Decision Summary - HT Media Limited
| Decision number | 200710068 |
|---|---|
| Application number | 200710074 |
| Date | 11 June 2007 |
| Offeror/applicant | HT Media Limited |
| Ultimate applicant beneficial ownership | 26.3 percent - Singapore, Singapore Government 17.9 percent - Australia, Australian Public 11.5227 percent - Netherlands, Dutch Public 10.0108 percent - United States of America, United States Public 10 percent - New Zealand, Existing Management of CanWest MediaWorks (NZ) Limited 9.6656 percent - Singapore, Singapore Public 4.8328 percent - Switzerland, Swiss Public 2.7616 percent - Japan, Japanese Public 2.4164 percent - United Kingdom, United Kingdom Public 2.4164 percent - Various, Various overseas persons 2.1737 percent - Netherlands, Ing Groep N.V. |
| Beneficial overseas ownership | |
| - Asset current | N/A |
| - Asset proposed | N/A |
| - Share current | 70.12 percent |
| - Share proposed | 90 percent |
| Offeree(s)/seller(s) | Existing Shareholders in CanWest MediaWorks (NZ) Limited 69.99 percent - Canada, CanWest Global Communications Corporation 29.88 percent - New Zealand, New Zealand Public 0.13 percent - Various, Various overseas persons |
| Business activities | Cultural & Recreational Services - Radio/Television |
| Details of land involved | None. |
| Regions involved | Various |
| Total consideration | $533,844,500 |
| Consent sought | To acquire up to 100 percent of the ordinary share capital of CanWest MediaWorks (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 The Application is lodged by Ironbridge Capital Pty Limited ("Ironbridge") and The Merchant Banking Group of ABN AMRO Bank N.V., through its subsidiary AA Merchant Banking B.V. ("ABN AMRO") (together, the "Investors") on behalf of HT Media Limited (the "Applicant"). Outline of Proposed Development The Investors propose to acquire, through the Applicant, up to 100 percent of the issued ordinary share capital of CanWest Media (NZ) Limited ("MWL"). Rationale for Proposed Development The rationale underpinning Ironbridge's proposal to acquire the shares is that this acquisition is consistent with its investment principles. Ironbridge's philosophy is to acquire established, cash generative businesses, with leading market positions and to focus on operational improvements and growth to drive value creation. |
| Contact | James Gibson Bell Gully P O Box 4199 AUCKLAND |
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