|Date||14 July 2006|
|Offeror/applicant||Fleischmann (Dorette Louise)|
|Ultimate applicant beneficial ownership||100 percent - United States of America|
|Beneficial overseas ownership|
|- Asset current||0 percent|
|- Asset proposed||100 percent|
|- Share current||N/A|
|- Share proposed||N/A|
|Offeree(s)/seller(s)||Kardon (Pty) Limited)|
100 percent - New Zealand, Donald (Bruce Cameron) and Loader (Chrissina Catherine)
|Business activities||Agriculture - Sheep, Beef, Cattle|
|Details of land involved||161.2986 hectares of freehold situated at Ngakouka, Ponatahi Road, RD 2, Carterton being CT WN52A/192 (Wellington Registry).|
|Consent Sought||To 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.|
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 Applicant is of good character and not the kind of person referred to in section 7(1) of the Immigration Act 1987.
The land is currently utilised as a sheep and beef unit comprising a romney sheep breeding flock, lamb fattening and a beef fattening unit. The Applicant, who owns an Aberdeen Angus cattle breeding, sheep and vegetable farming venture in Virginia, United States, sees major synergies between that operation and that proposed for the subject property. These synergies will provide an opportunity to enhance the carrying capacity and productivity of the subject property by applying both capital and enhanced management techniques. The Applicant proposes to bring the subject property up to its full potential whilst at the same time preserving and maintaining the property's amenity value by using conservation practices.
The proposal is likely to result in the following benefits:
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