| Decision | Consent granted Section 12(b) Overseas Investment Act 2005 Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision Date | 10 October 2016 |
| Investment |
An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in a further 11.81% of the securities and sensitive land of Taumata Plantations Limited, which owns or controls:
An overseas investment in significant business assets, being the Applicant’s acquisition of rights or interests in a further 11.81% of the securities of Taumata Plantations Limited, the value of the New Zealand assets of Taumata Plantations Limited and its 25% or more subsidiaries being greater than $100m. |
| Consideration | $135,383,000 |
| Applicant | UniSuper Limited Australia (100%) |
| Vendor |
Taumata I LLC Taumata II LLC |
| Background |
The Applicant is currently a shareholder of Taumata Plantations Limited (TPL), as to 14.09%. TPL is a New Zealand forestry company that was incorporated in 2006 in order to acquire Carter Holt Harvey’s New Zealand forest estate. Today, TPL has a total forest estate of approximately 189,126 hectares across various regions in New Zealand. The Vendors are currently minor shareholders in TPL that wish to exit/reduce their investment. The proposed investment is an internal restructure, which will result in the Applicant increasing its shareholding in TPL to 25.90%. The overseas investment transaction has satisfied the criteria in sections 16 and 18 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 | David Raudkivi Russell McVeagh PO Box 8 AUCKLAND |