July 2006 decisionsApplication refused: commercial purchaser of Queenstown rural land GE buying Custom Fleet leasing company from BNZ … … and ORIX of Japan buying Truck Leasing Ltd from ANZ’s UDC Finance Australian Wheat Board and Fonterra in Australasian rural services joint venture S8 of Australia buys Gullivers Travel Group, New Zealand’s largest travel agent Hirepool sold to Australian investment company, Next Capital Visy Industrial Plastics of Australia buys rival Alto Carlton Hotel Auckland sold to Abacus Property Group of Australia Catalyst Investment Managers get approval to buy Metropolitan Glass Trans Tasman Properties buys Belfast leasehold for subdivision Contact Energy exercises right to buy Wairakei farm from Landcorp Indian company takes 25% of Pike River Coal Orica buys land at Bombay, Auckland
Application refused: commercial purchaser of Queenstown rural landBrandon Services (Electrical) Limited, owned in Australia by Gianfranco Tomasi and Attilia Tomasi, has been refused approval to acquire 2.2 hectares at 111 Arthurs Point Road, Queenstown, Otago for $755,000 from Paul Birtwistle and Joanne Helen Birtwistle of Aotearoa.
According to the OIO,
The Applicant is part of the Southern Cross Electrical Engineering Group of companies which provides electrical contracting services within the heavy industrial manufacturing and mining industries. The subject land is adjacent to 4.1227 hectares already owned by the Applicant which is used for a management base for the Applicant’s New Zealand operations and as a ‘holiday home’ by the Applicant’s shareholders, management and staff. The Applicant advises that the acquisition of the subject property will provide the Applicant with ease of access to their existing land. Furthermore, the acquisition is viewed as a prudent way for it to commence undertaking investments in land development/subdivision within New Zealand. The Applicant advises that it currently does not have any specific plans for the subdivision/development of the subject land.
However, “The application for consent has been refused as it was not considered to be in the national interest.” No further reasons are given.
[Decision number 200620004.] GE buying Custom Fleet leasing company from BNZ …GE Fleet New Zealand, owned in the U.S.A. by General Electric Company, has approval to acquire Custom Fleet (NZ) Limited, including 2.0 hectares of leasehold at 50 Morrin Road, Mt Wellington, Auckland for $142,948,450 from the Bank of New Zealand, owned in Australia by National Australia Bank Limited.
According to the OIO,
The Applicant is part of the General Electric Company (General Electric) group. General Electric which is listed on the New York Stock Exchange operates a wide range of manufacturing and service divisions internationally though six business units, GE Infrastructure, GER Industrial, GE Commercial Financial Services, NBC Universal, GE Healthcare, and GE Consumer Finance.
GE Fleet New Zealand (GEFNZ) proposes to acquire 100% of Custom Fleet (NZ) Limited (Custom Fleet) from the Bank of New Zealand. Ultimately the Custom Fleet business will be amalgamated with fleet leasing and management business of GE Capital Fleet Services New Zealand Limited (GECFSNZ), a related company to GEFNZ. The proposed acquisition is part of an acquisition of the Custom Fleet businesses in New Zealand, Australia and the United Kingdom. The acquisition of Custom Fleet is an opportunity for GECFSNZ to expand its New Zealand business and extend the range of financial products and fleet services it offers to its customers.
The sale was part of an Australasia-wide one, GE paying A$550 million for the entire operation. [Decision number 200620003.] … and ORIX of Japan buying Truck Leasing Ltd from ANZ’s UDC FinanceORIX New Zealand Limited, owned in Japan by ORIX Corporation, has approval to acquire up to 100% of the shares of Truck Leasing Limited for a suppressed amount from UDC Finance Limited, owned in Australia by ANZ Banking Group Limited. Most other details of the decision have been suppressed by the OIO. [Decision number 200620019.] Australian Wheat Board and Fonterra in Australasian rural services joint ventureLandmark Rural Holdings Limited of Australia has approval to acquire up to 50% of RD1 Limited, including 0.66 hectares freehold at 25 Stafford Street, Shannon, Manawatu, and 0.87 hectares leasehold at 12 Oteha Valley Road, Albany, Auckland for $40,000,000 from Fonterra Enterprises Limited of Aotearoa.
Landmark is a subsidiary of the Australian Wheat Board which is forming an Australasian wide rural services operation, removing yet another locally owned rural services provider.
