| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 3 August 2011 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 296.1334 hectares of land at Raroa Station, Whangara Rd, Tolaga Bay. |
| Consideration | $950,000 |
| Applicant | Russell John & Helen Margaret Clinton Canada (100%) |
| Vendor | Gregory John Shelton New Zealand (100%) |
| Background | The Applicants own an existing 495 ha forestry block in Tolaga Bay. The purpose of the Investment is to establish a second forest in the area. This is intended to provide a wider range of forest age classes in the Applicants' timber business, the opportunity to maintain a larger carbon inventory (facilitating participation in the New Zealand Emissions Trading Scheme) and result in more even cash flows for the business. 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 | Neil Mackie Nolans PO Box 1141 GISBORNE |