Overseas investment decision for case 201220064 - Jonathan W. Agnich Legacy Trust

An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in up to 50.4% of the voting shares of RobMiJon Holdings Limited which owns or controls:

• a freehold interest in approximately 182.7131 hectares of land at Masterton Castle Point Road, Masterton; and
• a freehold interest in approximately 545.9152 hectares of land at 176 Moeraki Road, Martinborough.

Richard and Victoria Agnich wish to gift 504 of the 1000 voting shares (50.4%) in RobMiJon Holdings Limited to Jonathan Agnich as trustee of the Jonathan W. Agnich Legacy Trust for estate planning purposes. This transaction is an internal restructuring of the shareholdings of a family owned company which has made several forestry related investments in New Zealand (refer cases 201010015 and 201110059).

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 Regulations 2005
28(c) – Affect image
28(e) – Previous investments