| Decision number | 200610006 |
|---|---|
| Application number | 200520105 |
| Date | 27 January 2006 |
| Offeror/applicant | Trade Lines Malaysian Limited |
| Ultimate applicant beneficial ownership | 100 percent - Australia, Australian Public |
| Beneficial overseas ownership | |
| - Asset current | 0 percent |
| - Asset proposed | 100 percent |
| - Share current | N/A |
| - Share proposed | N/A |
| Offeree(s)/seller(s) | Bargiacchi (Ivan Giuseppe) and Scholes (Robin) of New Zealand |
| Business activities | Agriculture - Other Livestock - Horse Farming Agriculture - Native Bush |
| Details of land involved | 54.2987 hectares of freehold situated at 724 North Road, Clevedon, South Auckland being CT NA121C/141 (North Auckland Registry). |
| Regions involved | South Auckland |
| Total consideration | $5,226,875 |
| Consent sought | To acquire an interest in land which, either alone or together with any associated land, exceeds five 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 are of good character and are not an individual of the kind referred to in section 7(1) of the Immigration Act 1987. The Applicant proposes to acquire the subject property which adjoins land currently owned by the Applicant (refer A200220113/D200220111) upon which the Applicant is establishing a farming operation comprising a beef cattle stud farm and the training and breeding of polo ponies. The adjoining land is known as Kaurilands. This acquisition will provide the Applicant with additional pasture for the beef cattle operation and immediate access to stables and training areas. The acquisition will enable the two properties to be operated together as one economic unit. A related company to the Applicant is one of the largest beef producers in Western Australia and operates one of the largest polo pony breeding and training operations in Australia. It is intended that the New Zealand operation will become an integral part of the Western Australian operations providing live bulls, horses and semen for breeding programmes in Western Australia. The proposal is likely to result in the following benefits:
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| Contact | Carrie Follas Phillips Fox PO Box 160 AUCKLAND |