Overseas investment decision for case 201110041 - Pan Pac Forest Products Limited | Toitū Te Whenua

Decision	Consent granted Section 12(a) Overseas Investment Act 2005
Decision date	21 April 2011
Investment	An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 8.7370 hectares of land at SHW 2, Bay View, Napier.
Consideration	$445,050
Applicant	Pan Pac Forest Products Limited Japanese Public (84.6%) United Kingdom Public (5.4%) Various overseas persons (5.3%) United States Public (4.7%)
Vendor	Stanley David Evans New Zealand (100%)
Background	The land is likely, in the medium term, to be used to extend the Applicant’s existing manufacturing premises at Whirinaki located on the adjoining land. In the short term, the Applicant will continue to use the land for rotation cropping. 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)(iv) – Added efficiency/productivity Overseas Investment Regulations 2005 28(a) – Consequential Benefits 28(c) – Refusal likely to affect image abroad 28(e) – Previous investments 28(f) – Advance significant government policy or strategy 28(g) – Enhance the viability of previous investments
More information	Roy van Panhuys Langley Twigg PO Box 446 NAPIER