| Decision | Consent granted Section 12(b) Overseas Investment Act 2005 |
|---|---|
| Decision date | 27 November 2013 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in up to 100% of the shares of Perpetual Trust Limited which indirectly owns or controls various interests in sensitive land around New Zealand. |
| Consideration | $11,900,000 |
| Applicant | Coulthard Barnes Capital Limited Andrew Howard Barnes, Australia (100%) |
| Vendor | Pyne Gould Corporation Limited New Zealand (100%) |
| Background | Andrew Barnes and his family intend to reside indefinitely in New Zealand. Mr Barnes has experience in estate planning businesses similar to that operated by Perpetual Trust Limited (“Perpetual”). Mr Barnes intends to grow the Perpetual business by focusing on its core business of will, trustee, estate management and asset planning services. The overseas investment transaction has satisfied the criterion in section 16(1)(e)(i) of the Overseas Investment Act 2005. |
| More information | Carolyn Cameron Burton & Co PO Box 8889 AUCKLAND |