|Date||12 June 2006|
|Offeror/applicant||JB Were (NZ) Private Equity Limited as manager of Special Managed Investment Company No. 90 Limited|
|Ultimate applicant beneficial ownership||100 percent - New Zealand, New Zealand Public|
|Beneficial overseas ownership|
|- Asset current||N/A|
|- Asset proposed||N/A|
|- Share current||0 percent|
|- Share proposed||0 percent|
|Offeree(s)/seller(s)||Existing shareholders of Vision Senior Living Limited|
35.305 percent - New Zealand, Anderson (Ronald Douglas)
35.305 percent - New Zealand, Foster (Robert Athol)
25.1 percent - New Zealand, Bourke (Peter John)
4.29 percent - New Zealand, Foster (Alexander)
|Business activities||Health & Community Services - Community Services|
|Details of land involved|
16.1846 hectares of freehold comprising:
4.3708 hectares of leasehold situated at Oakridge Drive, Kerikeri being CT 147910 (North Auckland Registry).
Bay of Plenty/Coromandel
|Consent sought||To acquire up to 28.5 percent of the shares of Vision Senior Living 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.
JB Were (NZ) Private Equity Limited on behalf of private equity funds Hauraki Private Equity No.2 Fund Limited and Special Managed Investment Company No.90 Limited, proposes to acquire 28.5 percent of Vision Senior Living Limited (VSL). VSL owns and operates retirement villages situated at Henderson and Botany Downs, Auckland, Forest Lake, Hamilton, Papamoa, Tauranga, and Kerikeri. The proposal will provide funding to VSL for the continued development and acquisition of retirement villages.
The proposal is likely to result in the following benefits:
|Contact||Bryce Davey/Huw McKinlay|
PO Box 2206