Overseas investment decision for case 201610105 - Tegel Foods Limited | Toitū Te Whenua

Decision	Consent granted Section 12(a) Overseas Investment Act 2005
Decision Date	15 November 2016
Investment	An overseas investment in sensitive land, being the Applicant's acquisition of a leasehold interest in 40.4505 hectares of land at Tikorangi Road East, Tikorangi.
Consideration	$46,030,500
Applicant	Tegel Foods Limited New Zealand Public (31.0%) United States Public (23.2965%) Various overseas persons (37.2815%) Singapore Public (8.422%)
Vendor	Paul Gerard Bourke, Bernadette May Bourke and Clonlara 2004 Limited as trustees of the Bourke Otararoa Trust New Zealand (100%)
Background	The Applicant wishes to increase its chicken production and intends to build and operate a new breeder farm on the land. 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 17(2)(a)(i) – Jobs 17(2)(a)(iii) – Increased export receipts 17(2)(a)(iv) – Greater efficiency/productivity 17(2)(a)(vi) – Increased processing of primary products Overseas Investment Regulations 2005 28(e) – Previous investments 28(j) – Oversight and participation by New Zealanders
More information	Chris Bargery Anderson Lloyd P O Box 399 Shortland Street Auckland 1140