|Date||2 September 2005|
|Offeror/applicant||Cherish Holding International Limited|
|Ultimate applicant beneficial ownership||100 percent - United States of America, Poon (Angela)|
|Beneficial overseas ownership|
|- Asset current||0 percent|
|- Asset proposed||100 percent|
|- Share current||N/A|
|- Share proposed||N/A|
|Offeree(s)/seller(s)||Bennett (Herbert John) of New Zealand|
Agriculture - Casual Grazing
|Details of land involved||41.6371 hectares of freehold situated at Telemet Road, Herbert, North Otago being CT OT5D/1193 (Otago Registry).|
|Consent Sought - 1995 Regs||To acquire an estate or interest in land which together with any associated land exceeds five hectares in area.|
The application has been approved as it met the criteria.
The Overseas Investment Office is satisfied that the Applicant has business experience and acumen relevant to and is demonstrating financial commitment towards the investment. The Overseas Investment Office is further satisfied that the persons who exercise control over the Applicant are of good character and not the kind of persons referred to in section 7(1) of the Immigration Act 1987.
The Applicant proposes to acquire the subject property which has approximately 30 hectares planted in 10 year old pinus radiata forestry. Following harvesting of the forest the Applicant proposes to plant a second rotation. The Applicant advises that the rationale behind the acquisition is to further diversify the family investments geographically and into primary products that are likely to be in demand by South East Asian economies.
The proposal is likely to result in the following benefits:
Saunders & Co.
PO Box 18