Overseas investment decision for case 200810026 - Fletcher Concrete and Infrastructure Limited | Toitū Te Whenua

Applicant: Fletcher Concrete and Infrastructure Limited
Case number(s): 200810026
Decision date: 24 Mar 2008
Type: Decision

Decision number	200810026
Application number	200720101
Date	25 March 2008
Offeror/applicant	Fletcher Concrete and Infrastructure Limited
Ultimate applicant beneficial ownership	42 percent - New Zealand, New Zealand Public 35 percent - Australia, Australian Public 14 percent - United States of America, United States Public 9 percent - Various, Various overseas persons
Beneficial overseas ownership
- Asset current	0 percent
- Asset proposed	58 percent
- Share current	N/A
- Share proposed	N/A
Offeree(s)/seller(s)	Ponga Rd Farms Limited of New Zealand
Business activities	Mining – Other Mining
Details of land involved	9.7492 hectares of freehold situated at Ponga Road, Hunua, North Auckland being CTs 254317, 254318, 254320 and 254329 (North Auckland Registry).
Regions involved	Auckland
Total consideration	$875,000
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. Background to the Investment: The Applicant currently operates at the Hunua Quarry, which has been in operation since 1934. The first extraction area of the quarry has less than five years resource remaining. Hunua Quarry is a vital site for meeting future supply demands for roading and other infrastructure industries in the wider Auckland region. Therefore, the Applicant intends to open a second extraction area within the Hunua Quarry, in a location known as Symonds Hill, which is in the vicinity of the vendor's development. The vendor's land, which is adjacent to the Applicant's land, is currently being subdivided into lifestyle blocks. This purchase of the relevant land by the Applicant is necessary to enable the development of the Symonds Hill resource. Rationale for the Investment: The Applicant has concerns relating to 'reverse sensitivity' effects and is therefore seeking to purchase the land to provide a buffer zone between the Hunua Quarry and the lifestyle blocks of the vendor's development. The Applicant wishes to purchase the property so the owners of the lifestyle blocks will be protected from noise, dust and other quarrying effects. The proposed investment is or likely to benefit New Zealand (or any part of it or group of New Zealanders) having regard to the following factors: Overseas Investment Act 2005: s17(2)(a)(iv) - Greater efficiency; s17(2)(a)(v) - Additional investment for development purposes; s17(2)(b)(i)(ii) - Indigenous vegetation/fauna; and s17(2)(c)(i)(ii) - Wildlife. Overseas Investment Regulations 2005 r28(b) - Key person in a key industry; and r28(e) - Previous investments.
Contact	Jeff Morrison/Chris Linwood Russell McVeagh P O Box 8 AUCKLAND

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