| Decision number | 200710027 |
|---|---|
| Application number | 200620121 |
| Date | 23 March 2007 |
| Offeror/applicant | Matai Pacific Limited |
| Ultimate applicant beneficial ownership | 75 percent - United Kingdom, Hannay (Walter Lennox), Fleming (Christopher Michael) and Taylor (Mary Fern) as trustees of the Lennox Hannay 1992 Trust 25 percent - United Kingdom, Hannay (Walter Lennox) |
| Beneficial overseas ownership | |
| - Asset current | N/A |
| - Asset proposed | N/A |
| - Share current | 0 percent |
| - Share proposed | 100 percent |
| Offeree(s)/seller(s) | Marr (Christopher Neil Alexander) of New Zealand |
| Business activities | Agriculture - Horticulture & Fruit - Orchard |
| Details of land involved | 20.9994 hectares of freehold situated at 95-97 Kennedy Road, Pyes Pa, Tauranga. being CTs 244079, SA56C/94, SA60B/493, SA60B/494 and SA60B/976 (South Auckland Registry). |
| Regions involved | Bay of Plenty/Coromandel |
| Total consideration | $3,900,000 |
| Consent sought | To acquire up to 100 percent of the securities of Pyes Pa Pacific Limited. |
| 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. Matai Pacific Limited (Matai) proposes to acquire the shares and shareholders loan accounts of Pyes Pa Pacific Limited (PPP) a company whose sole asset is the land which includes approximately 12.5 canopy hectares of Hayward kiwifruit, 1 hectare of avocados, kiwifruit post-harvesting facilities including a coolstore and packhouse. The acquisition will provide diversification to Matai's previous kiwifruit investments in terms of geography and topography thereby spreading the climatic and growing risks. The proposal is likely to result in the following benefits:
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| Contact | Matthew Tustin Cooney Lees Morgan PO Box 143 TAURANGA |