Decision number200520056
Application number200520056
Date16 September 2005
Offeror/applicantHancock Natural Resource Group, Inc of United States of America
Ultimate applicant beneficial ownership100 percent - United States of America
Beneficial overseas ownership 
- Asset currentN/A
- Asset proposedN/A
- Share current100 percent
- Share proposed100 percent
Offeree(s)/seller(s)Phemus Corporation
100 percent - United States of America, President and Fellows of Harvard College
Business activitiesForestry
Details of land involvedNone
Regions involvedWaikato
Total considerationCONFIDENTIAL
Consent Sought - 1995 RegsTo acquire up to 100 percent of the specified securities of and/or having the right to exercise or control the exercise of the voting power of and/or appoint or control the appointment of the board of directors of CNI Timber Holdco.
Rationale

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.

Hancock Natural Resource Group, Inc. (HNRG) and an institutional investor have entered into timberland management advisory and management agreement.

HNRG has entered into an agreement to acquire the shares and notes issued by CNI Timber Holdco (CNI Holdco). It is proposed that at a later date the shares and notes will be transferred to the institutional investor. Alternatively the institutional investor will acquire the shares and notes directly. The sole subsidiary of CNI Holdco is CNI Timber Operating Company Limited (CNI Timber). CNI Timber is the holder of a forestry right over 6,420.3 hectares of the Tahorakuri forest located in the Central North Island, granting CNI Timber the right to harvest the standing timber on the land. CNI Timber is party to three contracts with Tenon Industries Limited consisting of an infrastructure agreement, a management agreement, and a wood supply agreement.

HNRG is a wholly-owned subsidiary of Manulife Financial Corporation which is listed on the New York Stock Exchange and is one of the largest North American insurance and investment companies. HNRG actively evaluates timberland acquisition opportunities across North America and internationally, on behalf of its managed timberland portfolios for public and corporate pension schemes. HNRG has current timberland investments in the United States of America, Canada, Australia, and New Zealand.

ContactGrant Kemble/Fabrizio Ferraro
Russell McVeagh
P O Box 8
AUCKLAND