| Decision | Consent granted Section 13(1)(c) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 31 July 2020 |
| Pathway(s) | Significant business assets |
| Investment | An overseas investment in significant business assets, being each Applicant’s acquisition of property in New Zealand used in carrying on business in New Zealand for consideration that exceeds $100 million as part of a receivables backed securitisation programme established by UDC Finance Limited. |
| Consideration | The investment involves a securitisation programme which will involve the acquisition of receivable assets and related rights, the value of which will exceed $100,000,000 and may increase further over time. |
| Applicants | UDC Finance Limited Australia (97.54%) New Zealand (1.38%) Various overseas persons (1.08%) NZGT (UDC) Trustee Limited (as trustee of the UDC Endeavour Auto Finance Trust and the UDC Endeavour Equipment Finance Trust) New Zealand (100%) |
| Vendors | UDC Finance Limited Australia (97.54%) New Zealand (1.38%) Various overseas persons (1.08%) NZGT (UDC) Trustee Limited (as trustee of the UDC Endeavour Auto Finance Trust and the UDC Endeavour Equipment Finance Trust) New Zealand (100%) |
| Background | The Applicants are involved in a receivables backed securitisation programme. UDC Finance Limited provides financing products to retail and business customers. NZGT (UDC) Trustee (a wholly-owned subsidiary of The New Zealand Guardian Trust Company Limited) will act as trustee for the trusts formed as part of the securitisation programme. As part of the securitisation programme, the trusts can acquire receivable assets and related rights from UDC Finance Limited and UDC Finance Limited can reacquire the receivable assets and related rights from the trusts. The Applicants have satisfied the OIO that the individuals who will control the investment have the relevant business experience and acumen and are of good character. The Applicants have also demonstrated financial commitment to the investment. |
| More information | Deemple Budhia Russell McVeagh (Auckland) PO Box 8 AUCKLAND 1140 |