|Date||12 June 2006|
|Offeror/applicant||Transpacific Industries Group Limited|
|Ultimate applicant beneficial ownership||86.5 percent - Australia, Australian Public|
12.69 percent - Malaysia, Malaysian Public
0.81 percent - Various, Various overseas persons
|Beneficial overseas ownership|
|- Asset current||24.53 percent|
|- Asset proposed||100 percent|
|- Share current||N/A|
|- Share proposed||N/A|
|Offeree(s)/seller(s)||Waste Management NZ Limited|
75.47 percent - New Zealand, New Zealand Public
16.72 percent - Australia, Australian Public
3.1 percent - United States of America, United States Public
2.62 percent - Hong Kong, Hong Kong Public
2.09 percent - Various, Various overseas persons
|Business activities||Personal & Other Services - Other|
|Details of land involved|
3,734.3224 hectares of freehold comprising:
5.015 hectares of leasehold comprising:
Bay of Plenty/Coromandel
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.
Transpacific Industries Group Limited (TPI) proposes to amalgamate with Waste Management N.Z. Limited (Waste Management) under the process contained in Part XIII of the Companies Act 1993. Upon the amalgamation becoming effective, Transpacific Industries Group (NZ) Limited (a wholly owned subsidiary of TPI) will succeed to all the rights and obligations of Waste Management by operation of law and Waste Management then will cease to exist, with its shares being cancelled. On 17 May 2005, TPI's proposal was approved by 97.3 percent of the votes cast (in person or by proxy) by Waste Management's shareholders at Waste Management's annual meeting. Waste Management's shareholders will receive a payment for their shares from TPI.
TPI, is listed on the Australian Stock Exchange, and has business operations in Australia and New Zealand. TPI operates three principal divisions: waste management and recycling services, industrial solutions, and commercial vehicles. Waste Management's business activities include waste collection, recycling, landfill and refuse transfer station design and operation and gas extraction and gas to energy generation systems. The proposed transaction is likely to further complement and expand TPI's operations in New Zealand.
The proposal is likely to result in the following benefits:
|Contact||Joe Windmeyer/Chris Bargery|
PO Box 8