|Date||6 June 2007|
|Offeror/applicant||The Ingleby Company Limited|
|Ultimate applicant beneficial ownership||100 percent - United Kingdom, The Ingleby Trust|
|Beneficial overseas ownership|
|- Asset current||0 percent|
|- Asset proposed||100 percent|
|- Share current||N/A|
|- Share proposed||N/A|
|Offeree(s)/seller(s)||Pike (Murray Heaton and Linda Margaret) of New Zealand|
|Details of land involved||595.2913 hectares of freehold situated at Whakaangiangi Road, Te Araroa being CTs GS2A/697, GS4D/874 and GS5C/637 (Gisborne Registry).|
|Regions involved||Gisborne/Hawkes Bay|
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 Ingleby Company Limited (Ingleby) proposes to acquire Katoa Station (Katoa). Ingleby proposes Katoa will be farmed in conjunction with Ingleby's existing East Coast farming operation which comprises Pakira Station and Waikura Station. The acquisition of Katoa will provide Ingleby with an opportunity to add more weight to lambs finished on Ingleby's East Coast farms, finish more lambs for processing, and improve flock performance and the breeding programme undertaken on Pakira Station and Waikura Station.
The proposal is likely to result in the following benefits:
|Contact||Mark Crosbie/Phillip Alexander|
P O Box 4199