| Decision number | 200520094 |
|---|---|
| Application number | 200520104 |
| Date | 2 December 2005 |
| Offeror/applicant | Blakely Pacific Limited |
| Ultimate applicant beneficial ownership | 100 percent - United States of America, Eddy Family |
| Beneficial overseas ownership | |
| - Asset current | 0 percent |
| - Asset proposed | 100 percent |
| - Share current | N/A |
| - Share proposed | N/A |
| Offeree(s)/seller(s) | Askin (Phillip Lachlan) of New Zealand |
| Business activities | Agriculture - Native Bush Forestry |
| Details of land involved | 97.0385 hectares of freehold situated at Te Moana Road, Geraldine being CTs CB23A/481 and CB10A/230 (Canterbury Registry). |
| Regions involved | Canterbury |
| Total consideration | $286,876 |
| Consent Sought | To acquire an estate or interest in land which together with any associated land 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. In New Zealand, the Applicant (Blakely) is a forestry company that owns or manages approximately 28,323 hectares of afforested land. In addition to Radiata Pine, Blakely also grow Eucalyptus, Douglas Fir, Macrocarpa, Lusitanica, Ponderosa Pine, Corsican Pine, Cedar, and Larch. The Applicant proposes to acquire the subject property, which adjoins the Applicant's Geraldine Forest, that is predominantly planted in radiata pine forestry. The proposed acquisition will increase the area of Blakely's Geraldine Forest and is consistent with the Applicant's investment strategy involving forestry in New Zealand. The proposal is likely to result in the following benefits:
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| Contact | Craig Nelson/Philippa Wright Simpson Grierson Private Bag 92518 Wellesley St AUCKLAND |