OIO Decision Summaries - November 2009

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The Overseas Investment Office has released the following decision for November 2009.

Case number	Applicant	pdf	html
200910064	Synlait Limited on behalf of Synlait Milk Limited and Unknown Overseas Persons	view as pdf 59KB	view as html
200920035	Next Capital (Services A) Pty Limited as Trustee for the Next Capital Fund 1A, Next Capital (Services B) Pty Limited as trustee for the Next Capital Fund 1B and Next Capital Pty Limited as Trustee for the Next Capital Health Group Co-Investment Trust	view as pdf 52KB	view as html
200920037	Sara Melanie Smerdon	view as pdf 47KB	view as html
200920049	General Distributors Limited	view as pdf 56KB	view as html
200920050	Tiromoana Station Limited	view as pdf 56KB	view as html
200920053	Ger Beemsterboer (NZ) Limited	view as pdf 58KB	view as html
200920056	Volkswagen AG	view as pdf 50KB	view as html
200920057	Fleet Investments B.V.	view as pdf 61KB	view as html
200920060	Brookfield Infrastructure Group (comprising Brookfield Asset Management Inc., Brookfield Infrastructure L.P. and Brookfield Americas Infrastructure Fund)	view as pdf 59KB	view as html
200920070	Agria Corporation	view as pdf 61KB	view as html
200920075	Tesbrit B.V.	view as pdf 49KB	view as html
200920076	ANZ National Bank Limited	view as pdf 61KB	view as html

Statistical information on Overseas Investment Office decisions for November 2009

The following statistical information shows consents granted or declined by the Overseas Investment Office for the sale of New Zealand land, business assets and fishing quota to overseas persons. It does not necessarily indicate that a sale has taken place or will take place. In addition, if a transaction for which consent is granted does proceed to sale, that sale will always take place after the consent has been granted. The settlement date will depend on the contractual arrangements between the vendor and the purchaser.

Value of investments to New Zealand

The table below shows the net dollar investment value to New Zealand and gross value of consideration of consents granted to overseas persons in November 2009 and for the 2009 calendar year to date.

Net investment dollars

"Net investment dollars" represent the total dollar value invested in New Zealand. For example, if a New Zealander sells a $100 million business to an Australian then the whole $100 million is added to the net investment total. However, if for instance the New Zealand asset was 100% Japanese owned, then $0 would be added to the net investment total. Thus, the net change in ownership of New Zealand assets is captured in the "total" net investment figure.

Gross value of consideration

"Gross value of consideration" represents the total consideration including GST (if any) to be paid for the acquisition of the assets, or the value attributed to those assets, under consents granted during the relevant period. The "gross value of consideration" figure for November includes consideration paid by New Zealanders (for example, an acquisition of a business by a New Zealand/Australian joint venture), and will not reflect the net change in ownership of New Zealand assets.

Consideration

The reference to "consideration" refers to the amount proposed to be paid for the acquisition by the purchaser.

Asset value

"Asset value" refers to the value of assets of the person being acquired (or the person being acquired and its 25% or more subsidiaries).

	November 2009	Jan - November 2009	Jan - November 2008
Number of approvals	12	143	123
Net Investment $	Confidential	Confidential	1,239,590,960
Gross value of consideration	Confidential	Confidential	5,759,994,903
Asset Value	4,316,731,313	23,404,820,757	2,745,747,773

In terms of net investment, the three largest approvals by the Overseas Investment Office in 2009 to date, that can be disclosed were for:

• ING NZ AUT Investments Limited, Control Nominees Limited, ING (NZ) Holdings Limited, ING (NZ) Limited and ANZ National Bank Limited’s proposed acquisition of up to 100 percent of the units of the ING Diversified Yield Fund and the ING Regular Income Fund – a “net” investment of  $397,275,600; and
• National Hearing Care (New Zealand) Limited’s proposed acquisition of up to 100 percent of the shares of Bay Audiology Limited – a “net” investment of $93,893,115; and
• Millennium & Copthorne Hotels New Zealand Limited’s proposed acquisition of up to 75 percent of the shares of CDL Investments New Zealand Limited – a “net” investment of $84,650,000.

