Decision Summary - Redemption Song LLC

Decision number 200820028
Application number 200810065/200820038
Date 3 September 2008/12 September 2008
Offeror/applicant Redemption Song LLC
Ultimate applicant beneficial ownership 100 percent - United States of America
Beneficial overseas ownership  
- Asset current 22.03 percent
- Asset proposed 100 percent
- Share current N/A
- Share proposed N/A
Offeree(s)/seller(s) Little Ridge Limited
18.06 percent - New Zealand, Broomfield (David Benjamin)
13.535 percent - New Zealand, Broomfield (Helen)
13.535 percent - New Zealand, Conway (Scott)
11.47 percent - New Zealand, New Zealand Public
7.4902 percent - Hong Kong, Fong (Lynly Wai Yen)
7.2699 percent - Singapore, Fong (M W L)
7.2699 percent - Japan, Fong (C W L)
6.025 percent - New Zealand, Broomfield (Nina)
6.025 percent - New Zealand, Hanson (Richard)
4.66 percent - New Zealand, Hindle (Karen)
4.66 percent - New Zealand, Hindle (Keith)
Business activities Education Services
Details of land involved 48.9123 hectares of freehold situated at Littles Road, Dalefield, Queenstown being CT OT58/178 (Otago Registry).
Regions involved Otago
Total consideration $4,500,000
Consent sought To acquire an interest in land which, either alone or together with any associated land of that type, is or includes non-urban land and exceeds 5 hectares in area.
Rationale

The application has been approved as it met the criteria.

The Overseas Investment Office is satisfied that the individuals with control of the Applicant collectively have business experience and acumen relevant to the overseas investment, and that the Applicant has demonstrated financial commitment towards the overseas investment. The Overseas Investment Office is further satisfied that each individual that exercises control over the Applicant is of good character and is not an individual of the kind referred to in section 7(1) of the Immigration Act 1987.

Rationale for the Investment:
The property will be made available as a physical classroom for educating Otago Polytechnic students, and other New Zealand organisations in the field of design, construction and environmental sustainability, in the design, installation and maintenance of an environmentally sustainable home.

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

  1. Overseas Investment Act 2005:
    1. s17(2)(a)(i) - New job opportunities.
    2. s17(2)(a)(ii) - Introduction of new technology or business skills.
  2. Overseas Investment Regulations 2005:
    1. r28(a) - Consequential benefits.
    2. r28(f) - Advancing Government policy.
Contact Andrew Harmos/Mary-Elizabeth Tuck
Harmos Horton Lusk
PO Box 28
Shortland Street
AUCKLAND

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