Decision number200620011
Application number200610120
Date21 July 2006
Offeror/applicantS8 Limited
Ultimate applicant beneficial ownership100 percent - Australia, Australian Public
Beneficial overseas ownership 
- Asset currentN/A
- Asset proposedN/A
- Share current16.61 percent
- Share proposed100 percent
Offeree(s)/seller(s)Existing shareholders in Gullivers Travel Group Limited
54.58 percent - New Zealand, New Zealand Public
28.81 percent - New Zealand, Bagnall (John Andrew)
16.61 percent - Australia, Australian Public
Business activitiesProperty & Business Services - Business
Details of land involvedNone
Regions involvedVarious
Total consideration$236,450,400
Consent SoughtTo acquire up to 100 percent of the shares of Gullivers Travel Group Limited.
Rationale

The application has been approved as it met the criteria.

The Overseas Investment Office is satisfied that the Applicant has business experience and acumen relevant to and is demonstrating financial commitment towards the investment. The Overseas Investment Office is further satisfied that the persons who exercise control over the Applicant are good of character and not the kind of persons referred to in section 7(1) of the Immigration Act 1987.

S8 Limited (S8) proposes to acquire 100 percent of Gullivers Travel Group Limited (Gullivers), an Australian Stock Exchange (ASX) and New Zealand Stock Exchange (NZSX) listed company through a full cash takeover offer under the Takeovers Code. S8 is a Queensland based ASX listed travel and property management company. Gullivers is the largest vertically and horizontally integrated wholesale, retail leisure and corporate outbound travel service in New Zealand. The Gullivers Travel Group comprises a portfolio of high profile travel brands including United Travel, Holiday Shoppe, Travel Smart, the New Zealand Master Franchise for Harvey World Travel, GO Retail, Atlantic Pacific Radius, Signature Travel, Biztrav, Gullivers Holidays, Gullivers Ticketing, GO Holidays and Ticketing, Travel Reward Incentive Programme (TRIPS) and online businesses of Travel.co.nz and Zuji New Zealand, as well as a travel software development and distribution division. The takeover of Gullivers presents S8 with the opportunity to fulfil its objective of expansion into the New Zealand travel industry.

ContactAndrew Harmos
Harmos Horton Lusk
P O Box 28
AUCKLAND