|Date||10 November 2005|
|Offeror/applicant||Ager Sectus Company Limited|
|Ultimate applicant beneficial ownership||64.95 percent - United Kingdom, UK Public|
14.99 percent - Netherlands, Dutch Public
14.58 percent - New Zealand, New Zealand Public
2.47 percent - Australia, Australian Public
1.36 percent - South Africa, South African Public
0.86 percent - Switzerland, Swiss Public
0.79 percent - Belgium, Belgium Public
|Beneficial overseas ownership|
|- Asset current||N/A|
|- Asset proposed||N/A|
|- Share current||22.24 percent|
|- Share proposed||39.046 percent|
|Offeree(s)/seller(s)||Existing Shareholders in Ager Sectus Company Limited|
77.76 percent - New Zealand, New Zealand Public
15.79 percent - United Kingdom, UK Public
4.89 percent - Thailand, Thai Public
0.94 percent - Switzerland, Swiss Public
0.62 percent - Belgium, Belgium Public
|Business activities||Agriculture - Horticulture & Fruit - Viticulture|
|Details of land involved|
153.376 hectares comprising:
|Regions involved||Gisborne/Hawkes Bay|
|Consent Sought||To acquire up to 39.03 percent of the securities of Ager Sectus Company Limited.|
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.
Ager Sectus Company Limited (Ager Sectus) proposes to acquire the business and assets owned by The Crossings (Marlborough) Limited (The Crossings) (refer application number 200520082). Ager Sectus intends to finance part of this acquisition by the issue of further shares to existing shareholders and new shareholders. Ager Sectus is currently 22.24 percent owned by persons who are overseas persons. As a result of the proposed issue of shares, Ager Sectus will become an overseas person with approximately 39.03 percent of the shares held by persons who are overseas persons.
Ager Sectus was incorporated in 2000 and its core business is the production and export of high quality wine. Ager Sectus owns land in the Hawkes Bay and Marlborough. Ager Sectus's brands are Crossroads, Southbank Estate and Braided River. Ager Sectus advises that it is building a significant position in the New Zealand wine industry through internal growth, greenfield projects, acquisitions and brand development. The acquisition of The Crossings will facilitate the growth of Ager Sectus.
The proposal is likely to result in Ager Sectus acquiring The Crossings. That acquisition is likely to result in the following benefits:
Crengle Shreves & Ratner
PO Box 10 236