Decision Summary - Blackfish Limited

Decision number	200620086
Application number	200620105
Date	22 December 2006
Offeror/applicant	Blackfish Limited
Ultimate applicant beneficial ownership	21.671 percent - Australia, Bull (Duncan James) 21.6645 percent - Australia, Harvey (Simon Thomas) 21.6645 percent - Australia, Rose (Christopher Peter) 20 percent - New Zealand, Sleigh (Michael James) 10 percent - New Zealand, Allan (Timothy Paul) 1 percent - New Zealand, Murray (Frederick David Justin) 1 percent - New Zealand, Murray (David Carson) 1 percent - New Zealand, Rolleston (Humphrey John Davy) 1 percent - New Zealand, Rookes (Richard George Nelson) 1 percent - New Zealand, Milne (Christopher David)
Beneficial overseas ownership
- Asset current	0 percent
- Asset proposed	65 percent
- Share current	N/A
- Share proposed	N/A
Offeree(s)/seller(s)	Porter Heights Ski Area Limited 25 percent - New Zealand, Mazey (Ashley David and Sharon Lois) 25 percent - New Zealand, Manning (Peter Gerald and Kaye Elizabeth) 25 percent - New Zealand, Davies (Diane Elizabeth) 25 percent - New Zealand, Bloor (Mark John and Kathryn Jean)
Business activities	Cultural & Recreational Services - Other
Details of land involved	708.1999 hectares of leasehold situated at Southern end of Craigieburn Range, Canterbury being CT CB11B/614 (Canterbury region).
Regions involved	Canterbury
Total consideration	$1,710,000
Consent sought	To acquire: an interest in land which, either alone or together with any associated land of that type, exceeds 0.4 hectares and is or includes land held for conservation purposes under the Conservation Act 1987; and 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; and an interest in land which, either alone or together with any associated land, exceeds 0.4 hectares and adjoins land held for conservation purposes under the Conservation Act 1987 (if that conservation land exceeds 0.4 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. Blackfish Limited (Blackfish) proposes to acquire the business and assets of Porter Heights Ski Area Limited which includes the Porter Heights ski area (Porter Heights) located on the southern end of the Craigieburn Range approximately 1 hours drive west of Christchurch. Blackfish is proposing to introduce additional investment for development purposes to redevelop the Porter Heights ski area, particularly for visitor accommodation, to further cater for the demand for high quality alpine skiing and on-site accommodation in New Zealand. The proposal is likely to result in the following benefits: the creation of new job opportunities in New Zealand; increased productivity in New Zealand; and the introduction into New Zealand of development investment for development purposes.
Contact	Peter Liao/Peter Speakman Kensington Swan Private Bag 92101 AUCKLAND

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