27 April 2016
The Overseas Investment Office has commented on Hon Winston Peters’ complaint that Silver Fern Farms Ltd did not obtain the correct level of shareholder approvals for the proposed Shanghai Maling partnership with Silver Fern Farms.
Annelies McClure, OIO Group Manager, says Silver Fern Farms Limited would have taken legal advice on that issue before seeking the shareholder approvals, and the Overseas Investment Office is unable to comment on that.
“The focus of the OIO is on whether the Shanghai Maling purchase meets the criteria for consent under the Overseas Investment Act 2005, rather than the sales process. The Act contains a number of matters that the decision-making Ministers are required to look at in making their decision about whether or not to grant consent, and the questions raised by Mr Peters about the Silver Fern Farms Ltd sales process would not appear to be relevant to the OIO’s consideration of the application.
“The OIO treated Mr Peters’ letter as a third party submission and sought comments on the issues raised by Silver Fern Farms Ltd and Shanghai Maling. Having received those comments, the OIO is considering whether any of the points raised in Mr Peters’ letter are relevant to the criteria and factors set out in the Act. The OIO will then advise Ministers on whether the issues raised in the submission can be taken into account in deciding the application.
“In the meantime, the OIO will continue to work on the application.”
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