Overseas investment decision for case 200810053 - Black (Graeme Lewis Sims), Black (Quentin John Sims) and Guest (Nerissa Margaret) | Toitū Te Whenua

Applicant: Black (Graeme Lewis Sims), Black (Quentin John Sims) and Guest (Nerissa Margaret)
Case number(s): 200810053
Decision date: 3 Jun 2008
Type: Decision

Decision number	200810053
Application number	200720095
Date	4 June 2008
Offeror/applicant	Black (Graeme Lewis Sims), Black (Quentin John Sims) and Guest (Nerissa Margaret)
Ultimate applicant beneficial ownership	33.34 percent - Australia, Guest (Nerissa Margaret) 33.33 percent - Australia, Black (Graeme Lewis Sims) 33.33 percent - Australia, Black (Quentin John Sims)
Beneficial overseas ownership
- Asset current	N/A
- Asset proposed	N/A
- Share current	81.04 percent
- Share proposed	100 percent
Offeree(s)/seller(s)	Black (Marian Catharine) of New Zealand
Business activities	Manufacturing - Wood & Paper Products Forestry
Details of land involved	3,555.947 hectares of freehold comprising: 7.354 hectares situated at 57 West Coast Road, Yaldhurst, Canterbury being CTs CB35A/1101 and CB35A/1102 (Canterbury Registry); and 3,548.593 hectares situated at various addresses in Southland being CTs SL7A/595, SL10D/570, SL11B/376, SL6B/1327, SL11B/375, SL5A/228, SL4A/1411, SL5C/1498, SL8B/941, SL24/40, SL8B/992, SL214/95, SL194/155, SL62/1138, SL12B/511, SL22/16, SL6B/1137, SLA2/384, SL183/136, SL9D/414, SL9D413, SL215/58, SLA2/385, SL203/40 (Southland Registry).
Regions involved	Canterbury Southland
Total consideration	CONFIDENTIAL
Consent sought	To acquire up to 100 percent of the shares of Amalgamated Holdings 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. Background to the Investment: Amalgamated Holdings Limited (AHL) is the ultimate parent company of Craigpine Timber Limited (Craigpine) which owns approximately 3,555 hectares of land primarily in radiata pine forestry in the Southland region. Craigpine operates a sawmill operation at Winton which processes the logs from the forestry plantations for both the domestic and the export market. Outline of the Investment: The shares in AHL are held by members of the Black family, and their associated family trusts. Together the Applicants are currently the majority shareholders of AHL. The Applicants propose to purchase the remaining shares of AHL from their sister, Marian Catherine Black. The transaction will increase their ownership from 81% to 100% of the share capital of AHL. Rationale for the Investment: The vendor of the shares in AHL, Marian Catherine Black, wishes to exit the company, and to use her capital for other purposes. The Applicants, as existing shareholders, have pre-emptive rights in respect of those shares, and wish to exercise those rights to ensure that the company remains 100% owned and controlled by the Black family. The proposed overseas investment is or is likely to benefit New Zealand (or any part of it or group of New Zealanders) having regard to the following factors: Overseas Investment Regulation 2005: r28(a) - Consequential benefits; r28(e) - Previous investments; and r28(g) - Enhance the viability of other investments.
Contact	Tim Barclay Anthony Harper PO Box 2646 CHRISTCHURCH 8140

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