Overseas investment decision for case 200820034 - Premier Dairies No.6 Limited

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:
From 2000 to 2002, the Clinton family, through the auspices of Premier Dairies Limited and the Balreask Trust purchased several properties near Winton, Southland. These properties included a dairy farm and sheep and beef farms which have been converted to dairying.

Outline of the Investment:
The Applicant proposes to acquire the relevant land which is operated as a dairy farm by the vendor.

Rationale for the Investment:
The relevant land provides a facility for indoor feeding of stock which will allow Premier Dairies Limited to expand its dairying operations to be able to milk and supply milk for 12 months of the year from the relevant land.

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 Act 2005:
s17(2)(a)(i) - Creation/retention of jobs;
17(2)(a)(iv) - Added market competition, greater efficiency or productivity, or enhanced domestic services;
s17(2)(a)(v) - Additional investment for development purposes;
s17(2)(a)(vi) - Increased processing of primary products;

Overseas Investment Regulations 2005:
r28(e) - Previous investments.