| Decision number | 200520084 |
|---|---|
| Application number | 200520060 |
| 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 (Carrick John) 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 | 24.99 percent |
| - Asset proposed | 71.2475 percent |
| - Share current | N/A |
| - Share proposed | N/A |
| Offeree(s)/seller(s) | Highview International Limited 34 percent - New Zealand, Gillovic (Brent Stephen) 29.29 percent - New Zealand, The Valan Cohen Foundation 24.99 percent - Australia, Hibbert (Michael Raymond) 11.56 percent - New Zealand, Everett (Brian Robert) 0.1624 percent - New Zealand, McIlraith (Donald Hamish) |
| Business activities | Agriculture - Other Livestock - Horse Farming |
| Details of land involved | 116.703 hectares of freehold situated at Kararamea and Gillard Roads, Ngahinapouri, Hamilton being CTs 40036, and 40037 (South Auckland Registry). |
| Regions involved | Waikato |
| Total consideration | $6,650,000 |
| Consent Sought - 1995 Regs | 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 Applicant proposes to acquire 65 percent of the shares in Highview Properties Limited, a company which will own the subject land, and an adjoining 2.75 hectare property (refer A200520090). The Applicant also proposes to acquire 50 percent of the shares in Highview Stud Limited which will lease the land from Highview Properties Limited (refer A200520091) 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 |