| Decision | Consent Granted Section 12(b) Overseas Investment Act 2005 |
|---|---|
| Decision date | 17 December 2010 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in a further 78.29% of the shares of Blackfish Limited which owns or controls a leasehold interest in 708.1999 hectares of land at Southern end of the Craigieburn Range. |
| Consideration | $37 |
| Applicant | Washland Holdings HB Pty Limited as trustee of the Washland Holdings HB Trust Simon Thomas Harvey, Australia (100.0%) |
| Vendor | Existing shareholders in Blackfish Limited other than Washland Holdings HB Pty Limited Christopher Peter Rose, Australia (32.5%) Duncan James Bull, New Zealand (32.5%) Michael James Sleigh, New Zealand (19.998%) Timothy Paul Allan, New Zealand (10.002%) M&C PH Limited, New Zealand (5.0%) |
| Background | Blackfish Limited has a leasehold interest in the Porters Ski Area (Porters) in Canterbury. Blackfish Limited leases the land as nominee of the New Zealand Blackfish Joint Venture (Joint Venture), which is the underlying owner of the Porters' assets. The Applicant is one of the Joint Venture parties and has provided most of the development funds spent since Porters was acquired by the Joint Venture in 2006. In order to continue operating as a commercial ski area, Porters requires significant capital investment in terms of new ski lifts, expanded snow making and new visitor facilities on the ski area. In order to complete the next stage of redevelopment, significant funds are required to complete the resource consent process and the Applicant will provide these funds. 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 | Mary Digiglio Swaab Attorneys GPO Box 35 Sydney 20001 |