| Decision | Consent granted Section 12(b) Overseas Investment Act 2005 Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 9 June 2014 |
| Investment | An overseas investment in sensitive land, being Tiaki I LLC’s acquisition of rights or interests in a further 7.85% of the securities of Tiaki Plantations Company which owns or controls a leasehold interest in approximately 20 hectares of land at Tamarangi Drive, Kawerau. An overseas investment in significant business assets, being Tiaki I LLC’s acquisition of rights or interests in a further 7.85% of the securities of Tiaki Plantations Company, the value of the New Zealand assets of Tiaki Plantations Company and its 25% or more subsidiaries being greater than $100m. |
| Consideration | Withheld under s(9)(2)(b)(ii) of the Official Information Act |
| Applicant | Tiaki I LLC United States of America (100%) |
| Vendor | Existing shareholders of Tiaki II LLC and Tiaki III LLC United States of America (86.73%) Denmark (12.75%) Canada (0.51%) |
| Background | The Applicant is currently a shareholder of Tiaki Plantations Company, as to 45.29%. The vendors, Tiaki II LLC and Tiaki III LLC, are currently minority shareholders of Tiaki Plantations Company. The proposed investment is an internal restructure, which will result in the Applicant increasing its already considerable shareholding in Tiaki Plantations Company. 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 Regulations 2005 |
| More information | Chris Bargery Russell McVeagh PO Box 8 AUCKLAND |