The OIO states:
Landmark is a wholly owned subsidiary of the AWB Investments Limited, which in turn is owned by Australian Wheat Board (AWB). Landmark was registered as a proprietary company in Western Australia on 24 July 1969. The company is Australia’s largest supplier of agribusiness products and services. It operates from 430 outlets located throughout Australia, 230 being company owned, the balance being owned and operated by franchisees, agents and affiliate members. Landmark provides primary producers with a complete range of business services and inputs - rural merchandise and fertiliser, agronomy services, livestock and wool marketing services, insurance, real estate marketing services and financial products.
RD1 is a wholly owned subsidiary company of Fonterra, which carries out its rural service business through a national network of 51 stores located in dairy regions predominantly in the North Island.
Landmark and Fonterra intend to establish a joint venture in both New Zealand and Australia. Landmark sees the proposed investment as an attractive opportunity to expand the business of Landmark in the New Zealand agricultural market, a market closely aligned with Landmark’s activities in Australia.
Landmark views RD1 as being the leading company within its market segment in New Zealand and a profitable investment in its own right. Given the similarities of the Landmark businesses and the RD1 business, its investment in RD1 provides greater geographical diversification to its earnings base. Landmark and RD1 management have identified a number of growth opportunities to grow the RD1 business by, amongst other possibilities:
(a) the development of a range of financing products for RD1 customers leveraging Landmark’s existing capabilities within Australia; and (b) leveraging Landmark’s existing procurement capabilities and scale where applicable to provide an expanded offering to RD1 customers.
In Australia, Landmark and Fonterra will form a Dairy Alliance (Australian Dairy Alliance). The Australian Dairy Alliance will build Fonterra’s brand awareness within the Australian market and support Fonterra’s growth aspirations.
AWB is fresh from scandals in Australia as a result of its highly dubious activities in Iraq. [Decision number 200620007.] S8 of Australia buys Gullivers Travel Group, New Zealand’s largest travel agentS8 Limited, owned in Australia, has approval to acquire Gullivers Travel Group Limited, owned 54.58% in Aotearoa by minority shareholders, 28.81% in Aotearoa by John Andrew Bagnall, and 16.61% in Australia for $236,365,750.
The OIO states:
S8 Limited proposes to acquire 100% of Gullivers Travel Group Limited (Gullivers), an Australian Stock Exchange (ASX) and New Zealand Stock Exchange listed company through a full cash takeover offer under the Takeovers Code.
S8 is a Queensland based ASX listed travel and property management company. Gullivers is the largest vertically and horizontally integrated wholesale, retail leisure and corporate outbound travel service in New Zealand. The Gullivers Travel Group comprises a portfolio of high profile travel brands including United Travel, Holiday Shoppe, Travel Smart, the New Zealand Master Franchise for Harvey World Travel, GO Retail, Atlantic Pacific Radius, Signature Travel, Biztrav, Gullivers Holidays, Gullivers Ticketing, GO Holidays and Ticketing, Travel Reward Incentive Programme (TRIPS) and online businesses of Travel.co.nz and Zuji New Zealand, as well as a travel software development and distribution division. The takeover of Gullivers presents S8 with the opportunity to fulfil its objective of expansion into the New Zealand travel industry.
As the takeover was completing, S8 itself was subject to a takeover bid from Australian property and tourism investor MFS Ltd, which offered A$700 million ($840m) for S8 (New Zealand Herald, “S8 completes Gullivers takeover”, 7/9/06, http://subs.nzherald.co.nz/section/3/story.cfm?c_id=3&objectid=10400170). Shortly before this, Australian authorities raided some of S8’s offices. According to the New Zealand Herald (“S8 defends position despite raid”, by Martha McKenzie-Minifie, 11/8/06, http://www.nzherald.co.nz/section/3/story.cfm?c_id=3&objectid=10395616), “more than 50 police and Office of Fair Trading officers descended on nine complexes, executing warrants to search and copy data from the company’s computer records, the Gold Coast Bulletin reported yesterday… The action followed accusations of S8 double-dipping on fees by redirecting holidaymakers to book holiday units through its retail and wholesale businesses including Harvey World Travel, the Gold Coast Booking Centre, the Sunshine Coast Booking Centre, and Accom Noosa.”
[Decision number 200620011.] Hirepool sold to Australian investment company, Next CapitalRakino Group Limited (formerly Bligh Investments Limited), owned 76.09% in Australia and 23.91% in Aotearoa, has approval to acquire the business and assets of Hirepool Limited, Hirepool IP Limited & Nationwide Equipment Limited for $172,000,000 from Freestyle Group Limited (formerly Rakino Group Limited), owned 51% by Hauraki Private Equity No. 1 Fund Limited, 24.5% by Owens Group Limited and 24.5% by minority shareholders, all of Aotearoa.
