Approval to hold a stake in a financial sector company of more than 15%
Financial Sector (Shareholdings) Act 1998
SINCE:
A. Stephen Weston, Luke Bunbury and the persons named in the attached Schedule (the applicants) have applied to the Treasurer under section 13 of the Financial Sector (Shareholdings) Act 1998 (the Act) for approval to hold an 85% stake in volt Corporation Limited ACN 622 084 959 (the company), which is a financial sector company under the Act; and
B. I am satisfied that it is in the national interest to approve the applicants holding a stake in the company of more than 15%,
I, Mark Adams, a delegate of the Treasurer, under section 14 of the Act, APPROVE the applicants holding an 85% stake in the company.
Under subsection 16(1) of the Act, this Approval is subject to the conditions set out in the attached Schedule.
This approval has effect from the date it is signed and remains in force in accordance with the conditions imposed under subsection 16(1) of the Act.
Dated: 7 May 2018
[Signed]
Mark Adams
Executive General Manager
Specialised Institutions Division
Schedule – the person(s) who applied for approval
Individuals | Corporations |
Steve Weston | Weston Nominees Pty Ltd |
Luke Bunbury | Bunbury Two Pty Ltd |
Andrew Clouston | Notsoulc Pty Ltd |
Angus McBean | Bello Consulting Group No. 2 Pty Ltd |
Tony Fehon | TPF Investments Pty Ltd |
| TPF Administration Pty Ltd |
Paul Lewis | P.A.J. Lewis Superannuation Fund Pty Ltd |
| PAJ Lewis Pty Limited |
Richard Groves | K2 Risk Consulting Pty Ltd |
John Masters | Jillcris Pty Limited |
Matthew Fehon | Holycross 96 Pty Ltd |
Kylie Erica Vitale |
|
James Drysdale McBean |
|
Simon Corah |
|
Anthony Thrassis |
|
Schedule – the conditions
Size of volt bank limited
- The asset threshold for volt bank limited ACN 622 375 722 (volt bank) is $200 million.
Duration of Approval
2. Subject to conditions 3 and 4, this Approval remains in force until the end of 2 years after the day (the threshold day) that the value of the total resident assets of volt bank first exceeds the assets threshold.
3. If Stephen Weston and Luke Bunbury apply within 90 days of the threshold day for an approval under subsection 14(1) in relation to volt Corporation Limited ACN 622 084 959, the approval under this notice remains in force:
(a) if the application is refused—until the end of 2 years after the day the refusal was notified to Stephen Weston and Luke Bunbury; or
(b) if the application is granted—until the new approval under subsection 14(1) comes into force.
4. If Stephen Weston and Luke Bunbury apply more than 90 days after the threshold day for an approval under subsection 14(1) in relation to volt Corporation Limited ACN 622 084 959 and the application is granted within 2 years of the threshold day, the approval under this Notice remains in force until the new approval under subsection 14(1) comes into force.
Limits on individual shareholdings
5. Stephen Weston and Luke Bunbury must not individually hold a direct control interest greater than 35 per cent in volt Corporation Limited ACN 622 084 959 without prior approval from the Treasurer or a delegate of the Treasurer.
6. No associate of Stephen Weston or Luke Bunbury may hold a direct control interest greater than 20 per cent in volt Corporation Limited ACN 622 084 959 without prior approval from the Treasurer or a delegate of the Treasurer.
7. The associates of Stephen Weston and Luke Bunbury are the persons named in the Schedule of persons who applied for approval.
8. Direct control interest has the same meaning as in the Financial Sector Shareholdings Act 1998.