| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 Section 13(1)(b) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | The Minister for Land Information and the Associate Minister of Finance |
| Decision Date | 8 October 2020 |
| Pathway(s) | Sensitive land – substantial and identifiable benefit to New Zealand Significant business assets |
| Investment |
An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in approximately 309.25 hectares of land in Ōtorohanga. An overseas investment in significant business assets, being the establishment of a business in New Zealand where the expenditure before commencing business is expected to exceed $100 million. |
| Consideration | $9,675,000 |
| Applicant | Happy Valley Nutrition Limited Australia (60.12%) New Zealand (28.06%) Hong Kong (SAR) (8.96%) Singapore (1.75%) Philippines (0.42%) United States of America (0.24%) Thailand (0.24%) Portugal (0.10%) United Kingdom (0.09%) Czech Republic (0.01%) Various (0.01%) |
| Vendors | Merilyn Ruth Connolly and Derek Kotuku Wooster New Zealand (100%) Ricardo Vaughan Te Whare New Zealand (100%) Allen Peter van der Poel, Linda Dawn van der Poel, and Bailey Ingham Trustees Limited New Zealand (100%) Woolly Farm Limited New Zealand (100%) Otorohanga District Council New Zealand (100%) |
| Background |
The Applicant is an ASX-listed New Zealand incorporated company created to become a business-to-business supplier of consumer-ready infant milk formula ("IMF") and high-value dairy ingredients. The Applicant intends to acquire the land in order to develop and operate a milk processing blending and packaging plant to produce IMF and other nutritional products. The benefits to New Zealand include the creation of new jobs involved in the construction and ongoing operation of the facility; additional investment involved in the development of the facility; increased export receipts from the export of IMF and other nutritional products; efficient operation of the facility; increased production of high-value dairy ingredients; protection of indigenous vegetation and heritage sites on the land; improved walking access over part of the land; the offer back of special land to the Crown; and New Zealand participation in the investment. The Applicant has satisfied the OIO that the individuals who will control the investment have the relevant business experience and acumen and are of good character. The Applicant has also demonstrated financial commitment to the investment. |
| More information | Martin Thomson DLA Piper (Auckland) PO Box 160 AUCKLAND 1140 |
| Assessment report |
- Last updated