| Decision | Consent Granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 30 September 2010 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 37.7491 hectares of land at 447 Waihola Highway, Milburn. |
| Consideration | $1,462,500 |
| Applicant | Southern Cross Forest Products Limited Hagen Family, United States of America (89.55%) Colin Gordon Thomas Whitefield, New Zealand (9.95%) Mark de Latour, New Zealand (0.5%) |
| Vendor | Calder Stewart Industries Limited New Zealand (100%) |
| Background | The Applicant owns sawmills and timber processing plants situated in Mosgiel, Milton, Balclutha and Thames. The Applicant proposes to establish a new sawmilling and wood manufacturing facility on the land. The proposed sawmilling and wood manufacturing facility will supplement the Applicant's existing facilities in New Zealand and produce additional lumber which will enable the Applicant to increase its sales in South East Asia, the United States of America and Australia. 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 | James Dalgleish Gallaway Cook Allan PO Box 143 DUNEDIN |