| Decision | Consent granted Section 12(b) Overseas Investment Act 2005 |
|---|---|
| Decision date | 23 August 2012 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in the remaining 50% of the shares of Annavale Limited which owns or controls a freehold interest in 2687.9743 hectares of land at Land at SH 73, Springfield, Canterbury. |
| Consideration | $3,408,497 |
| Applicant | Calvin Pardee Erdman United States of America (100%) |
| Vendor | Craig Leonard Heatley, Hayley Maree Pyle, Sophia Louise Heatley, Benjamin Alexander Heatley and Gregory Bernard Horton as trustees of the Bell Investment Trust New Zealand (100%) |
| Background | The Applicant obtained consent under the Overseas Investment Act 1973 to acquire up to 50% of the securities in Annavale Limited in October 2002. Annavale Limited owns approximately 2688 hectares of land at SH 73, Springfield, which is run as a sheep and cattle farm. In addition to his current shareholding in Annavale, the Applicant also owns a 50% interest in Coleridge Downs Limited (COL). The remaining shares in CDL are owned by the Applicant's sons, Christian Pardee Erdman and Sumner Pardee Erdman. CDL owns two substantial pastoral properties in Canterbury, known as "Coleridge Downs" and "Dry Acheron". The Coleridge Downs, Dry Acheron and Annavale properties have the potential to be run collaboratively and complement each other in a number of respects. The Coleridge Downs and Dry Acheron properties operate as "store stock" and "finishing" units where both beef and sheep stock is grown to a point where it can be processed. The Coleridge Downs and Dry Acheron operations currently purchase a significant number of stock units to "finish" on their properties and, in doing so, are subject to price fluctuations in the market for that stock. The acquisition and development of Annavale to increase the number of stock units Annavale runs will better secure the supply of store stock to be finished at Coleridge Downs and Dry Acheron. Equally, Coleridge Downs and Dry Acheron will provide Annavale with a secure market into which they can sell the store stock they produce. 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 Overseas Investment Regulations 2005 |
| More information | Mark Tavendale Goodman Tavendale Reid PO Box 442 CHRISTCHURCH |