Total land area approved for sale to overseas persons

The tables below show the net and gross area of land (in hectares) for which consent was granted to overseas persons in November 2009 and for the 2009 calendar year to date.

Net hectares

"Net hectares" represents the total land area proposed to be transferred into foreign ownership under consents granted during the relevant period. For example, if a New Zealander sells 10 hectares to someone from overseas, the whole 10 hectares is shown. However, if the seller was a company that was 50% New Zealand owned and 50% foreign owned then only five hectares would show in that column. Five hectares represents the "net" change in foreign ownership of New Zealand land.

Gross hectares

"Gross hectares" represents the total land area proposed to be acquired under consents granted during the relevant period. The figure will not show the seller's New Zealand ownership share (if any) (unlike the "net hectares" figure) and will include land that is proposed to be acquired by New Zealand interests as well as overseas interests (for example, under a New Zealand/Australian joint venture).

Freehold land approved for sale

	November 2009	Jan-November 2009	Jan-November 2008
Number of approvals	8	118	89
Net land area (ha)	816	19,006	12,789
Gross land area (ha)	1,155	261,634	31,032

In terms of "net" freehold land areas, the three largest approvals by the Overseas Investment Office in 2009 to date that can be disclosed were for:

• Origin Energy Limited's proposed acquisition of up to the remaining 48.64 percent of the shares of Contact Energy Limited which owns or controls 10,822 hectares of land situated at various locations throughout New Zealand – a "net" land area of 9,182 hectares.
• Middle Mount Forest Limited's proposed acquisition of 1,524 hectares of land situated at 4483 State Highway 2, Morere, Northern Hawkes Bay – a "net" land area of 1,524 hectares.
• Cambium Global Timberland Limited's proposed acquisition of 1,378 hectares of land situated at Waihopai Forest Waihopai Valley, Marlborough – a "net" land area of 1,3784 hectares.

Other interests in land approved for sale (for example leases and crown pastoral leases)

	November 2009	Jan-November 2009	Jan-November 2008
Number of approvals	2	20	27
Net land area (ha)	45	1,199	24,848
Gross land area (ha)	52	90,824	37,977

In terms of "net" other interest land areas, the largest approval by the Overseas Investment Office in 2009 to date was for:

• Origin Energy Limited's proposed acquisition of up to the remaining 48.64 percent of the shares of Contact Energy Limited which owns or controls 1,074 hectares of leasehold land situated at various locations throughout New Zealand – a "net" land area of 912 hectares.
• MCC Van Uden Holding BV's proposed acquisition of a leasehold interest in 208 hectares of land situated at 10 Hatfield Overdale Road, Rakaia – a "net" land area of 208 hectares.
• Agria Corporation's proposed acquisition of up to 19.99 percent of the ordinary shares of PGG Wrightson Limited which owns or controls 52 hectares of leasehold land situated at various locations throughout New Zealand - a "net" land area of 45 hectares.

Approvals under the Fisheries Act 1996

The table below show the net fishing quota for which consent was granted to overseas persons in November 2009 and for the 2009 calendar year to date.

	November 2009	Jan-November 2009	Jan-November 2008
Number of approvals	0	0	0
Net tonnes of Annual Catch Entitlement	0	0	0
Gross tonnes of Annual Catch Entitlement	0	0	0
Net Quota shares	0	0	0
Gross Quota shares	0	0	0

Applications declined

The table below shows investments for which consent was declined in November 2009 and for the 2009 calendar year to date.

	November 2009	Jan-November 2009	Jan-November 2008
Number of Declines	0	0	4
Total proposed purchase price ($)	0	0	4,633,252,517
Total proposed area to be acquired (ha)	0	0	3,163

For more information contact:

Overseas Investment Office
Land Information New Zealand
Ph: 04 462 4490
Email: oio@linz.govt.nz