Decision Summary - The Ingleby Company Limited

Decision Consent granted
Section 12(a) Overseas Investment Act 2005
Decision date 15 October 2008
Investment An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 1,088.7128 hectares of land at Owetea Station, Mata Road, Tokomaru Bay, East Cape.
Consideration $3,487,500
Applicant The Ingleby Company Limited
United Kingdom (except Isle of Man and the Channel Islands) (100.0%)
Vendor Christopher's Management Services Limited
New Zealand (66.7%), United Kingdom (except Isle of Man and the Channel Islands) (33.3%)
Background The Ingleby Company Limited (Applicant) owns several stations in East Cape including Waikura Station and Puketoro Station, which adjoin the land subject to this application at Owetea Station (Owetea).

The Applicant proposes to acquire Owetea and farm it in conjunction with the Applicant's existing East Coast farming operations and to afforest approximately 60% of the land at Owetea currently suffering from severe erosion.

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 satisified by particular reference to the following factors:
  • Overseas Investment Act 2005
    • 17(2)(a)(i) – Creation/Retention of jobs
    • 17(2)(a)(iii) – Increased export receipts
    • 17(2)(a)(iv) – Added market competition/Productivity
    • 17(2)(a)(v) – Additional investment
    • 17(2)(a)(vi) – Increased processing of primary products
    • 17(2)(b) – Indigenous Vegetation/Fauna
    • 17(2)(d) – Historic Heritage
    • 17(2)(e) – Walking Access
    • 17(2)(f) – Offer to sell seabed/foreshore to the Crown
  • Overseas Investment Regulations 2005
    • 28(a) – Consequential Benefits
    • 28(e) – Previous investments
    • 28(f) – Advance significant government policy or strategy
    • 28(g) – Enhance the viability of other investments
More information Tom Bennett
Bell Gully (Auckland)
PO Box 4199
AUCKLAND 1140

Mark Flaherty
Bell Gully (Auckland)
PO Box 4199
AUCKLAND 1140

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