Applicant
Honeycrisp New Zealand LLC
Case number(s)
201410063
Decision date
Type
Decision
DecisionConsent granted retrospectively
Section 12(b) Overseas Investment Act 2005
Decision date18 August 2014
Investment

An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in 65.0% of the issued share capital of MA Orchards Limited which owns or controls:

  • a freehold interest in approximately 16.5921 hectares of land at 327 Divan Road, Levels, Timaru; and
  • a freehold interest in approximately 18.9000 hectares of land at Kerrytown Road, Levels, Timaru.
Consideration$3,389,174
ApplicantHoneycrisp New Zealand LLC
Walter George Meyer, United States of America (33.34%)
Bruce Douglas Allen, United States of America (33.33%)
Christopher Linder Clark, United States of America (33.13%)
Gregory DeCicio Clark, United States of America (0.2%)
VendorAndrew David McGrath
New Zealand (100%)
Background

The Applicant has obtained retrospective consent to increase its ownership stake in MA Orchards Limited, which owns sensitive land. The Applicant will continue to develop the orchard thereupon. 

The overseas investment transaction has satisfied the criteria in section 16 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
17(2)(a)(i) – Jobs
17(2)(a)(iii) – Increased export receipts
17(2)(a)(iv) – Added productivity
17(2)(a)(v) – Additional investment for development purposes

Overseas Investment Regulations 2005
28(f) – Advance significant Government policy or strategy
28(i) – Economic interests
28(j) – Oversight and participation by New Zealanders

More informationKen S Grave
Gresson Dorman & Co
PO Box 244
TIMARU 7940
Retrospective penalty$10,000