Overseas investment decision for case 200710063 - The Ingleby Company Limited

To acquire:

1. an interest in land which, either alone or together with any associated land of that type, exceeds 0.4 hectares and is or includes land held for conservation purposes under the Conservation Act 1987; and
2. 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; and
3. an interest in land which, either alone or together with any associated land, exceeds 0.4 hectares and adjoins land held for conservation purposes under the Conservation Act 1987 (if that conservation land exceeds 0.4 hectares in area).

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 Ingleby Company Limited (Ingleby) proposes to acquire Katoa Station (Katoa). Ingleby proposes Katoa will be farmed in conjunction with Ingleby's existing East Coast farming operation which comprises Pakira Station and Waikura Station. The acquisition of Katoa will provide Ingleby with an opportunity to add more weight to lambs finished on Ingleby's East Coast farms, finish more lambs for processing, and improve flock performance and the breeding programme undertaken on Pakira Station and Waikura Station.

The proposal is likely to result in the following benefits:

1. the creation of new job opportunities in New Zealand;
2. increased efficiencies to the Applicant's East Coast farming operations;
3. increased productivity in New Zealand;
4. the introduction into New Zealand of development investment for development purposes; and
5. increased processing of New Zealand's primary products.