Hauraki Private Equity is a private equity fund of Goldman Sachs JB Were NZ (http://www.hirepool.co.nz/default.asp?a=1&t=0&View=FullStory&newsID=80).
According to the OIO,
Bligh Investments Limited seeks consent to acquire the assets and business of the Hirepool Group, comprising Hirepool Limited, Nationwide Equipment Limited and Hirepool IP Limited, whose business is a New Zealand equipment rental company providing an extensive range of equipment. Bligh will be the holding company for Next Capital’s Pty Limited’s investment in the Hirepool Group. Next Capital is an Australian private equity company incorporated on 25 November 2004. Since incorporation Next Capital has raised capital totalling A$265 million from wholesale investors. The proposed acquisition meets Next Capital’s investment strategy of investing in businesses with the ability to generate value over a medium term period through a combination of Next Capital’s financial resources and Hirepool’s management experience. Hirepool has since gone on a spending spree, buying up other companies. According to David Hargreaves in the Dominion Post (“Hirepool buys Henderson Rentals”, 31/1/07),
[Decision number 200620015.] Visy Industrial Plastics of Australia buys rival AltoVisy Industrial Plastics (NZ) Limited, owned in Australia, has approval to acquire the business and assets of Alto Holdings Limited for $207,500,000 from Alto Holdings Limited, owned 61.2% by Mark James Stewart and 38.8% by minority shareholders, all of Aotearoa.
The OIO states:
Alto Packaging Limited, a wholly-owned subsidiary of Visy Industrial Plastics (NZ) Limited, proposes to acquire the business and assets of Alto Holdings Limited and Alto Holdings (Australia) Pty Limited. Visy is part of the Visy Group of companies whose business is the development and supply of high quality plastic and steel packaging throughout Australia and New Zealand. The acquisition of Alto, which is New Zealand’s largest privately owned rigid plastics moulding company, will enable Visy to continue to grow its New Zealand operations.
Mark Stewart is son of Robertson Stewart, founder of the successful plastic products manufacturer, PDL, which in 2001 was sold to Schneider Electric Industries of France. See our commentary for May 2001 for further details.
[Decision number 200620016.] Carlton Hotel Auckland sold to Abacus Property Group of AustraliaAbacus Property Group of Australia has approval to acquire the business and assets of the Carlton Hotel, Auckland, Auckland for $108,191,250 from Carlton Hotel (Auckland) Limited, owned 80% by Dak Sum Li and 20% by Yip Yio Chin Li, both of Hong Kong.
According to the OIO
The Abacus Property Group (Abacus) proposes to acquire the business and assets of the Carlton Hotel in Auckland. Abacus is a stapled security listed on the Australian Stock Exchange consisting of Abacus Group Holdings Limited, Abacus Group Projects Limited, the Abacus Trust and the Abacus Income Trust. Abacus specialises in investing on property based assets and actively managing those assets to enhance income and capital growth. Abacus considers that the acquisition of the Carlton Hotel, together with its existing New Zealand business, will provide a substantial investment in New Zealand and complement its existing business assets.
[Decision number 200620017.] Catalyst Investment Managers get approval to buy Metropolitan GlassNZ Glass Investment Company Limited, owned in the U.K. by Prudential Plc, has approval to acquire Metropolitan Glass and Glazing Limited, for a suppressed amount from its shareholders of Aotearoa.
According to the OIO,
The Applicant is a special purpose vehicle established for the purposes of the proposed investment by Catalyst Investment Managers Pty Limited (Catalyst). The Applicant proposes to acquire 100% of the shares in Metropolitan Glass and Glazing Limited (MGGL) the holding company for a group of companies that conducts business under the glass processing and distribution brands “Metro GlassTech”, “Metropolitan Glass”, “Metro Frameless Glass Systems” and “Christchurch Glass” throughout New Zealand.
The acquisition will ensure that the combination of MGGL’s industry background and management experience with the financial resources and business acumen of Catalyst will help to improve and grow MGGL’s business.
[Decision number 200620014.] Trans Tasman Properties buys Belfast leasehold for subdivisionTrans Tasman Properties Limited, owned 52.25% in Hong Kong by SEA Holdings Limited, 5.0854% by various “Unknown Overseas Persons”, and 42.6646% in Aotearoa by minority shareholders, has approval to acquire 9 hectares of leasehold at Dickeys Road, Belfast, Christchurch, Canterbury for $253,125 from Timothy Derrick Gould of Aotearoa.
