Decision number200710068
Application number200710074
Date11 June 2007
Offeror/applicantHT Media Limited
Ultimate applicant beneficial ownership26.3 percent - Singapore, Singapore Government
17.9 percent - Australia, Australian Public
11.5227 percent - Netherlands, Dutch Public
10.0108 percent - United States of America, United States Public
10 percent - New Zealand, Existing Management of CanWest MediaWorks (NZ) Limited
9.6656 percent - Singapore, Singapore Public
4.8328 percent - Switzerland, Swiss Public
2.7616 percent - Japan, Japanese Public
2.4164 percent - United Kingdom, United Kingdom Public
2.4164 percent - Various, Various overseas persons
2.1737 percent - Netherlands, Ing Groep N.V.
Beneficial overseas ownership 
- Asset currentN/A
- Asset proposedN/A
- Share current70.12 percent
- Share proposed90 percent
Offeree(s)/seller(s)Existing Shareholders in CanWest MediaWorks (NZ) Limited
69.99 percent - Canada, CanWest Global Communications Corporation
29.88 percent - New Zealand, New Zealand Public
0.13 percent - Various, Various overseas persons
Business activitiesCultural & Recreational Services - Radio/Television
Details of land involvedNone.
Regions involvedVarious
Total consideration$533,844,500
Consent soughtTo acquire up to 100 percent of the ordinary share capital of CanWest MediaWorks (NZ) Limited.
Rationale

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.

Background
The Application is lodged by Ironbridge Capital Pty Limited ("Ironbridge") and The Merchant Banking Group of ABN AMRO Bank N.V., through its subsidiary AA Merchant Banking B.V. ("ABN AMRO") (together, the "Investors") on behalf of HT Media Limited (the "Applicant").

Outline of Proposed Development
The Investors propose to acquire, through the Applicant, up to 100 percent of the issued ordinary share capital of CanWest Media (NZ) Limited ("MWL").

Rationale for Proposed Development
The rationale underpinning Ironbridge's proposal to acquire the shares is that this acquisition is consistent with its investment principles. Ironbridge's philosophy is to acquire established, cash generative businesses, with leading market positions and to focus on operational improvements and growth to drive value creation.

ContactJames Gibson
Bell Gully
P O Box 4199
AUCKLAND