | 48.6574 percent - New Zealand, New Zealand Public 26.1314 percent - New Zealand, New Zealand Public and Various Entities 18.478 percent - Australia, Australian Public 3.1945 percent - United Kingdom, InterContinental Hotels Group PLC 2.8711 percent - New Zealand, Crimp (Louis) 0.2956 percent - Various, Various overseas persons 0.2926 percent - United States of America, United States Public 0.0795 percent - United Kingdom, United Kingdom Public |
| Beneficial overseas ownership | |
| - Asset current | N/A |
| - Asset proposed | N/A |
| - Share current | 48.1222 percent |
| - Share proposed | 23.85351 percent |
| Offeree(s)/seller(s) | SPHC (NZ) Holdings Limited 100 percent - United Kingdom, InterContinental Hotels Group PLC |
| Business activities | Cultural & Recreational Services - Amusement/Entertainment |
| Details of land involved | None |
| Regions involved | Canterbury |
| Total consideration | $28,172,000 |
| Consent sought | To acquire up to 100 percent of the shares of Premier Hotels Christchurch 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 of the individuals with control of 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: Premier holds a 30.67% interest in Christchurch Casinos Limited, which operates the Christchurch Casino whose assets are worth more than $100 million. Outline of the Investment: Rationale for the Investment: |
| Contact | Mark Freeman Bell Gully P O Box 1291 WELLINGTON |
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