Decision Summary - GH Westbury Pty Limited
| Decision | Consent granted Section 12(b) Overseas Investment Act 2005 |
|---|---|
| Decision date | 15 April 2009 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in 50.0% of the shares of NZ Thoroughbred Holdings Limited which owns or controls a freehold interest in 85.3597 hectares of land at 699 & 700 - 716 Linwood Road, Te Hihi, Karaka. |
| Consideration | $5,000,500 |
| Applicant | GH Westbury Pty Limited Australia (100.0%) |
| Vendor | BGH Trusteeship Limited and Michael Tololi as trustees of the Tololi Services Trust New Zealand (100.0%) |
| Background | The acquisition will provide the Applicant with a presence in the New Zealand thoroughbred industry and access to one of New Zealand's largest sire rosters. This is likely to result in: (i) the breeding of using stallions and broodmares sourced from both New Zealand and Australia; (ii) the development of the New Zealand export market of thoroughbreds to foreign stables and auction houses. 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:
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| More information | David Lewis Kensington Swan (Auckland) Private Bag 92-101 AUCKLAND |
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