Decision Summary - Pall Mall Hirequip Limited
| Decision | Consent granted Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 20 April 2009 |
| Investment | An overseas investment in significant business assets, being the Applicant's acquisition of the remaining 14.07% of the shares in Pacific Equipment Solutions Limited (PESL), (the Investment). |
| Consideration | CONFIDENTIAL |
| Applicant | Pall Mall Hirequip Limited Australia (100.0%) |
| Vendor | Senior Managers of the Hirequip Group New Zealand (100.0%) |
| Background | The Investment will have the effect of PESL once again becoming a wholly owned subsidiary of the Applicant. Currently, the Applicant holds approximately 85.93% of PESL. The Applicant will acquire the remaining 14.07% of the shares held in PESL currently held by senior management, as a result of internal restructuring including exchanging management shareholders' shares in PESL for units in the Tasman Secondary Trust, which holds all the shares of the Applicant. The overseas investment transaction has satisfied the criteria in section 18 of the Overseas Investment Act 2005. |
| More information | Elizabeth Rowe Minter Ellison Rudd Watts (Auckland) PO Box 3798 AUCKLAND 1140 |
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