Consent grantedSection 23A Overseas Investment Act 2005
|Decision Maker||The Minister for Land Information and the Hon Stuart Nash|
|Decision Date||9 September 2020|
Sensitive land – standing consent - special forestry testNational interest assessment
|Investment||Overseas investment is in yet to be identified sensitive land.|
|Asset Value/Consideration FIX||-|
Nelson Forests Limited
United States of America (33.73%)
Switzerland (1.73%)Luxembourg (1.04%)
|Background and scope of consent|
The Applicant has the largest forest estate in Nelson / Marlborough and owns the Kaituna Sawmill located near Renwick in Marlborough. It is ultimately wholly owned by OneFortyOne Plantations Holdings Pty Ltd, an Australian incorporated company.
The Applicant sought a standing consent for forestry activities in order to make further investments in New Zealand to continue the growth of its trans-Tasman forestry and forest products business.
It requires a standing consent to obtain security of its wood supply for the Kaituna Sawmill and to efficiently carry out its ongoing acquisition programme. The Applicant submits that having a larger estate will enable it to increase its wood supply, allowing greater commitment and long-term security to domestic suppliers.
This standing consent was granted by the decision-making Ministers in accordance with section 23A and Schedule 4(3) of the Act. Prior to their granting consent, the Minister of Finance determined the investment is not contrary to New Zealand’s national interest.
The Applicant must notify the Overseas Investment Office each time it settles a transaction under the standing consent and must comply with other conditions.
The Ministers placed the following limits on the standing consent:
Minter Ellison Rudd Watts
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