|Date||16 March 2006|
|Offeror/applicant||St George Trustees Limited as trustee of the Chiquita Trust of United Kingdom|
|Ultimate applicant beneficial ownership||100 percent - United Kingdom|
|Beneficial overseas ownership|
|- Asset current||100 percent|
|- Asset proposed||100 percent|
|- Share current||N/A|
|- Share proposed||N/A|
|Offeree(s)/seller(s)||Wilson (Stewart Graeme) as trustee for the Chiquita Trust of United Kingdom|
|Business activities||Accommodation - Hotel/Motel/Lodge|
Agriculture - Native Bush
|Details of land involved||42.3731 hectares of freehold situated at Great Barrier Island being CT 25D/678 (North Auckland Registry).|
|Consent sought||To acquire:|
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.
Ian Muir Wilson (Dr Wilson), a New Zealand citizen residing in the United Kingdom, acquired the subject land in 1997. In 1998, Dr Wilson transferred the property to the Chiquita Trust, a family trust settled by Dr Wilson's mother primarily for Dr Wilson and his children. The trustee of the Chiquita Trust in 1998 was a New Zealand citizen.
In 1999, the existing trustee retired and a new trustee (Stewart Graeme Wilson, Dr Wilson's brother and a United Kingdom citizen) was appointed. The new trustee was an overseas person. A transfer of the land was registered in the name of the new trustee. The need for consent under the Overseas Investment Regulations 1995 was overlooked. A tourist lodge was constructed on the property in 2000, namely Mount St Paul Lodge, which has operated since April 2002.
It is now proposed that Stewart Graeme Wilson will retire as trustee of the Chiquita Trust, and be replaced by a professional trustee based in Jersey, St George Trustees Limited.
The transaction involves a change of the trustee of the Chiquita Trust and not a change in the beneficial ownership of the land in which Dr Wilson and his children are the primary beneficiaries. The transfer to Stewart Graeme Wilson and St George Trustees Limited has and will not alter the use of the property, which is used as an accommodation lodge.
PO Box 72 440