| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Date | 24 May 2017 |
| Investment | An overseas investment in sensitive land, being Bardfield Farms Limited’s (the “Consent Holder”) acquisition of a freehold interest in approximately 208.595 hectares of land (the “Land”) at 60 Pilbrow Road, Palmerston, Waitaki, Otago, (the “Investment”). |
| Consideration | $3,400,000 |
| Applicant | Bardfield Farms Limited Mark Purcell Tapper, New Zealand (33.33%) Alpair Pty Limited, Australia (22.2678%) Doug Hall Poultry Pty Limited, Australia (22.2011%) Campastco Pty Limited, Australia (22.2011%) |
| Vendor | Kerry William Chittock, Jacqueline Fay Chittock and Barry Rae Harvey New Zealand (100%) |
| Background | The Consent Holder is an established swine farming and genetics company, currently operating in New Zealand and Australia. It has previously made beneficial investments in New Zealand. The Land is currently operated as a sheep and beef farm. Following completion of the Investment, the Consent Holder will convert the Land into a free range pig farm. The new farming operation on the Land will require the creation of new jobs and significant capital expenditure, to facilitate the conversion. The Consent Holder’s projections show that the pig farm will substantially increase revenue streams, compared with the revenues generated by the existing sheep and beef farm. New Zealand interests will be involved with Investment at governance level and as a significant minority shareholder. The bed of the Shag River will also be offered to the Crown for nil consideration. The overseas investment transaction has satisfied the criteria in section 16 of the Overseas Investment Act 2005. The 'substantial and identifiable benefit to New Zealand' criteria were satisfied by particular reference to the following factors: Overseas Investment Act 2005 Overseas Investment Regulations 2005 |
| More information | Kate Telford Hesketh Henry Private Bag 92093 AUCKLAND |