|Date||17 August 2006|
|Offeror/applicant||Otamatapaio Station (1993) Limited|
|Ultimate applicant beneficial ownership||34 percent - Italy, Luigi, Georgio and Roberto Botto Poala|
33 percent - New Zealand, Perriam (John and Heather)
33 percent - Australia, Michael Raoul Lempriere and family
|Beneficial overseas ownership|
|- Asset current||0 percent|
|- Asset proposed||67 percent|
|- Share current||N/A|
|- Share proposed||N/A|
|Offeree(s)/seller(s)||The Crown of New Zealand|
|Business activities||Agriculture - Sheep, Beef, Cattle|
|Details of land involved||5,567.7127 hectares of freehold situated at Otamatapaio Station, Otago being CT 235735 (Otago Registry).|
The application has been approved as it met the criteria.
The Overseas Investment Office is satisfied that the applicant has significant business experience and acumen relevant to and is demonstrating financial commitment towards the investment. The Overseas Investment Office is further satisfied that the persons who exercise control over the applicant are of good character and not the kind of persons referred to in section 7(1) of the Immigration Act 1987.
On 31 August 1993 consent was granted to the Applicant to acquire Otamatapaio Station comprising approximately 8,000 hectares of Crown Pastoral Lease land and approximately 1,163 hectares of freehold land. In 2004 the Applicant entered into a substantive proposal with the Commissioner of Crown Lands in accordance with the Tenure Review process under Part 2 of the Crown Pastoral Land Act 1998. As a result approximately 2,356 hectares of Otamatapaio Station being part of the Crown Pastoral Lease land was restored to full Crown ownership and a fee simple title was issued on 5 August 2005 to the Applicant for the land the subject of this application.
The Applicant advises the freeholding has enabled it to use the optimum and productive parts of Otamatapaio Station for farming. The Applicant also advises that the tenure review process has also enabled greater public access to rivers and lakes adjoining the subject land and has protected species of fauna and flora by the creation of the conservation area and reserves on the land returned to full crown ownership.
The freeholding of the subject land as a result of the Tenure Revue process will ensure that the Applicant can continue to provide and further enhance the benefits that have accrued since it acquired the Crown Pastoral Lease in 1993. Such benefits include:
In addition the return to Crown ownership of approximately 2,356 hectares under the Tenure Review process will enable greater public access to rivers and lakes adjoining the property and the protection of species of fauna and flora by the creation of conservation areas and reserves on land returned to the Crown.
|Contact||Paul Dorrance/Adam Jackson|
P O Box 5