| Decision | Consent Granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 13 March 2018 |
| Investment | Consent is granted to the Applicant via its subsidiary Chinook Limited to acquire 100% of the issued share capital in Simx Limited (“Simx”), which will result in an overseas investment in sensitive land, as Simx owns a leasehold interest in 1.3048 hectares of land at 1 Haliday Place, East Tamaki, Auckland. |
| Lease Payment | $72,000,000 |
| Applicant | Volution Group plc. United Kingdom Public (70.92%) United States Public (23.7%) Denmark Public (2.83%) Germany Public (1.82%) Netherlands Public (0.58%) Switzerland Public (0.14%) Guernsey Public, United Kingdom (0.01%) |
| Vendor | Joanne Speden, Michael Badger and Richard Burrell as trustees of the Badger Speden Family Trust (New Zealand 17.50%) Cheryl Pengelly, Julian Pengelly and Peter Neumegen as trustees of the Pengelly Family Trust (New Zealand 64.99%) Bernard Sheridan and Sidadit Limited as trustees of the KH & UK Hari Family Trust (New Zealand 17.50%) Julian Pengelly, Kumar Hari, Michael Badger (individuals) (New Zealand 0.01%) |
| Background | Simx is a distributor of electrical and ventilation products. Volution Group is a UK based global supplier of ventilation products. As a major supplier of Simx, Volution Group currently has no physical presence in New Zealand. The Investment will result in Volution Group establishing its geographical presence in New Zealand, further grow its ventilation business in the Australasia region, and will result in the creation of jobs and introduction of new ventilation products to New Zealand. |
| More information | Tom Logan PWC Legal 188 Quay Street Private Bag 92162 PO Box 748 AUCKLAND 1142 |