|Date||24 May 2007|
|Offeror/applicant||Craigpine Timber Limited|
|Ultimate applicant beneficial ownership||43.11 percent - Australia, Black (Graeme Lewis Sims)|
18.97 percent - Australia, Black (Quentin John Sims)
18.96 percent - Australia, Guest (Nerissa Margaret)
18.96 percent - New Zealand, Black (Marian Catharine)
|Beneficial overseas ownership|
|- Asset current||0 percent|
|- Asset proposed||81.04 percent|
|- Share current||N/A|
|- Share proposed||N/A|
|Offeree(s)/seller(s)||Hokonui Forest Developments Limited 100 percent - New Zealand, New Zealand Public|
|Business activities||Agriculture - Scrub/Native Bush Forestry|
|Details of land involved||221.363 hectares of freehold situated at 1150 Bushy Park Road, Hokonui, Southland being CTs SL4A/1411 and SL5A/228 (Southland Registry).|
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.
Craigpine Timber Limited (Craigpine) is a Southland based forestry company which owns or manages approximately 3,302 hectares of land established predominantly in radiata pine forestry in the Southland region. Craigpine also operates a sawmill operation at Winton which processes the logs from the forestry plantations for both the domestic and the export market. Craigpine proposes to acquire the subject land in order to secure a further supply of logs for the Winton sawmill.
The vendor established the current forest rotation over thirty years ago and does not wish to replant a further rotation. Craigpine has entered into an agreement with the vendor to harvest the forest (continuing until December 2010). Craigpine propose to replant the land as the current forest has been harvested.
The proposal is likely to result in the following benefits:
P O Box 836