Decision number200610041
Application number200610028
Date26 April 2006
Offeror/applicantMiddle Mount Forest Limited
Ultimate applicant beneficial ownership100 percent - Switzerland, Henni (Heinrich Martin)
Beneficial overseas ownership 
- Asset current100 percent
- Asset proposed100 percent
- Share currentN/A
- Share proposedN/A
Offeree(s)/seller(s)Karin Holdings Limited
100 percent - Netherlands, Thoen (Jacobus Theodorus Cornelis)
Business activitiesForestry
Details of land involved802.957 hectares of freehold situated at Mt Trotter Road and Stenhouse Road, Palmerston, Otago being CT OT16C/1068 (Otago Registry).
Regions involvedOtago
Total consideration$2,570,000
Consent soughtTo acquire an interest in land which, either alone or together with any associated land of that type, is or includes non-urban land and exceeds 5 hectares in area.
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.

The Applicant proposes to acquire the subject property which has approximately 730.33 hectares planted in between 1996 and 2000 with pinus radiata forestry. The Applicant proposes to undertake a more intensive silviculture regime on the forest. The Applicant advises that the rationale behind the acquisition is to provide geographical diversification of the Applicant's investment base as well as asset diversification.

The proposal is likely to result in the following benefits:

  1. the creation of new employment opportunities;
  2. increased productivity; and
  3. the introduction of development capital.
ContactMichael van Aart
La Hood Allen
PO Box 5589
DUNEDIN