| Decision number | 200520061 |
|---|---|
| Application number | 200510129 |
| Date | 23 September 2005 |
| Offeror/applicant | Merrilea Vineyards Partners Limited |
| Ultimate applicant beneficial ownership | 46.94 percent - United States of America, Ross (Gary) 20.4 percent - New Zealand, Pratt (Phillip Keith) 10.2 percent - New Zealand, Pratt (David Edward) 10.2 percent - New Zealand, Pratt (Ruth Paula) 6.13 percent - New Zealand, White (Graham and Fiona) 6.13 percent - New Zealand, White (David and Nancy) |
| Beneficial overseas ownership | |
| - Asset current | 24.9 percent |
| - Asset proposed | 46.94 percent |
| - Share current | N/A |
| - Share proposed | N/A |
| Offeree(s)/seller(s) | Glenbeigh Vineyards Limited 75.1 percent - New Zealand, Campbell-White (Annette Jane) 24.9 percent - United States of America, Naumann-Etienne (Ruediger) |
| Business activities | Agriculture - Horticulture & Fruit - Viticulture |
| Details of land involved | 16.167 hectares of freehold situated at Blind River Loop Road, Seddon, Marlborough being part CT 231404 (Marlborough Registry). |
| Regions involved | Nelson/Marlborough |
| Total consideration | $163,100 |
| Consent Sought - 1995 Regs | To acquire an estate or interest in land which together with any associated land exceeds five hectares in area. |
| Rationale | The application has been approved as it met the criteria. The Overseas Investment Office is satisfied that the Applicant has business experience and acumen relevant to and is demonstrating financial commitment towards the investment. The Overseas Investment Office is further satisfied that the Applicant is of good character and not the kind of person referred to in section 7(1) of the Immigration Act 1987. The Applicant proposes to acquire a 46.94 percent shareholding in Merrilea Vineyards Partners Limited (Merrilea). Merrilea is acquiring a 49 percent interest with Glenbeigh Vineyards Limited, a company that is 75.1 percent New Zealand owned and controlled, holding a 51 percent interest in a vineyard named Merrilea Vineyard which is in the process of being developed. The vineyard contains approximately 12 plantable hectares which will be planted entirely in Sauvignon Blanc. The proposal is likely to result in the following benefits:
|
| Contact | Peter Radich Radich Dwyer P O Box 646 BLENHEIM |