| Decision number | 200720041 |
|---|---|
| Application number | 200520092/200720082 |
| Date | 9 October 2007 |
| Offeror/applicant | Chu (Nicola Ming Nga) of Hong Kong |
| Ultimate applicant beneficial ownership | 100 percent - Hong Kong |
| Beneficial overseas ownership | |
| - Asset current | N/A |
| - Asset proposed | N/A |
| - Share current | 62.495 percent |
| - Share proposed | 81.2475 percent |
| Offeree(s)/seller(s) | Highview International Limited 34 percent - New Zealand, Gillovic (Brent Stephen) 29.29 percent - New Zealand, The Valan Cohen Foundation 24.99 percent - Australia, Hibbert (Michael Raymond) 11.56 percent - New Zealand, Everett (Brian Robert) 0.1624 percent - New Zealand, McIlraith (Donald Hamish) |
| Business activities | Agriculture - Other Livestock - Horse Farming |
| Details of land involved | 119.453 hectares of leasehold situated at Kararamea and Gillard Roads, Ngahinapouri, Hamilton being CTs 40036, 400037 and SA55C/796 (South Auckland Registry). |
| Regions involved | Waikato |
| Total consideration | $625,001 |
| Consent sought | To acquire up to 75 percent of the specified securities of and/or having the right to exercise or control the exercise of the voting power of and/or appoint or control the appointment of the board of directors of Highview Stud Limited. |
| Rationale | The application has been approved as it met the criteria. The Overseas Investment Office is satisfied that the Applicant has business experience and acumen relevant to and is demonstrating financial commitment towards the investment. The Overseas Investment Office is further satisfied that the Applicant is of good character and not the kind of person referred to in section 7(1) of the Immigration Act 1987. The subject transaction is part of a series of transactions which are part of a proposal whereby Nicola Chu will acquire an interest in the Highview Stud Limited bloodstock business. Nicola Chu proposes to acquire a 65 percent interest in Highview Properties Limited, and a 75 percent interest in Highview Stud Limited which leases the land from Highview Properties Limited (refer application number 200520091) and operate a bloodstock business and related activities. Both the Applicant and her husband (Peter Yip) have an interest in breeding and racing thoroughbred racehorses and view this acquisition as providing a business base to breed, educate, and pre-train their horses in advance of a racing career in Hong Kong in addition to a traditional stud business. The transactions are likely to result in the following benefits:
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| Contact | Terry Nowland P O Box 170 WELLINGTON |