| Decision | Consent declined Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 21 October 2008 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 61.8400 hectares of land at Maitai State Highway 1, R.D.5, Taihape. |
| Consideration | $956,260 |
| Applicant | Trustees of the J O Adams & Son Limited Pension Fund United Kingdom (except Isle of Man and the Channel Islands) (100.0%) |
| Vendor | Abernethy (Laurence Joseph & Ann Sellors) New Zealand (100.0%) |
| Background | The proposed land acquisition will bring together the existing farm comprising 159.4269 hectares that the Pension Fund already owns, reuniting land that, until 1981, was farmed as one economic unit. The Pension Fund intends to acquire the land using its cash reserves held in New Zealand. Upon acquisition, J.O. Adams & Sons Limited (the Company) will lease the land from the Pension Fund and will continue the current farm policy of deer and fawn production, as well as sheep and cattle farming. The Pension Fund and the Company advise that the proposed acquisition of further suitable land in the Taihape area will provide greater economies of scale and create efficiencies to their current farming operations. The proposed acquisition of the relevant land will represent a 22 percent increase in the Pension Fund's current landholdings in the area as at the date the application was filed and will increase the number of cattle and sheep across the farms. The overseas investment transaction has not satisfied the criteria in section 16 of the Overseas Investment Act 2005. |
| More information | Scott Moran Duncan Cotterill (Wellington) PO Box 10-376 WELLINGTON |