| Decision number | 200520098 |
|---|---|
| Application number | 200520108/200810003 |
| Date | 9 December 2005/28 February 2008 |
| Offeror/applicant | Follies Limited |
| Ultimate applicant beneficial ownership | 50.52 percent - New Zealand, Infratil Limited 32.96 percent - New Zealand, Tauranga Energy Consumers Trust 12.49 percent - New Zealand, New Zealand Public 4.03 percent – Various, Various overseas persons |
| Beneficial overseas ownership | |
| - Asset current | 0 percent |
| - Asset proposed | 4.03 percent |
| - Share current | N/A |
| - Share proposed | N/A |
| Offeree(s)/seller(s) | Smart (Christopher John) of New Zealand |
| Business activities | Electricity, Gas & Water Supply - Electricity & Gas Supply |
| Details of land involved | 92.99 hectares of freehold situated at State Highway 63, Wairau Valley, Marlborough being CTs 56454 and 56455 (Marlborough Registry). |
| Regions involved | Nelson/Marlborough |
| Total consideration | CONFIDENTIAL |
| Consent Sought | To acquire an estate or interest in land which, either alone or together with any associated land of that type, is or includes non-urban land and exceeds 5 hectares in area. |
| Rationale | The application has been approved as it met the criteria. The Overseas Investment Office is satisfied that the individuals with control of the Applicant collectively have business experience and acumen relevant to the overseas investment, and that the Applicant has demonstrated financial commitment towards the overseas investment. The Overseas Investment Office is further satisfied that each individual that exercises control over the Applicant is of good character and is not an individual of the kind referred to in section 7(1) of the Immigration Act 1987. TrustPower has identified an opportunity to develop a hydro-electric scheme in the Wairau Valley in the Marlborough region. The proposed scheme is an extension of the Branch hydro electric scheme owned by TrustPower. Under the project, part of the Wairau river flow would be diverted into the existing Branch scheme and the water conveyed through interconnecting canals and penstocks to five new generating stations. TrustPower proposes to acquire the subject property to enable it to proceed with construction of the project once resource consents are granted under the Resource Management Act. In particular, it is intended that Power Station No. 2 and the steel pipe conveying the water to the power station will be built on the land. CONFIDENTIAL TrustPower's core business is to generate and sell electricity. CONFIDENTIAL The proposal is likely to result in the following benefits:
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| Contact | Jacintha Tan Minter Ellison Rudd Watts P O Box 3798 AUCKLAND |