| Decision | Consent granted Section 12(b) Overseas Investment Act 2005 |
|---|---|
| Decision date | 6 March 2012 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of up to 100% of the shares in Gibbston Valley Wines Limited which owns or controls a freehold interest in 42.9835 hectares of land at Gibbston Valley, Queenstown. |
| Consideration | CONFIDENTIAL |
| Applicant | Philip Dean Griffith (as trustee of the Philip D Griffith Family Trust) United States of America (100%) |
| Vendor | Existing shareholders in Gibbston Valley Wines Limited other than Phillip Griffith New Zealand Public (50.0%) United States Public (50.0%) |
| Background | The Applicant (together with his associated persons) owns 83.99% in Gibbston Valley Wines Limited. The Applicant (together with his associated persons) will acquire up to 100% of the shares in Gibbston Valley Wines Limited in consideration of the Applicant's ongoing capital contributions and funding of Gibbston Valley Wine's capital works programme. 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 | Mark Odlin Buddle Findlay (Christchurch) PO Box 322 CHRISTCHURCH |