| Decision | Consent granted Section 12(b) Overseas Investment Act 2005 |
|---|---|
| Decision date | 11 February 2013 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in up to 100% of the shares of New Zealand Wool Services International Limited which, indirectly through a subsidiary (Whakatu Wool Scour Limited), owns and controls a freehold interest in approximately 1.3884 hectares of land at 25 - 27 Railway Road, 1 Essex Crescent and 3 Essex Crescent, Whakatu, Hastings (“the Investment”). |
| Consideration | NZ$0.45 per share acquired |
| Applicant | WSI Holdings Pty Ltd Lempriere (Australia) Pty Limited (ultimately owned by the Lempriere Family)Australia (100%) |
| Vendor | Plum Duff Limited (in receivership) Woolpak Holdings Limited (in receivership) Michael Dwyer New Zealand Public (29.449%) |
| Background | Lempriere (Australia) Pty Limited and its associated companies (together “the Lempriere Group”) is one of the world’s largest wool merchants and processors. The Applicant considers that the Investment will complement the Lempriere Group’s existing business operations in New Zealand, namely, The Merino Company Limited, Levana Textiles Limited and Encircle Medical Devices. The Investment will also give the Lempriere Group a substantial presence in the New Zealand coarse wool market. The overseas investment transaction has satisfied the criteria in section 16 of the Overseas Investment Act 2005. The 'benefit to New Zealand' criterion was satisfied by particular reference to the following factors: Overseas Investment Act 2005 Overseas Investment Regulations 2005 |
| More information | Matthew Olsen Mayne Wetherell PO Box 3797 Shortland Street AUCKLAND |