Approval to hold a stake in a financial sector company of more than 15%
Financial Sector (Shareholdings) Act 1998
To: Quaker Partners LLC (5071296, Delaware, USA) (Quaker) and the persons named in the attached Schedule (its associates)
SINCE
- Quaker and its associates have applied for an approval under section 13 of the Financial Sector (Shareholdings) Act 1998 (the Act), to hold a stake of more than 15% in each of the following companies, each a financial sector company under the Act:
(a) Quaker; and
(b) LFI Group Pty Ltd ABN 31 138 903 581 (LFI), and
B. I am satisfied it is in the national interest to approve Quaker and each of its associates to hold a stake in each financial sector company of more than 15%,
I, Brandon Kong Leong Khoo, a delegate of the Treasurer, under subsection 14(1) of the Act, APPROVE Quaker and each of its associates to hold a stake in each financial sector company of 100%.
This Approval comes into force on the date it is signed and remains in force indefinitely.
Dated: 20 February 2014
[Signed]
Stephen Glenfield
Acting Executive General Manager
Specialised Institutions Division
Interpretation
In this Notice:
financial sector company has the meaning given in section 3 of the Act.
stake in relation to a company, has the meaning given in clause 10 of Schedule 1 to the Act.
unacceptable shareholding situation has the meaning given in section 10 of the Act.
Note 1 Under section 14 of the Act, the Treasurer must give written notice of this Approval to the applicant and financial sector company concerned and must publish a copy of this notice in the Gazette.
Note 2 Under paragraph 16(2)(a) of the Act, the Treasurer may, by written notice given to a person who holds an Approval under section 14, impose one or more conditions or further conditions to which the Approval is subject. Under paragraph 16(2)(b) of the Act, the Treasurer may revoke or vary any conditions imposed under paragraph 16(2)(a) of the Act or specified in the Notice of Approval. The Treasurer’s powers under subsection 16(2) may be exercised on the Treasurer’s own initiative or an application made to the Treasurer in accordance with the requirements of subsection 16(4) of the Act, by the person who holds the Approval (see subsection 16(3) of the Act).
Note 3 A person who holds an Approval under section 14 of the Act may apply to the Treasurer under subsection 17(1) of the Act, to vary the percentage specified in the Approval.
Note 4 Under subsection 17(6) of the Act, the Treasurer may, on the Treasurer’s own initiative, by written notice given to a person who holds an Approval under section 14, vary the percentage specified in the Approval if the Treasurer is satisfied it is in the national interest to do so.
Note 5 The circumstances in which the Treasurer may revoke a person’s Approval under section 14 are set out in subsection 18(1) of the Act.
Note 6 Section 19 of the Act provides for flow-on approvals. If an Approval has been granted for the holding of a stake in a financial sector company and the financial sector company is a holding company for an authorised deposit-taking institution or an authorised insurance company, then an approval is taken to exist for the holding of a stake of equal value in each financial sector company that is a 100% subsidiary of the holding company.
Note 7 Under section 11 of the Act, a person or 2 or more persons under an arrangement are guilty of an offence if the person(s) acquires shares in a company and the acquisition has the result, in relation to a financial sector company, that:
(i) an unacceptable shareholding situation comes into existence; or
(ii) if an unacceptable shareholding situation already exists in relation to the company and in relation to a person – there is an increase in the stake held by the person in the company;
and the person(s) was reckless as to whether the acquisition would have that result. A maximum penalty of 400 penalty units applies or by virtue of subsection 4B(3) of the Crimes Act 1914, in the case of a body corporate, a penalty not exceeding 2,000 penalty units. By virtue of section 39 of the Act, an offence against section 11 is an indictable offence.
Note 8 Under section 32(3) of the Act, if a person has engaged in or is proposing to engage in any conduct in contravention of a condition to which an approval under section 14 is subject, the Federal Court may, on the application of the Treasurer, grant an injunction:
(i) restraining the person engaging in the conduct; and
(ii) if in the court’s opinion, it is desirable to do so, requiring the person to do something.
Schedule – Associates of Quaker
US Trust Company of Delaware (3185789, Delaware, USA) as trustee of the Ma Family Trust
Cooperative Minerva and Artemis Holdings UA (34228087, Netherlands)
Zayucel Limited (14613, British Virgin Islands)
Isocrates Limited (123699, British Virgin Islands) as trustee of the Isocrates Trust
Sherman Ma
Assured Credit Management Pty Ltd ABN 23 096 859 782
Beat Association Limited ABN 48 122 079 994
Beat Services Pty Ltd ABN 65 121 451 803
Hestia Holdings Sarl (Luxembourg)
Jupiter Holdings BV (Netherlands)
Juno Holdings Sarl (Luxembourg)
LFI
Liberty Credit Enhancement Company NZ Limited (New Zealand)
Liberty Credit Enhancement Company Pty Ltd ACN 107 301 646
Liberty Fiduciary Ltd ABN 80 119 884 623
Liberty Financial Limited (New Zealand)
Liberty Financial Pty Ltd ABN 55 077 248 983
Liberty Funding Limited (New Zealand)
Liberty Funding Pty Ltd ABN 49 128 856 422
Liberty Network Services Pty. Ltd. ABN 65 151 158 628
Loannet Pty Ltd ABN 18 077 898 027
Minerva Financial Group Pty Limited ABN 43 124 171 759
Minerva Funding Pty Ltd ACN 150 500 271
Minerva Funds Management Limited ABN 81 119 873 282
Minerva Technology Pty Ltd ABN 59 125 611 574
MPMH Limited (New Zealand)
Mike Pero Group Limited (New Zealand)
Mike Pero Mortgages Limited (New Zealand)
Mike Pero (New Zealand) Limited (New Zealand)
Mike Pero Insurances Limited (New Zealand)
Secure Credit Pty Ltd ABN 45 124 171 768
Secure Funding Pty Ltd ABN 25 081 982 872
Secure Funding Limited (New Zealand)
Trail Finance Group Pty Ltd ACN 143 003 758
Vesta Financial BV (Netherlands)
Vesta Funding BV (Netherlands)