Applicant
PIC NZ Holdings Limited
Case number(s)
200920048
Decision date
Type
Decision
DecisionConsent granted
Section 12(b) Overseas Investment Act 2005
Decision date15 October 2009
Investment

An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in 100.0% of the shares of Bardfield Farms Limited which owns or controls:

  • a freehold interest in 31.1608 hectares of land at 118 Frost Road, Te Kohanga, Franklin; and
  • a freehold interest in 30.8922 hectares of land at 715 Mitchells Road, Dunsandel, Canterbury.
Consideration$4,152,084 less the amount of the borrowings that are yet to be determined
ApplicantPIC NZ Holdings Limited
New Zealand (50.0%)
Australia (50.0%)
VendorExisting shareholders of Bardfield Farms Limited
New Zealand (100.0%)
Background

By purchasing the shares of Bardfield Farms Limited the Applicant will acquire indirect ownership of two pig farms at Franklin and Canterbury which are currently leased by the Applicant's subsidiary. This will provide the Applicant with certainty of tenure of the farms as the risk of the subsidiary's lease of the pig farms being terminated by the Vendor will be removed.

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 Regulations 2005
28(b) – Key person in a key industry
28(e) – Previous investments
28(g) – Enhance the viability of other investments

More informationShona Stockwell
Hesketh Henry
Private Bag 92093
AUCKLAND