Decision Summary - PIC NZ Holdings Limited
| Decision | Consent granted Section 12(b) Overseas Investment Act 2005 |
|---|---|
| Decision date | 15 October 2009 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in 100.0% of the shares of Bardfield Farms Limited which owns or controls:
|
| Consideration | $4,152,084 less the amount of the borrowings that are yet to be determined |
| Applicant | PIC NZ Holdings Limited New Zealand (50.0%), Australia (50.0%) |
| Vendor | Existing shareholders of Bardfield Farms Limited New Zealand (100.0%) |
| Background | By purchasing the shares of Bardfield Farms Limited the Applicant will acquire indirect ownership of two pig farms at Franklin and Canterbury which are currently leased by the Applicant's subsidiary. This will provide the Applicant with certainty of tenure of the farms as the risk of the subsidiary's lease of the pig farms being terminated by the Vendor will be removed. 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 | Shona Stockwell Hesketh Henry Private Bag 92093 AUCKLAND |
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