| Decision | Consent granted Section 12(b) Overseas Investment Act 2005 |
|---|---|
| Decision date | 11 August 2014 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in up to a further 83.1% of the partnership shares of Moonshine Farms Partnership and a corresponding share of Moonshine Farms Limited which owns or controls a freehold interest in approximately 829.3146 hectares of land at Tinwald Westerfield Mayfield Road, Ashburton. |
| Consideration | $22,646,001 |
| Applicant | Andrew Phillip Turney, Paul Robert Turney and Schooner Agribusiness LLC Schooner Agribusiness LLC, United States of America (40%) Paul Robert Turney, United Kingdom (30%) Andrew Phillip Turney, United Kingdom (30%) |
| Vendor | Pacific (2013) Limited, Cloverdene Investments Limited and Wendy Turney New Zealand (100%) |
| Background | The Applicants are existing partners in the Moonshine Farms Partnership (the "Partnership"). The Partnership owns two mid-Canterbury dairy farms known as 'Moonshine Farms'. The Partnership has owned the farms for almost a decade and invested a substantial amount of money turning what were originally sheep farms into highly productive dairy units. The Applicants have been granted consent to acquire an additional 83.1% of the Partnership shares from the outgoing shareholders. The outgoing shareholders include Wendy Turney (43.1%), wife of Andrew Turney (the Turney family’s share of the Partnership is increasing from 46.7% to 60% in this transaction). 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 Regulations 2005 |
| More information | Gary Fail Russell Moon & Fail PO Box 22 ASHBURTON |