Section 12(b) Overseas Investment Act 2005
Section 13(1)(a) Overseas Investment Act 2005
|Decision Date||10 October 2016|
An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in a further 7.99% of the securities and sensitive land of Taumata Plantations Limited, which owns or controls:
An overseas investment in significant business assets, being the Applicant’s acquisition of rights or interests in a further 7.99% of the securities of Taumata Plantations Limited, the value of the New Zealand assets of Taumata Plantations Limited and its 25% or more subsidiaries being greater than $100m.
|Consideration||Withheld under s(9)(2)(b)(ii) of the Official Information Act|
|Applicant||The Manufacturers Life Insurance Company|
United States (20.01%)
Hong Kong (2.59%)
Other Investors (0.01%)
|Vendor||HSBC Nominees (New Zealand) Limited as sub-custodian for Pinnacle Fund Services Limited, as responsible entity of Palisade's Diversified Infrastructure Fund No 1, and sub-custodian for Perpetual Trust Services Limited, as responsible entity of Palisade's Diversified Infrastructure Fund No 2|
Australian Investors, Australia (92.7%)
Asian Investors, Various (7.3%)
The Applicant is currently a shareholder of Taumata Plantations Limited (TPL), as to 32.6%.
TPL is a New Zealand forestry company that was incorporated in 2006 in order to acquire Carter Holt Harvey’s New Zealand forest estate. Today, TPL has a total forest estate of approximately 189,126 hectares across various regions in New Zealand.
The Vendor is currently a minor shareholder in TPL that wishes to exit its investment.
The proposed investment is an internal restructure, which will result in the Applicant increasing its shareholding in TPL to 40.59%.
The overseas investment transaction has satisfied the criteria in sections 16 and 18 of the Overseas Investment Act 2005. The 'substantial and identifiable benefit to New Zealand' criteria were satisfied by particular reference to the following factors:
Overseas Investment Act 2005
Overseas Investment Regulations 2005
|More information||David Raudkivi|
PO Box 8