The OIO states:
TTP received consent on 7 September 2005 to acquire 39.392 hectares situated at Belfast, Christchurch. TTP proposes to subdivide the Belfast land into approximately 250 residential sites over a two to five year timeframe.
If TTP receives consent to acquire the land, it proposes to transfer its leasehold interest to the landlord (the Canterbury Regional Council) at value, in exchange for partial set-off of the reserve contribution that will be required as part of the TTP’s Belfast development proposals and for use in construction of a proposed bypass. TTP advises that the construction of the bypass is crucial to the successful completion of TTP’s Clearwater and Belfast developments, and that the acquisition of the land will facilitate a satisfactory resolution of the traffic issues necessary to achieve a re-zoning of the land
The proposal to transfer the land to the Canterbury Regional Council is dependent upon a commitment by Transit New Zealand and the local councils to approve and proceed with construction of the bypass. To date, the consultation with the local councils and Transit New Zealand has not focused on a single option to progress construction of the bypass but rather a range of solutions involving the land. TTP advises that even if Transit and the local Councils are unable to commit to construction of the bypass for budgetary reasons, TTP will itself consider initiating construction of the bypass subject to obtaining requisite consents, approvals and agreement over apportionment of costs.
The proposal is likely to facilitate TTP’s proposed Belfast and Clearwater subdivisions... “
The September 2005 consents were a story in their own right. See our commentary for that month for further details.
[Decision number 200620010.] Contact Energy exercises right to buy Wairakei farm from LandcorpContact Energy Limited, owned 59.0337% in Australia, 13.3976% in the U.S.A., 5.7211% in the U.K., 1.2583% by “Unknown Overseas Persons”, and 20.5893% in Aotearoa, has approval to acquire 190 hectares at Poihipi Road and State Highway 1, Wairakei, Bay of Plenty, for $5,737,500 from Landcorp Farming Limited of Aotearoa. Landcorp is a state owned enterprise.
According to the OIO,
Contact Energy Limited (Contact) is applying for consent to acquire the freehold estate in the subject land (Lot D) from Landcorp. Contact has identified an operational need to acquire the freehold estate in Lot D for purposes associated with its geothermal electricity generation business based at the Wairakei and Poihipi geothermal power stations. Contact already holds a registered encumbrance, easement, and profit-a-prendre (the Energy Field rights) over Lot D, and other land in the Taupo region.
Historically the existing arrangements provided for Landcorp to be able to farm the surface of the land overlying the geothermal field pending development upon it of geothermal facilities. The Energy Field Rights granted to Contact enable it to install equipment on and under the surface, and extract geothermal energy from the subsurface, and if required for operational purposes, to obtain the underlying freehold interest if Landcorp elected to sell its interest via a right of first refusal.
The Energy Field Rights were granted to Contact at the direction of the Crown as part of the disestablishment of Electricity Corporation of New Zealand and the establishment of Contact. Contact’s rights are part of the geothermal assets that Contact purchased from the Crown/ECNZ in 1997 for valid consideration. The Energy Field Rights remain in perpetuity and will remain in place if the land is sold. Landcorp has now entered into an agreement to sell Lot D to a third party. In terms of the right of first refusal conferred by the Energy Field Rights, Contact has exercised its right of first refusal in relation to Lot D.
[Decision number 200620018.] Indian company takes 25% of Pike River CoalGujarat NRE Coke Limited, owned 44.76% by Arun Kumar Jagatramka, 46.93% by minority shareholders, all of India, and 8.31% by “various overseas persons”, has approval to acquire up to 25% of Pike River Coal Limited, including 87.5 hectares North East of Greymouth, West Coast for $25,000,000 from “existing shareholders of Pike River Coal Limited”. Pike River Coal Ltd is owned 75.22% in Aotearoa, 14.14% in minority shareholdings in Australia, and 10.64% in India by Saurashtra World Holdings Private Limited.
According to the OIO,
Gujarat NRE Coke Limited (Gujarat) is one of the largest non-captive manufacturers of low ash metallurgical coke in India. Gujarat is listed on the Mumbai, Kolkata and National Stock Exchanges of India. Gujarat’s vision is to become the World’s premier commodity company by delivering superior quality products, employing the best technology and most competitive family of workers. Gujarat, having an established presence in Australia, proposes to enter into an Equity Subscription Agreement with NZOG Services Limited to acquire shares in Pike River Coal Limited. Gujarat has contracted to purchase 40% of Pike River’s production for the life of the mine, at market prices to meet its demand for manufacturing coke.
