Decision Summary - CEA Trading Limited

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 is continually looking to add businesses and land to its New Zealand portfolio and approached the vendor in March 2007. The Applicant has made 27 previous investments in licensed premises throughout New Zealand.

Outline and Rationale for Proposed Investment:
The Applicant intends to acquire Float Bar (Float) and a leasehold interest in the land to continue to operate a licensed bar. The acquisition of the business is an integral part of the long-term investment of the Applicant in the Auckland region.

The Applicant believes the location of the bar in the Auckland Viaduct is important to the Applicant's long-term strategy. The Applicant wishes to have "Shooters" branded bars in all of New Zealand's major centres. The target market for this style of bar fits well with the Viaduct market. The Applicant believes the Viaduct is a long tem sustainable location for their activities.

The proposal is likely to result in the following benefits:

1. consequential benefits with contributions from gaming machines located inside the bar being made to charities; and
2. increased efficiencies in the operation of licensed premises owned by the Applicant; and
3. improved relations, as the overseas person is a key person in the hospitality industry of Australia.