Decision number200620035
Application number200610045
Date17 August 2006
Offeror/applicantReda International S.A.
Ultimate applicant beneficial ownership100 percent - Italy, Luigi, Georgio and Roberto Botto Poala
Beneficial overseas ownership 
- Asset currentN/A
- Asset proposedN/A
- Share current66.67 percent
- Share proposed100 percent
Offeree(s)/seller(s)Existing shareholders in Glenrock Station Limited
50 percent - Australia, Michael Raoul Lempriere and family
50 percent - New Zealand, Perriam (John Charles and Heather Lorna)
Business activitiesAgriculture - Sheep, Beef, Cattle
Details of land involved

357.9668 hectares of freehold situated at Glenrock Station, Tekapo, Canterbury being CTs CB47C/180, CB24F/269, and CB34C/164 (Canterbury Registry).

13,700.3041 hectares of Pastoral Lease situated at Glenrock Station, Tekapo, Canterbury being CTs CB3B/394, CB7B/447, and CB529/204 (Canterbury Registry).

Regions involvedCanterbury
Total consideration$2,690,126
Consent SoughtTo acquire rights and interests in up to 100 percent of the shares of Glenrock Station Limited.
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 shares in Otamatapaio Station (1993) Limited (Otamatapaio), Rugged Ridges Limited (Rugged Ridges), and Glenrock Station Limited (Glenrock) are currently held, as to one-third each, by Reda International SA (Reda), Lempriere (New Zealand) Limited (Lempriere), and Mr and Mrs JC Perriam (Perriam).

Otamatapaio was incorporated on 18 March 1992 and purchased approximately 8,000 hectares of leasehold land and approximately 1,150 hectares of freehold land. Rugged Ridges was incorporated on 5 November 1997 and purchased approximately 12,683 hectares of leasehold land. Glenrock was incorporated on 8 October 2001 and purchased approximately 14,000 hectares of mainly leasehold land.

The Perriam's now wish to retire from this partnership, and it is proposed that Reda will acquire the Perriam's shareholding in Otamatapaio, Rugged Ridges, and Glenrock. In addition, Lempriere wishes to sell its interest in Glenrock to Reda.

The proposal is likely to result in the following benefits:

  1. the creation of new job opportunities in New Zealand;
  2. increased productivity in New Zealand; and
  3. the introduction into New Zealand of development capital.
ContactPaul Dorrance
Duncan Cotterill
P O Box 5
CHRISTCHURCH