| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 11 March 2011 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 438.0292 hectares of land at Mata Rd, Gisborne. |
| Consideration | $2,035,500 |
| Applicant | Carbon Conscious Holdings NZ No. 1 Limited Australian Public (60.59%) Michael Shields, Australia (13.57%) Broadacre Asset Management Limited, Australia (10.22%) Stoney Pastoral Co Pty Ltd, Australia (9.08%) Barclay Wells Limited, Australia (6.54%) |
| Vendor | Bremner Station Property Limited Max Carlson, New Zealand (25.0%) Dick Carlson, New Zealand (25.0%) Kelly Grey, New Zealand (25.0%) Joe Carlson, New Zealand (25.0%) |
| Background | The Applicant is ultimately controlled by Carbon Conscious Limited (Carbon Conscious), an Australian company which has a number of eucalypt forests in the Australian wheatbelt regions producing accredited carbon credits. Carbon Conscious now wishes to extend its business model to New Zealand using pinus radiata. The Applicant intends to acquire the Land to establish a pinus radiata forest sink plantation. 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 | Geoff Thompson Duncan Cotterill PO Box 10-376 WELLINGTON |