| Decision number | 200710002 |
|---|---|
| Application number | 200620018 |
| Date | 6 March 2007 |
| Offeror/applicant | Bernero Holdings Limited |
| Ultimate applicant beneficial ownership | 100 percent - United States of America, Bernero (Adam Gino) |
| Beneficial overseas ownership | |
| - Asset current | 100 percent |
| - Asset proposed | 100 percent |
| - Share current | N/A |
| - Share proposed | N/A |
| Offeree(s)/seller(s) | Danson Holdings Limited 100 percent - United States of America, Danson (Deborah Ruth and Forrest Melville) |
| Business activities | Accommodation - Hotel/Motel/Lodge Agriculture - Casual Grazing |
| Details of land involved | 8.3702 hectares of freehold situated at Cnr State Highway No 6 and McMillan Road, Garston, Otago being CT 165099 (Southland Registry). |
| Regions involved | Otago |
| Total consideration | $649,587 |
| 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 Applicant proposes to acquire the land which contains the business known as "Upper Mataura Angler's Lodge". The Applicant's shareholder is an expert fly fisherman who proposes to utilise his North American contacts to further develop the fishing/accommodation business operated from the land. The land is situated near the renowned fly fishing river, the Mataura River and in close vicinity of other rivers. The application for consent has been declined as the Overseas Investment Office was not satisfied that all of the criteria in section 16 of the Overseas Investment Act 2005 have been met. The Overseas Investment Office was not satisfied that the proposal will or is likely to result in substantial and identifiable benefits to New Zealand, or any part of it or group of New Zealanders. |
| Contact | Clark Pirie Macalister Todd Phillips Bodkins P O Box 653 QUEENSTOWN |