Decision Summary - Fleet NZ Limited

Decision number	200820026
Application number	200810097
Date	2 September 2008
Offeror/applicant	Fleet NZ Limited
Ultimate applicant beneficial ownership	43.11 percent - Singapore, Singapore Public 32.19 percent - Belgium, Belgium Public 24.05 percent - Australia, Australian Public 0.65 percent - New Zealand, New Zealand Public
Beneficial overseas ownership
- Asset current	N/A
- Asset proposed	N/A
- Share current	100 percent
- Share proposed	99.35 percent
Offeree(s)/seller(s)	Existing shareholders in Pacific Leasing Solutions (NZ) Limited 92.28 percent - United States of America, Citigroup Inc. 7.31 percent - Australia, Australian Public 0.41 percent - New Zealand, New Zealand Public
Business activities	Property & Business Services - Business
Details of land involved	None
Regions involved	Various
Total consideration	CONFIDENTIAL
Consent sought	To acquire up to 100 percent of the shares of Pacific Leasing Solutions (NZ) 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 to the Investment: Tasman Capital Partners Pty Limited (Tasman Capital), Ironbridge Capital Pty Limited (Ironbridge) and GIC Special Investments Private Limited (together the Investors) propose to acquire 100 percent of the shares in Pacific Leasing Solutions (NZ) Limited, the holding company of the FleetPartners business in New Zealand. Outline of the Investment: The Investors have incorporated a wholly-owned subsidiary (Fleet NZ Limited) for the purpose of completing the proposed transaction. Rationale for the Investment: The acquisition of Pacific Leasing Solutions (NZ) Limited fits well with the Investors' investment criteria. The Investors intend to use reasonable leverage to fund the business operations and future growth of the business.
Contact	Mark Stuart Minter Ellison PO Box 3798 AUCKLAND

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