It’s notable that the NZ CommerceCommission only opened this...

It’s notable that the NZ CommerceCommission only opened this matter on 14 April, a delay of 8 weeks afterLFS and UM signed the sale contract. “The Commission is currently scheduled to make a decision on whether or not to give clearance to the proposed acquisition by 15 June 2022. Submissions to NZCC on [the HCF sale] are sought by close of business on 27 May 2022.” HUM said “The implementation of the sale transaction is subject to customary terms and conditions as well as approvalby various regulatory bodies, including the Australian Foreign Investment Review Board and New Zealand Overseas Investment Office.” It didn’t mention NZCC, although it should have done. Likewise ACCC for the Australian aspects of the sale, and in any case FIRB would normally consult with ACCC and ATO. There is no mention of this deal in the section on ‘informal merger reviews’ on ACCC’s website, so I hope that that doesn’t mean that HUM/LFS have not even begun the process to obtain ACCC clearance yet! There wouldn’t normally be any concern re FIRB, but LFS still has 74% foreign ownership, including 64% by the Selling Shareholders, so FIRB may take longer than the standard 30 days to consider it. It would be nice if the HUM Board occasionally gave shareholders an update on these matters. After all, they are not secret! It shows the Board’s unwillingness to be open, and it works at snail’s pace-but WHY?