| Decision number | 200520082 |
|---|---|
| Application number | 200520090 |
| Date | 22 November 2005 |
| Offeror/applicant | Highview Properties Limited |
| Ultimate applicant beneficial ownership | 65 percent - Hong Kong, Chu (Nicola Ming Nga) 10 percent - New Zealand, Clough C J 8.4994 percent - New Zealand, Gillovic (Brent Stephen) 7.3225 percent - New Zealand, The Valan Cohen Foundation 6.2475 percent - Australia, Hibbert (Michael Raymond) 2.89 percent - New Zealand, Everett (Brian Robert) 0.0406 percent - New Zealand, McIlraith (Donald Hamish) |
| Beneficial overseas ownership | |
| - Asset current | 0 percent |
| - Asset proposed | 71.2475 percent |
| - Share current | N/A |
| - Share proposed | N/A |
| Offeree(s)/seller(s) | McIlraith (Donald Hamish) and Gillovic (Brent Stephen) as trustees for the Brent Gillovic Family Trust of New Zealand |
| Business activities | Agriculture - Other Livestock - Horse Farming |
| Details of land involved | 2.7220 hectares of freehold situated at Kararamea and Gillard Roads, Ngahinapouri, Hamilton being CT 234018 (South Auckland Registry). |
| Regions involved | Waikato |
| Total consideration | $393,750 |
| Consent Sought | To acquire an estate or interest in land which together with any associated land exceeds five 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 are of good character and are not an individual of the kind referred to in section 7(1) of the Immigration Act 1987. The subject transaction is part of a series of transactions which are part of a proposal whereby Nicola Chu will acquire an interest in the Highview Stud Limited bloodstock business. Nicola Chu proposes to acquire a 65 percent interest in Highview Properties Limited (the Applicant) which will own the subject land and an adjoining 119.453 hectare property (refer A200520060). Nicola Chu will also acquire 50 percent of the shares in Highview Stud Limited which will lease the land from Highview Properties Limited (refer application number 200520091) and operate a bloodstock business and related activities. Both the Applicant and her husband (Peter Yip) have an interest in breeding and racing thoroughbred racehorses and view this acquisition as providing a business base to breed, educate, and pre-train their horses in advance of a racing career in Hong Kong in addition to a traditional stud business. The transactions (A200520060, A200520090, and A200520091) are likely to result in the following benefits:
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| Contact | Terry Nowland P O Box 170 WELLINGTON |