Decision Summary - JAM World Enterprises Pty Limited

The application has been approved as it met the criteria.

The Overseas Investment Office is satisfied that the Applicant has significant business experience and acumen relevant to and is demonstrating financial commitment towards the investment. The Overseas Investment Office is further satisfied that the persons who exercise control over the Applicant are of good character and not the kind of persons referred to in section 7(1) of the Immigration Act 1987.

Background:
The Applicant previously obtained consent in 2003 (D200320040) to purchase a 40% joint venture interest in the relevant land. The land has been developed into a vineyard with 9.5 hectares planted in Marlborough Sauvignon Blanc.

Investment:
JAM intends to acquire a further 10% share of the property, in which it already owns a 40% share.

Rationale:
The reasons for selling are to equalise the shares in the vineyard joint venture. On initial acquisition in 2003 a third New Zealand partner, Mountain View Investments Limited, was involved and held a 1/5 share. However this party has since sold out to the vendor, as between the vendor and the Applicant, it is intended to continue the joint venture on a 50/50 basis.

The Applicant views the investment as a means of further enhancing the viability of the initial investment, and as beneficial to the company by equalising the joint venture's interest with the two remaining participants.

The proposed investment is or likely to benefit New Zealand (or any part of it or group of New Zealanders) having regard to the following factors:

1. r 28(e) - Previous investments; and
2. r 28(c)(i) - Adversely affect New Zealand's image overseas.