| Decision number | 200610023 |
|---|---|
| Application number | 200610092 |
| Date | 3 March 2006 |
| Offeror/applicant | Griffith (Philip) of United States of America |
| Ultimate applicant beneficial ownership | 100 percent - United States of America |
| Beneficial overseas ownership | |
| - Asset current | N/A |
| - Asset proposed | N/A |
| - Share current | 57.7464 percent |
| - Share proposed | 59.1895 percent |
| Offeree(s)/seller(s) | Existing shareholders in Gibbston Valley Wines Limited other than Phillip Griffith 63.17 percent - New Zealand, Stone (S and M) 16.12 percent - New Zealand, New Zealand Public 14.37 percent - New Caledonia, New Caledonian Public 5.84 percent - United States of America, United States Public 0.5 percent - United Kingdom, United Kingdom Public |
| Business activities | Agriculture - Horticulture & Fruit - Viticulture |
| Details of land involved | 39.8288 hectares of freehold situated at Bendigo Station, Loop Road, north of Cromwell; Kawarau Gorge SH6; and Gibbston Highway, Gibbston Valley. being CT 17C/428, part section 3 SO 2464, 10D/306, part CT 5184 (Otago Registry). |
| Regions involved | Otago |
| Total consideration | $953,390 |
| Consent sought - 1995 Regs | To acquire up to 48.56 percent of the specified securities of and/or having the right to exercise or control the exercise of the voting power of and/or appoint or control the appointment of the board of directors of Gibbston Valley Wines Limited. |
| 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. Gibbston Valley Wines Limited (GVWL) has previously received consent to acquire land totalling 39.8288 hectares situated in Central Otago for viticultural developments. GVWL operates a vineyard and winery operation with associated restaurant and tourist activities in Central Otago. This application is for Philip Griffith's retrospective approval to increase his shareholding in GBWL. In March 2000, Mr Griffith acquired 202,630 shares in GVWL increasing Mr Griffith's shareholding in GVWL to 25.79 percent (refer A200510073). In July 2000, 1,587,837 convertible notes were issued by GVWL to Mr Griffith in consideration for funds he contributed to GVWL. The convertible notes converted into shares in GVWL on 31 July 2004, increasing Mr Griffith's shareholding in GVWL to 46.71 percent (refer A200510091). In August 2004, 794,492 convertible notes were issued by GVWL to the Philip D Griffith Family Trust in consideration for funds contributed to GVWL. These convertible notes are due to convert into shares in GVWL in August 2009, increasing Mr Griffith's, and his associated shareholding in GVWL to 48.56 percent. The shares and convertible notes in GVWL were issued in return for funds Mr Griffith contributed to GVWL to enable GVWL to undertake capital development.
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| Contact | Alistair Moore Anderson Lloyd Caudwell Private Bag 1959 DUNEDIN |