| Decision number | 200710042 |
|---|---|
| Application number | 200710015 |
| Date | 19 April 2007 |
| Offeror/applicant | Kingma (Jan Marten) of Netherlands |
| Ultimate applicant beneficial ownership | 100 percent - Netherlands |
| Beneficial overseas ownership | |
| - Asset current | 0 percent |
| - Asset proposed | 100 percent |
| - Share current | N/A |
| - Share proposed | N/A |
| Offeree(s)/seller(s) | Weir (Ronald James, Noeline, Andrew Ronald & Rebecca Jane) of New Zealand |
| Business activities | Agriculture - Dairy Farming |
| Details of land involved | 107.85 hectares of freehold situated at 388 Slope Point Road, Tokanui, Southland being part CTs SL8D/658 and SL7A/323 (Southland Registry). |
| Regions involved | Southland |
| Total consideration | $883,125 |
| 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 Applicant has 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 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 was granted consent on 2 April 2003 (A200310045/D200310046) to acquire 255.9392 hectares of land situated at Slope Point Road, Otara, Southland. The 255.9392 hectares is comprised in two blocks - one block of 174 hectares and another 81 hectares which is situated approximately 10 kilometres from the 174 hectare block. The Applicant was granted consent on 15 May 2006 to acquire a 298.1709 hectare property situated at Kapuka, Invercargill. This land contained a 175 hectare dairy farm and 122 hectares utilised as a run-off. The Applicant proposed to establish a facility to import and propagate European genetics into the New Zealand dairy industry. An intensive commercial breeding and rearing enterprise will be established to offer contract mating facilities for dairy farmers. The Applicant has entered into Agreements for Sale and Purchase to sell the 81 hectare block and acquire 107.85 hectares adjoining the 175 hectare block. This is likely to result in a consolidation of these properties into one farming block providing increased efficiencies to the Applicant's farming operation. The Applicant advises that the Slope Point Road properties will be used as a dormitory farm for heifers that have been artificially inseminated. Some of the labour proposed to be employed at the subject property can travel to the existing property to manage the stock. The proposal is likely to result in the following benefits:
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| Contact | John Henderson Evans Henderson Woodbridge PO Box 326 MARTON |