|Date||17 May 2006|
|Offeror/applicant||Waiaua Bay Farm Limited|
|Ultimate applicant beneficial ownership||100 percent - United States of America, Julian Hart Robertson|
|Beneficial overseas ownership|
|- Asset current||N/A|
|- Asset proposed||N/A|
|- Share current||100 percent|
|- Share proposed||100 percent|
|Offeree(s)/seller(s)||Oliver Family Trust of United States of America|
|Business activities||Agriculture - Horticulture & Fruit - Viticulture|
|Details of land involved||125.101 hectares of freehold comprising:|
|Regions involved||Gisborne/Hawkes Bay|
|Consent sought||To acquire up to 100 percent of the Securities of Te Awa Vineyard Limited and D R Wines 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.
Te Awa Vineyard Limited (Te Awa) received consent to acquire land known as the Te Awa Vineyard on 27 November 2002 (A200220101/D200220112). D R Wines Limited (Dry River) received consent on 14 February 2003 to acquire land known as the Dry River vineyard (A200220165/D200310019). Both Te Awa and Dry River are owned 75 percent by Waiaua Bay Farm Limited (Waiaua Bay Farm) and 25 percent by the Oliver Family Trust. Te Awa holds 109.808 hectares of land near Hastings operated as a vineyard to supply grapes to Te Awa Winery Limited. Dry River operates a vineyard and winery business near Martinborough.
Mr Oliver, a trustee of the Oliver Family Trust, passed away on 24 June 2005, and since this time the Oliver Family Trust has been a passive shareholder in Te Awa and Dry River, and has begun a process of rationalising and divesting its investments. Waiaua Bay Farm proposes to acquire the remaining 25 percent of shares in Te Awa and Dry River in order to ensure the continued viability of the businesses and to cement the long-term strategy for the development of the Te Awa and Dry River brands.
The proposal is likely to result in the following benefits:
|Contact||Andrew Harmos/Kate Helem|
Harmos Horton Lusk
P O Box 28