| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 28 April 2009 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 56.9696 hectares of land at North Makarewa Road, Southland. |
| Consideration | $2,533,894 |
| Applicant | Premier Dairies Limited Ireland (100.0%) |
| Vendors | Timothy John Wood New Zealand (100.0%) |
| Background | The Applicant proposes to acquire the relevant land which has been operated as a sheep and beef farm by the vendor. The land will be acquired to provide grass silage for the Applicant's dairy farming operation plus essential extra housing. The acquisition of the land, which is in close proximity to other properties owned by the Applicant, is part of the Applicant's strategy to become self reliant for supplementary feed production and dairy support stock grazing. Given the size of the Applicant's dairying operation, it needs a reliable supply of good quality supplement at a sustainable price. The Applicant intends to acquire the land and other properties to provide a reliable and sustainable platform from which to produce the required supplements. 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 | John F C Henderson Evans Henderson Woodbridge (Marton) PO Box 326 MARTON |