| Decision | Consent Granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 3 August 2010 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 1,129.9717 hectares of land at 899 Whitecliffs Rd, Coalgate, Canterbury. |
| Consideration | CONFIDENTIAL |
| Applicant | PF Olsen Tisa Pty Limited as the corporate trustee of the Australasian Timberland Fund II Australian Public (85.8%) United Kingdom Public (13.2%) German Public (1.0%) |
| Vendor | McVicar Holdings Limited Gary Neil McVicar, New Zealand (56.1138%) Neil and Greame McVicar, New Zealand (19.3791%) Graeme McVicar, New Zealand (17.7101%) Ian D McVicar, New Zealand (2.0754%) Ian D Anderson, New Zealand (1.0377%) Mark Anthony Ockenden, New Zealand (1.0377%) Rodney Neil McVicar, New Zealand (1.0377%) John Gary McVicar, New Zealand (1.0377%) Geoffrey Arthur John Clark, New Zealand (0.5275%) Garth N McVicar, New Zealand (0.0433%) |
| Background | PF Olsen Tisa Pty Limited is the corporate trustee for the Australasian Timberland Fund II (the Fund) and manages the Fund but it has no beneficial ownership of it. The Fund was formed specifically as a vehicle for the purchase of forestry interests in Australasia. The Applicant proposes to acquire the land known as the Glen Arlie Forest which contains 888.9 hectares of forest that has been established between 1974 and 2009. Both the Applicant and the Fund have been established for the purpose of investing in forests in Australia and New Zealand. The objective of the Applicant in making the Investment is to obtain a reasonable return on investment in the business of growing forests on this land. The overseas investment transaction has satisfied the criteria in section 16 of the Overseas Investment Act 2005. The 'substantial and identifiable benefit to New Zealand' criteria were satisfied by particular reference to the following factors: Overseas Investment Act 2005 Overseas Investment Regulations 2005 |
| More information | Richard Pryce PO Box 248 ROTORUA |