Applicant
Cary et al.
Case number(s)
200820015
Decision date
Type
Decision
Decision number200820015
Application number200810033
Date29 July 2008
Offeror/applicantCary et al.
Ultimate applicant beneficial ownership40.82 percent - United States of America, Hinrichs (David)
40.82 percent - United States of America, Burger (Denis) and McCall (Marion)
18.36 percent - United States of America, Cary (Stephen)
Beneficial overseas ownership 
- Asset currentN/A
- Asset proposedN/A
- Share current0 percent
- Share proposed49 percent
Offeree(s)/seller(s)Mondillo Vineyards Limited
34 percent - New Zealand, New Zealand Public
33 percent - New Zealand, Mondillo (Alison Margaret)
33 percent - New Zealand, Mondillo (Domenic)
Business activitiesAgriculture - Horticulture & Fruit - Viticulture
Details of land involved21.9243 hectares of freehold situated at Bendigo Loop Road, to the east of the northern end of Lake Dunstan, 20km north of Cromwell, Central Otago being CT395454 (Otago Registry).
Regions involvedOtago
Total consideration$1,064,687
Consent soughtTo acquire up to 49 percent of the shares of Mondillo Vineyards Limited.
Rationale

The application has been approved as it met the criteria.

The Overseas Investment Office is satisfied that the Applicants collectively have business experience and acumen relevant to the overseas investment, and that the Applicants have demonstrated financial commitment towards the overseas investment. The Overseas Investment Office is further satisfied that each of the Applicants 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:
Stephen Cary, David Hinrichs, Denis Burger and Marion McCall (the 'Applicants') are all citizens of the United States who wish to convert US$585,950 worth of loans that they have collectively made to Mondillo Vineyards Limited ('Mondillo') into shares in the company.

Mondillo is the registered proprietor of the land.

Outline of the Investment:
The Applicants are purchasing 49% of the shares in Mondillo (Stephen Cary: 9%; David Hinrichs: 20%; Denis Burger & Marion McCall: 20%).

Rationale for the Investment:
Purchasing the land will allow the Applicants to consolidate and secure their investment in Mondillo.

The proposed overseas investment will, or is likely to, benefit New Zealand (or any part of it or group of New Zealanders) having regard to the following benefits:

Overseas Investment Act 2005:
s17(2)(a)(iii) - increased export receipts for New Zealand exporters.
s17(2)(a)(vi) - increased processing in New Zealand of New Zealand's primary products.

Overseas Investment Regulations 2005:
r28(e) - Previous investment of benefit to New Zealand.
r28(g) - Enhance previous investments undertaken by the Applicants.

ContactGraeme Todd
Macalister Todd Phillips
PO Box 653
QUEENSTOWN