| Decision | Consent Granted Section 12(b) Overseas Investment Act 2005 |
|---|---|
| Decision date | 19 January 2011 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in a further 25.70% of the shares of Gibbston Valley Wines Limited which owns or controls a freehold interest in 42.9835 hectares of land at Gibbston Highway, Gibbston Valley, Bendigo Station, Bendigo Loop Rd, Cromwell and Kawarau Gorge SH6. |
| Consideration | CONFIDENTIAL |
| Applicant | Philip Dean Griffith as sole trustee of the Philip D Griffith Family Trust United States of America (100%) |
| Vendor | Michael Stone, Suzanne Stone & Pat & Fergus Reid Michael Stone, New Zealand (56.42%) Suzanne Stone, New Zealand (43.4%) Pat & Fergus Reid, New Zealand (0.18%) |
| Background | The Applicant owns 35.90% in Gibbston Valley Wines Limited (GVWL). The Applicant will acquire a further 25.70% shareholding in GVWL in consideration of the Applicant's ongoing capital contributions and funding of GVWL's capital work's programme. 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 Odlin Buddle Findlay PO Box 322 CHRISTCHURCH |