Pike River holds a 40 year coal mining permit (MP 41-453) over 2,401 hectares situated on the West Coast of the South Island. The permit allows the mining of the Pike River premium hard coking coal deposit on the land. Pike River is in the process of developing the Pike River coal mine to achieve first coal production in the quarter commencing September 2007. All consents and access agreements have been obtained by Pike River to develop and mine coal from the Pike River coal mine for export. Once in production, the Pike River coal mine will produce premium hard coking coal, a form of metallurgical coal, which will be exported and used in the production of coke and steel.
Pike River is facing substantial mine development costs to develop the coal mine. These costs will be met by the issue of shares to Gujarat, the issue of shares to Saurashtra World Holdings Private Limited (an existing shareholder in Pike River), an initial public offering (IPO) of shares in New Zealand and Australia and to a number of institutional investors in other countries, and bank financing.
The proposal will provide funds for Pike River to complete the mine development and commence mining and exporting of hard coking coal.
Pike River Coal was a subsidiary of New Zealand Oil and Gas (NZOG) until additional funds were needed for the development of this mine, which is in an area that is highly sensitive environmentally and was resisted by environmental groups. [Decision number 200620020.] Orica buys land at Bombay, AucklandOrica New Zealand Limited, owned 77% in Australia, 9% in the U.K., 8% by “various overseas persons”, and 6% in the U.S.A., has approval to acquire 11 hectares at Ridge Road, Bombay, Auckland for $984,375 inclusive of GST from Ridge Road Quarry Limited, owned in Aotearoa by Alan Coombes Blackmore.
The OIO states:
The ultimate parent company of Orica New Zealand Limited is Orica Limited a publicly owned company listed on the Australian Stock Exchange.
The principal business activities of Orica New Zealand Limited (Orica NZ) are the manufacture, storage, sale and distribution of industrial chemicals and explosives, synthetic resins, plastics, polythene films and packaging, dyestuffs, paints, adhesives, sealants, car care products and garden products. Orica NZ is divided into three divisions being Orica Mining Services, Orica Chemicals and Orica Consumer Products.
Orica NZ’s New Zealand mining services are currently located at Waitawa Bay near Clevedon. The Waitawa Bay site was sold in September 2004 to the Auckland Regional Council who propose to turn the Waitawa site into a regional park. Orica NZ is currently leasing the Waitawa site. Orica NZ proposes to relocate its Waitawa operations to the subject land.
[Decision number 200620012.] Other rural land sales· Barry Thomas Markham and Eileen Joan Bowen of the U.K. have approval to acquire 0.98 hectares at Access Road, Kerikeri, Northland for $1,080,000 from Mistra Developments Limited, owned 50% by Stephen Spruit and Tracey Spruit and Mary Hart, and 50% by Janet Smith and Michael Perkins, all of Aotearoa. The OIO states: “The land, which is three lots of a subdivision development being undertaken by the vendor, is being acquired by the Applicants as part of their business strategy to expand their property rental, renovation and land development business to New Zealand. The Applicants propose to build individually designed homes for sale to New Zealand residents.” The land includes or adjoins “a reserve, a public park, or other sensitive area”. [Decision number 200620008.] · Roderick Simon Hays and Susan Jane Hays of the U.K. have approval to acquire 7 hectares at 34 Ironbark Road, Kerikeri, Northland for $1,350,000 from Peter Neville Pomfret and Diane Elizabeth Pomfret of the U.K. The OIO states: “The Applicants and family have moved to New Zealand in March 2006 with the intention to reside indefinitely in New Zealand. The Applicants who are in the process of applying for New Zealand Long Term Business Visas propose to acquire the subject property as a residence and a base to establish their fishing tackle business. The Applicants are demonstrating a commitment to New Zealand through applying for and taking up New Zealand permanent residency.” [Decision number 200620013.] · New Zealand Steel Limited, owned in Australia by BlueScope Steel Limited, has approval to acquire 8 hectares at 64 Glenbrook Beach Road, Waiuku, South Auckland for $758,750 from H J Webster Family Trust of Aotearoa. According to the OIO, “The Applicant is wholly owned by BlueScope Steel Limited, an Australian Stock Exchange listed, flat steel solutions company with a manufacturing presence in Australia, New Zealand, Asia and North America. The Applicant is New Zealand’s sole producer of flat rolled steel products for the building, construction, manufacturing and agricultural industries and operates a fully integrated steel mill at Glenbrook situated south of Auckland. The steel mill is surrounded by 500 hectares of farmland acting as