| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Date | 6 June 2016 |
| Investment | An overseas investment in sensitive land, being the Appleton Dairy Farm Limited’s acquisition of a freehold interest in 918.9039 hectares of land at Puketoi Runs Road, Maniototo, Otago. |
| Consideration | $20,750,000 |
| Applicant | Appleton Dairy Farm Limited Canadian Government (100%) |
| Vendor | Belmont Dairy Farm Limited Gary Keith Mollard, Louise Mollard & Peter De Luca, New Zealand (24.02%) Anthony Mark Joblin, Ainsely Lee Joblin & Whitney Lee Joblin, New Zealand (24.02%) Dallas Brent Fisher & Joeli Scott Ratuki, New Zealand (24.02%) Grant Lewis Hopkins & Rosemary Hopkins, New Zealand (12.0%) Derek Roy Hopkins, New Zealand (10.09%) Tim Sloss, New Zealand (5.85%) |
| Background | The Applicant is ultimately, indirectly, owned by the Public Sector Pension Investment Board. The land is currently being used as a dairy farm. The Applicant intends to acquire the land for the purpose of dairy farming and milk production and will engage FarmRight to manage the land for that purpose. In particular, the Applicant intends to:
The Applicant will also offer approximately 160 hectares of wetland area into public ownership for nil consideration if the Department of Conservation recommends that the indigenous flora, fauna and wildlife would be best protected by this. 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 | Susie Kilty Buddle Findlay PO Box 2694 WELLINGTON 6140 |