| Decision number | 200610055 |
|---|---|
| Application number | 200610020 |
| Date | 15 May 2006 |
| Offeror/applicant | Paranui Piggery Company Limited |
| Ultimate applicant beneficial ownership | 54 percent - Tahiti, Jardonnet (Francois Augustus) 14 percent - Tahiti, Jardonnet (Jerry) 12 percent - Tahiti, Jardonnet (Awlina) 10 percent - New Zealand, Kidby (Stephen) 5 percent - Tahiti, Jardonnet (Rituina) 5 percent - Tahiti, Jardonnet-Millon (Caroline) |
| Beneficial overseas ownership | |
| - Asset current | 0 percent |
| - Asset proposed | 90 percent |
| - Share current | N/A |
| - Share proposed | N/A |
| Offeree(s)/seller(s) | Barnes (Jennifer Joy and Ian Alfred) of New Zealand |
| Business activities | Agriculture - Grain, Sheep, Beef, Cattle - Beef Farming |
| Details of land involved | 27.081 hectares of freehold situated at 316 Paranui Road, Foxton being CT WN16C/752 (Wellington Registry). |
| Regions involved | Manawatu |
| Total consideration | $478,125 |
| 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 received consent in April 1994 to acquire 27.0456 hectares of land which adjoins the subject land. Since this date, the Applicant has further developed the land and piggery resulting in increased productivity. The proposed acquisition of the subject land will provide the Applicant with the ability to use by products (manure) from the piggery to fertilise the land to enable the establishment of a viable cattle rearing operation. The proposal is likely to result in the following benefits:
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| Contact | Shobhna Golian Golian Legal PO Box 24-324 Royal Oak AUCKLAND |