a greenbelt buffer zone around the steel mill. The acquisition of the subject land will provide an expansion of the greenbelt buffer zone around the steel mill. The Applicant operates a livestock farm in and around the greenbelt area. The subject property will be amalgamated into the existing greenbelt area and farming operation. The proposal is likely to result in an increase in the area of greenbelt ‘buffer’ land situated around the steel mill site thereby continuing to minimise the environmental and aesthetic impact on the local community. This is likely to facilitate any future expansion of the steel mill without adversely affecting the local community.” [Decision number 200620002.] · Dorette Louise Fleischmann of the U.S.A. has approval to acquire 161 hectares at Ngakouka, Ponatahi Road, RD 2, Carterton, Wairarapa for a suppressed amount from Kardon (Pty) Limited, owned by Bruce Cameron Donald and Chrissina Catherine Loader of Aotearoa. The OIO states: “The land is currently utilised as a sheep and beef unit comprising a romney sheep breeding flock, lamb fattening and a beef fattening unit. The Applicant, who owns an Aberdeen Angus cattle breeding, sheep and vegetable farming venture in Virginia, United States, sees major synergies between that operation and that proposed for the subject property. These synergies will provide an opportunity to enhance the carrying capacity and productivity of the subject property by applying both capital and enhanced management techniques. The Applicant proposes to bring the subject property up to its full potential whilst at the same time preserving and maintaining the property’s amenity value by using conservation practices.” [Decision number 200620005.] · Andrew Steven Jones and Denise Jayne Jones of the U.K. have approval to acquire 10 hectares at 750 Waihopai Valley Road, RD6, Blenheim, Marlborough for $511,870 from Alexander Philip Henderson and Robyn Maree Henderson of Aotearoa. The OIO states: “The Applicants who hold New Zealand Residence Visas and Returning Resident’s Visas propose to acquire the subject property which is currently used by the vendor along with adjoining blocks for pastoral farming. The present use of the land is limited without irrigation water. The Applicants intend to reside permanently in New Zealand. The Applicants are demonstrating a commitment to New Zealand through applying for and taking up New Zealand permanent residency.” [Decision number 200620009.] · Silver Stream Estates Limited, owned in Aotearoa by Sadie Mary Hayson, has approval to acquire 21 hectares at 263 Giles Road, Kaiapoi, Canterbury for $5,625,000 from Cone St Developments Limited, owned 100% in Aotearoa by Stephen Gordon Glen-Osborne and Robyn Mary Elise Glen-Osborne. The OIO states: “The Applicant proposes to acquire the subject land, which is currently used for dairy farming, to undertake a residential subdivision comprising 240 residential lots. The Applicant advises that the land has been identified by the Kaiapoi Community Board and recommended to the Waimakariri District Council as an area for rezoning to Deferred Residential Status, to cope with predicted shortfalls in residential land in Kaiapoi.” It is not explained why this requires OIO approval. [Decision number 200620006.] · Henry Truelove and Margaret Ann Truelove of the U.K. have approval to acquire 8 hectares at 196 Tinwald-Westerfield Road, Ashburton, Canterbury for $720,056 from Gary Jones Mackway-Jones and Ainslie Ngaire Mackway-Jones and Edwin Alan Nicolson as trustees of the Mackway-Jones Family Trust of Aotearoa. The OIO states: “The Applicants have been granted New Zealand Long Term Business Visas and intend to reside permanently in New Zealand. The Applicants propose to acquire the subject property upon which lucerne is grown and a commercial Calla Lily operation is operated. The Applicants’ business plan proposes increasing productivity of the property by growing vegetables and setting up a free range unit for hens. The Applicants are intending to reside indefinitely in New Zealand and have applied for and will be taking up New Zealand permanent residency.” [Decision number 200620001.] Summary statisticsAll investments Again the value of investment approved in the year to July 2006 is considerably higher than for the previous July year, both in gross and net value (i.e. disregarding sales from one overseas investor to another, and discounting part New Zealand ownership of the assets).
Investment involving land Though it was a quiet month for land sales in terms of area, gross and net sales of land approved by the OIO during the years to July have increased in area. Refusals (above) have risen in number, area and value, but are still a tiny proportion of the total. One application was refused this month, the third for the year out of 97.
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Compiled by: Campaign Against Foreign Control of Aotearoa, P. O. Box 2258 Christchurch. |
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