| Decision | Consent granted Section 12(b) Overseas Investment Act 2005 |
|---|---|
| Decision date | 16 September 2009 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in 100.0% of the shares of NZ Thoroughbred Holdings Limited (NZTHL) which owns or controls:
|
| Consideration | $1,000,000 |
| Applicant | GH Westbury Pty Limited Australia (100.0%) |
| Vendor | Michael Tololi and Nominees and Trustees (No 1) Limited as trustees of the Tololi Services Trust New Zealand (100.0%) |
| Background | In April 2009, consent was granted for the Applicant to acquire 50% of the shares of NZTHL. 50% of the shares of NZTHL remained with the Vendor. Receivers have now been appointed for the Vendor. The Investment will provide the Applicant with a continued presence in the New Zealand thoroughbred and horse breeding industry. It will continue to provide the Applicant access to one of New Zealand's largest sire rosters; enable the production of yearlings using stallions and broodmares sourced from both New Zealand and Australia; develop the New Zealand export market of thoroughbreds to foreign stables and auction houses; and position the Applicant to take advantage of the projected growth in the New Zealand thoroughbred industry. With the Vendor in receivership these opportunities could be lost. The Investment allows the Applicant to assume full control of the stud where the Vendor is unable to meet its obligations. The overseas investment transaction has satisfied the criteria in section 16 of the Overseas Investment Act 2005. The 'substantial and identifiable benefit to New Zealand' criteria were satisfied by particular reference to the following factors: Overseas Investment Act 2005 Overseas Investment Regulations 2005 |
| More information | Hamish Gordon Nowland Gordon & Associates P O Box 170 WELLINGTON 6140 |