| Decision number | 200620068 |
|---|---|
| Application number | 200620043 |
| Date | 1 November 2006 |
| Offeror/applicant | McDermott (Kenneth Giles and Kathleen) and Donaldson (Philip William Earl) as trustees of the Fair Hill Trust of United States of America |
| Ultimate applicant beneficial ownership | 100 percent - United States of America |
| Beneficial overseas ownership | |
| - Asset current | 0 percent |
| - Asset proposed | 100 percent |
| - Share current | N/A |
| - Share proposed | N/A |
| Offeree(s)/seller(s) | Heath (Stuart John) of New Zealand |
| Business activities | Agriculture - Sheep, Beef, Cattle |
| Details of land involved | 13.5291 hectares of freehold situated at Motueka River West Bank Road, Pokororo, Motueka Valley being CT NL1B/190 (Nelson Registry). |
| Regions involved | Nelson/Marlborough |
| Total consideration | $525,000 |
| 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. The Applicant proposes to acquire the subject property which adjoins 345.5642 hectares of land acquired by the Applicant in 2003 and 2006 (refer A200310118/D200310089 and A200610034/D200610051). The Applicant advises that the subject land will be incorporated into the Applicant's existing farming operations. The acquisition is likely to increase stock carrying capacity, including the implementation of a calf rearing scheme, and provide additional land to grow fodder crops for the Applicant's farming operation. The proposal is likely to result in the following benefits:
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| Contact | Marian Lyders Fletcher Vautier Moore P O Box 23 MOTUEKA |