| Decision | Consent Granted Section 12(b) Overseas Investment Act 2005 |
|---|---|
| Decision date | 10 February 2010 |
| Investment | An overseas investment in sensitive land, being an increase in the shareholding of United States company Coast Range New Zealand LLC from 24.9% (up to 100%) in Flock Hill Holdings, which is the registered proprietor of “Flock Hill Station” comprising:
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| Consideration | $5,273,000 |
| Applicant | The Applicant is Flock Hill Holdings, an unlimited New Zealand company New Zealand (75.1%) United States of America (24.9%) |
| Vendor | Existing shareholders of Flock Hill Holdings other than Coast Range New Zealand LLC New Zealand (100.0%) |
| Background | The Applicant currently owns “Flock Hill Station”, a Canterbury high country farm. The Station consists of some 14,000 hectares located on State Highway 73. It consists mostly of leasehold land leased from the Freehold owner (being the University of Canterbury). The overseas investment transaction consists of an internal share restructure of the Applicant whereby one of three existing shareholders (US Company Coast Range New Zealand LLC – “Coast Range”) will increase its shareholding from its current 24.9% up to 100%. These shares will be acquired from the two other existing New Zealand shareholders. The overseas investment will provide further funds for the continued development of “Flock Hill Station”. This development will be carried out in accordance with a professional farming plan prepared by independent farm consultants. 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 | Charlie Brown Rhodes & Co. PO Box 13444 CHRISTCHURCH |