| Decision number | 200620042 |
|---|---|
| Application number | 200610130 |
| Date | 18 September 2006 |
| Offeror/applicant | Thames Timber Investments Limited |
| Ultimate applicant beneficial ownership | 100 percent - United States of America, Hagen Family |
| Beneficial overseas ownership | |
| - Asset current | N/A |
| - Asset proposed | N/A |
| - Share current | 0 percent |
| - Share proposed | 49 percent |
| Offeree(s)/seller(s) | Thames Group Limited of New Zealand |
| Business activities | Manufacturing - Wood & Paper Products |
| Details of land involved | 62.2182 hectares of freehold situated at Kopu and Totara, State Highway 25, Thames being CTs SA23A/1177, SA25B/1298, SA25B/1297, SA25B/1296, SA1492/86, SA54A/264, SA54A/265, SA176/9, and SA23A/1178 (South Auckland Registry). 1.6031 hectares of leasehold situated at Kopu, State Highway 25, Thames being Lease No. 34730. |
| Regions involved | Bay of Plenty/Coromandel |
| Total consideration | $3,000,000 |
| Consent sought | To acquire rights and interests in up to 100 percent of the shares of Thames Timber 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. Thames Timber Investments Limited has agreed to purchase the remaining 49 percent of the shares in Thames Timber Limited. Thames Timber Limited owns and operates a sawmill and timber processing plant situated at Thames. The proposed acquisition by the Applicant is likely to assist Thames Timber Limited to enhance its ability to increase production and export sales. The transactions are likely to result in maintaining the status quo of the number of companies in the timber processing industry. The increased investment by the Hagen family will ensure the economic viability of its wholly owned subsidiary Thames Timber Limited. |
| Contact | John Anderson Gallaway Cook Allan P O Box 143 DUNEDIN |