| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 17 March 2011 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 100.7000 hectares of land at Moneymore Road, Milton. |
| Consideration | $186,300 |
| Applicant | Craigpine Timber Limited Graeme Lewis Sims Black, Australia (32.27%) NMG Black 1980 Settlement Trust, Australia (18.44%) Nerissa Margaret Guest, Australia (17.09%) Australian Public (13.234%) Quentin John Sims Black, Australia (12.35%) United Kingdom Public (6.616%) |
| Vendor | Moneymore Afforestation Partnership Roger Hamilton Smaill, New Zealand (40.7407%) Douglas Milton Scott, Pamela Margaret Scott and Brian Robert Dodds as trustees of the DM Scott Family Trust, New Zealand (20.3704%) Douglas Milton Scott, New Zealand (10.1852%) Pamela Margaret Scott, New Zealand (10.1851%) Pauline Margaret Dodds, New Zealand (9.2593%) Brian Robert Dodds, New Zealand (9.2593%) |
| Background | The Land is a forestry block. The acquisition of the property will secure a long term log supply for the Applicant's sawmill. The existing forest will be harvested in 2011. The Applicant then intends to replant the land in pinus radiata. 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 | Stephen Grant Gallaway Cook Allan PO Box 143 DUNEDIN |