|Date||18 September 2006|
|Offeror/applicant||Southern Cross Forest Products Limited|
|Ultimate applicant beneficial ownership||94 percent - United States of America, Hagen Family|
3 percent - New Zealand, Whitefield (C G T)
3 percent - New Zealand, McKenzie (M J)
|Beneficial overseas ownership|
|- Asset current||N/A|
|- Asset proposed||N/A|
|- Share current||100 percent|
|- Share proposed||94 percent|
|Offeree(s)/seller(s)||Shearwater Corporation Inc.|
100 percent - United States of America, Hagen Family
|Business activities||Construction - Residential|
|Details of land involved||4.0671 hectares of freehold situated at 10 Robinia Place, Snells Beach being CT NA22D/597 (North Auckland Registry).|
|Consent sought||To acquire:|
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 carries on business principally in Auckland, Tauranga and Christchurch acquiring land for subdivision, development and resale. The land is zoned Future Urban under the Rodney District Council's Proposed District Plan and adjoins 5.443 hectares of land previously acquired by the Applicant for a 65 lot residential subdivision. The Applicant proposes to undertake a residential subdivision development which will provide approximately 48 residential lots to assist in meeting the demand for residential lots in the Rodney district. The development will be undertaken in one stage commencing in October 2007.
The proposal is likely to result in the following benefits:
PO Box 63