| Decision number | 200710043 |
|---|---|
| Application number | 200710034 |
| Date | 26 April 2007 |
| Offeror/applicant | PIC NZ Holdings Limited |
| Ultimate applicant beneficial ownership | 50 percent - Australia, Australian Public 25 percent - New Zealand, Smith (Garth Walton & Jan-Maree) and Hoogeveen (Nicholas Johannes) 12.5 percent - New Zealand, Wallace (Andrew Rutherford) 12.5 percent - New Zealand, Tapper (Mark Purcell) |
| Beneficial overseas ownership | |
| - Asset current | N/A |
| - Asset proposed | N/A |
| - Share current | 39.7552 percent |
| - Share proposed | 50 percent |
| Offeree(s)/seller(s) | Goodman Fielder Limited 55.1346 percent - New Zealand, Hart (Graeme Richard) 35.532 percent -Australia, Australian Public 4.1101 percent - New Zealand, New Zealand Public 1 percent - United States of America, Degnan (Thomas James) 1 percent - Australia, Hardman (Timothy Guthrie) 1 percent - New Zealand, Perrett (Hugh Earle) 1 percent - Australia, Margin (Peter Maxwell) 1 percent - Australia, Ould (Maxwell Gilbert) 0.2232 percent - Various, Various overseas persons |
| Business activities | Agriculture - Other Livestock - Pig Farming |
| Details of land involved | 540.0144 hectares of leasehold comprising:
|
| Regions involved | Canterbury Waikato |
| Total consideration | $6,000,000 |
| Consent sought | To acquire up to 100 percent of the specified securities of PIC New Zealand Limited. |
| 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 intends to invest in improving the performance and position of PIC NZ through reinvestment in fixed assets and relevant marketing and strategic plans. The Applicant holds links with global partners and this is expected to result in new technologies and development. The Applicant sees the purchase of PIC NZ as a basis for growth and development of PIC NZ's operations in New Zealand. |
| Contact | John Harkness/Fintan Devine Harkness & Peterson P O Box 342 WELLINGTON |