Section 12(b) Overseas Investment Act 2005
Section 13(1)(c) Overseas Investment Act 2005
|Decision Date||15 September 2017|
An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in 100% of the shares in Mainland Poultry Limited (“Mainland Poultry”) which has a freehold or leasehold interest in approximately 635.1712 hectares of sensitive land at 17 locations throughout New Zealand; and
An overseas investment in significant business assets, being the Applicant’s acquisition of 100% of the shares in Mainland Poultry, being an acquisition of property in New Zealand used in carrying on business in New Zealand for consideration exceeding $100m, that property.
Various overseas persons (44.4825%)
Various New Zealand persons (approximately 25%)
United States Public (19.8368%)
United Kingdom Public (10.6808%)
|Vendors||Mainland Poultry Equity No2 Limited, Bay Trustees Limited, Mainland Poultry Equity Limited, Aileen Winmill, Jeffrey Ian Winmill and Barbara Louise Gibson|
Michael Bruce Guthrie and Susan Jane Leckie, New Zealand
Roger Norman Macassey, Barbara Hirji Valentine and Murray Graham Valentine, New Zealand
Jeffrey Ian Winmill, Aileen Winmill, Barbara Louise Gibson, New Zealand
Hamish James Sutherland and Christine Denise Sutherland, New Zealand
The Applicant has been formed for the purpose of undertaking the investment. It is ultimately owned by private equity fund Navis Asia Fund VII, LP (“Navis”) and the vendors.
Mainland Poultry is a large, vertically integrated, egg-producing business that also rears layer hens and produces animal feed. It (and its subsidiaries) has freehold or leasehold interests in sensitive land at 17 different locations throughout New Zealand that are used for egg-laying and chicken farming.
The Applicant intends to invest in Mainland Poultry in order to both assist it with making the transition from conventional cages earlier than required by law and to grow the business.
The benefits to New Zealand include:
|More information||Dean Alderton|
PO Box 4199