| Decision number | 200710015 |
|---|---|
| Application number | 200620088 |
| Date | 28 February 2007 |
| Offeror/applicant | NZFIT Limited |
| Ultimate applicant beneficial ownership | 100 percent - Australia, Australia Post Superannuation Scheme |
| Beneficial overseas ownership | |
| - Asset current | 48.9403 percent |
| - Asset proposed | 100 percent |
| - Share current | N/A |
| - Share proposed | N/A |
| Offeree(s)/seller(s) | Tenon Industries Limited 51.0598 percent - New Zealand, New Zealand Public 28.0413 percent - United States of America, United States Public 12.7759 percent - United Kingdom, United Kingdom Public 4.4391 percent - United States of America, Xylem Fund ILP 2.0194 percent - Australia, Australian Public 1.3347 percent - Various, Other overseas shareholders in Tenon Limited 0.2299 percent - Singapore, Singapore Public 0.1 percent - France, French Public |
| Business activities | Forestry |
| Details of land involved | 82 hectares of leasehold situated at State Highway 30, Murupara being part Ponaua Block. |
| Regions involved | Bay of Plenty/Coromandel |
| Total consideration | $720,000 |
| 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. NZFIT Limited (NZFIT) holds a profit a prendre cutting right (an exempt interest under the Overseas Investment Act 2005 (the Act)) to harvest the first rotation of trees growing in the Ponaua Forest. NZFIT proposes to enter into a sub-lease of the land which will provide increased security, in terms of the rights of protection under the Property Law Act 1952, over this forestry investment. The proposal is likely to result in the following benefits:
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| Contact | Richard Pryce Davys Burton PO Box 248 ROTORUA |