| Decision | Consent granted Section 12(b) Overseas Investment Act 2005 Section 13(1)(b) Overseas Investment Act 2005 |
|---|---|
| Decision Date | 22 June 2016 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in up to 90% of the shares of Mataura Valley Milk Limited (directly or indirectly through Bodco Limited), which owns approximately 22.5336 hectares of sensitive land at Gore, Southland and will have an option to purchase approximately 8878 square metres of sensitive land at Gore, Southland. An overseas investment in significant business assets, being the establishment by Mataura Valley Milk Limited of a business in New Zealand where the business will be carried on for more than 90 days in any year and the total expenditure expected to be incurred, before commencing that business, in establishing that business is likely to exceed NZ$100 million. |
| Consideration | $71,757,090 |
| Applicant | China Animal Husbandry Group State-owned Assets Supervision and Administration Commission of the State Council of the People's Republic of China (100.0%) |
| Vendor | Existing shareholders of Mataura Valley Milk Limited Annette and Ian Tulloch, New Zealand (37.6467%) Ole Andersen, Denmark (23.3667%) Woga Trustee Limited, New Zealand (19.3855%) Tompkins Wake Trustees 2008 Limited, New Zealand (13.0667%) Simon Winn, Hong Kong (SAR) (3.31%) Dean Michael Pratt, New Zealand (1.6558%) Paul Alexander Johnstone, New Zealand (1.5686%) Ballast Holdings Limited Annette and Ian Tulloch, New Zealand (100.0%) |
| Background | The Applicant intends to invest in Mataura Valley Milk Limited through subscription for new shares in that company and the acquisition of shares from some of the minority shareholders. Following the Applicant’s subscription and acquisition of shares, Mataura Valley Milk Limited will establish a dairy processing plant in Gore. The establishment of the dairy plant and its operation is likely to result in the creation of numerous jobs in Southland as well as added market competition in the dairy processing industry. The overseas investment transaction has satisfied the criteria in sections 16 and 18 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 |
| More information | Andrew Petersen Bell Gully PO Box 4199 AUCKLAND 1140 |