Overseas investment decision for case 200620068 - Fair Hill Trust | Toitū Te Whenua

Applicant: Fair Hill Trust
Case number(s): 200620068
Decision date: 31 Oct 2006
Type: Decision

Decision number	200620068
Application number	200620043
Date	1 November 2006
Offeror/applicant	McDermott (Kenneth Giles and Kathleen) and Donaldson (Philip William Earl) as trustees of the Fair Hill Trust of United States of America
Ultimate applicant beneficial ownership	100 percent - United States of America
Beneficial overseas ownership
- Asset current	0 percent
- Asset proposed	100 percent
- Share current	N/A
- Share proposed	N/A
Offeree(s)/seller(s)	Heath (Stuart John) of New Zealand
Business activities	Agriculture - Sheep, Beef, Cattle
Details of land involved	13.5291 hectares of freehold situated at Motueka River West Bank Road, Pokororo, Motueka Valley being CT NL1B/190 (Nelson Registry).
Regions involved	Nelson/Marlborough
Total consideration	$525,000
Consent sought	To acquire an interest in land which, either alone or together with any associated land of that type, is or includes non-urban land and exceeds 5 hectares in area.
Rationale	The application has been approved as it met the criteria. The Overseas Investment Office is satisfied that the individuals with control of the Applicant collectively have business experience and acumen relevant to the overseas investment, and that the Applicant has demonstrated financial commitment towards the overseas investment. The Overseas Investment Office is further satisfied that each individual that exercises control over the Applicant is of good character and is not an individual of the kind referred to in section 7(1) of the Immigration Act 1987. The Applicant proposes to acquire the subject property which adjoins 345.5642 hectares of land acquired by the Applicant in 2003 and 2006 (refer A200310118/D200310089 and A200610034/D200610051). The Applicant advises that the subject land will be incorporated into the Applicant's existing farming operations. The acquisition is likely to increase stock carrying capacity, including the implementation of a calf rearing scheme, and provide additional land to grow fodder crops for the Applicant's farming operation. The proposal is likely to result in the following benefits: the creation of new job opportunities in New Zealand; increased productivity and efficiencies to the Applicant's existing farming operation; and the introduction into New Zealand of development capital.
Contact	Marian Lyders Fletcher Vautier Moore P O Box 23 MOTUEKA

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