Overseas investment decision for case 201320076 - Rangitikei Aggregates Limited | Toitū Te Whenua

Decision	Consent granted Section 12(a) Overseas Investment Act 2005
Decision date	25 March 2014
Investment	An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in up to approximately 182 hectares of land located at Onepuhi Road, Marton.
Consideration	$3,600,000
Applicant	Rangitikei Aggregates Limited New Zealand Public (66%) Various overseas persons (34%)
Vendor	The trustees of The Bridgend Trust New Zealand (100%)
Background	The Applicant is acquiring the Land in order to extract gravel required for its gravel extraction and distribution business. The Vendor will lease back and continue to farm the majority of the Land. 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 17(2)(a)(i) – Retention of Jobs 17(2)(a)(iv) – Added market competition 17(2)(a)(iv) – Greater efficiency 17(2)(a)(iv) – Enhanced domestic services 17(2)(f) – Offer to gift riverbed to the Crown Overseas Investment Regulations 2005 28(e) – Previous investments 28(g) – Enhance the viability of other investments 28(j) – Oversight and participation by New Zealanders
More information	David Haigh Wynn Williams & Co PO Box 4341 CHRISTCHURCH 8140