Overseas investment decision for case 201210069 - Sealord Group Limited, Westfleet Seafoods Limited

(a) The acquisition of rights or interests by Sealord Group Limited (and/or a 100% subsidiary of Sealord Group Limited) of up to 100% of the shares of Westfleet Seafoods Limited; and

(b) The acquisition by Westfleet Seafoods Limited (and/or 100% subsidiaries of Westfleet Seafoods Limited) of various quota shares and annual catch entitlement.

Sealord Group Limited
Aotearoa Fisheries Limited, New Zealand (50%)
Nippon Suisan Kaisha Limited, Japan (50%)

Westfleet Seafoods Limited
Sealord Group Limited (50%)
Endurance Fishing Company Limited, New Zealand (50%)

Sealord Group Limited
Aotearoa Fisheries Limited, New Zealand (50%)
Nippon Suisan Kaisha Limited, Japan (50%)

Various fishing quota holders

Sealord Group Limited’s (“Sealord”) acquisition of shares in Westfleet Seafoods Limited (“Westfleet”) provides an opportunity to market Westfleet’s frozen products through Sealord’s extensive international networks and is consistent with Sealord’s strategy to build a “fresh” business (Sealord’s business is predominately in frozen fish).

Westfleet has acquired additional quota and annual catch entitlement (“ACE”) and wishes to acquire further quota and ACE to enable it to grow its business further.

The overseas investment transaction has satisfied the criteria in Section 57G of the Fisheries Act 1996. The 'national interest' criterion was satisfied by particular reference to the following factors:

Fisheries Act 1996
57H(2)(a)(i) – Creation of new job opportunities
57H(2)(a)(iii) – Increased export receipts
57H(2)(a)(iv) – Greater efficiency or productivity
57H(2)(a)(vi) – Increased processing of fish and aquatic life