May 2008 decisionsControversial Russian purchase of controlling interest in New Zealand Dairies Toll buys United Carriers group of road freight companies AMP buys remaining half share of three Auckland shopping centres for $414m …ANZ’s UCG Group buys Rhapsody rest home and hospital, New Plymouth … … Macquarie’s ElderCare buys three retirement villages in Invercargill … … and Macquarie’s Retirement Care (NZ) buys Nelson land to expand aged care Valad Property Group with Kennards of Australia expands self-storage facilities New Zealand Crane Group buys Porirua land for depot Australian buys Te Hau Station and Moanui Station, Gisborne Tiong family’s Oregon Nurseries expands into neighbouring Oamaru nursery Controversial Russian purchase of controlling interest in New Zealand DairiesNutritek Overseas Pte Limited, owned 58.4% by minority shareholders, 20.8% by Georgiy Sazhinov, and 20.8% by Konstantin Malofeev, all of Russia, has approval to acquire up to 100% of the shares of New Zealand Dairies Limited, including 49 hectares at Packers Road, Studholme, Canterbury for $100,000,000. Nutritek had a 5.65% shareholding prior to this approval. Of the remaining shareholding in New Zealand Dairies, 10.02% is held in Australia, 10.02% in Denmark, and 79.96% in Aotearoa.
The takeover was highly divisive among existing New Zealand Dairies shareholders and bitterly contested. Some made forceful submissions to the OIO opposing this approval, which appears to have been submitted originally in 2007, indicating considerable delays in deciding what course of action to take.
According to the OIO,
Nutritek Overseas Pte Ltd is a wholly-owned subsidiary of Nutritek International Corp (a British Virgin Islands incorporated company) which is in turn wholly-owned by Nutrinvestholdings (Holdings). Holdings is listed on the Russian Trading System (Russia’s equivalent of the New Zealand Stock Exchange).
Holdings (through its various subsidiaries) is one of the leading producers of baby food and dairy products in Russia and other Commonwealth of Independent State countries by revenue. The core business activities of Holdings comprises the production of baby food, which includes clinical nutrition products and dairy products. Holdings’ head office is located in Moscow and it operates production facilities in Russia, Estonia and Ukraine.
Holdings, through the Applicant, currently owns 5.65% of New Zealand Dairies Limited (NZDL), which was incorporated in 2006 to build a milk processing plant at Studholme, South Canterbury. The plant started processing milk in September 2007.
The Applicant is seeking consent to acquire up to 100% of the ordinary shares in NZDL. It has currently entered into deeds of sale and put options to acquire approximately 82% of the ordinary shares of NZDL (including its existing 5.65% holding, and following the issue of additional ordinary shares by NZDL in discharge of NZDL’s debts to the Applicant).
Holdings’ strategy is to expand into China and South East Asia. It has agreed to purchase substantial volumes of milk powder from NZDL to use in joint ventures that it has established in China. A large portion of the Applicant’s purchases from NZDL will be infant formula, which is of higher value than other milk powders.
The proposed investment is part of the Applicant’s commercial strategy to secure a stake in NZDL both as a pure investment and as a means of ensuring that the quality controls and quality standards of NZDL comply with international best practice standards.
The proposed acquisition is or is likely to result in the following benefits to New Zealand, including:
Overseas Investment Act 2005 (a) Section 17(2)(a)(i) – creation of new job opportunities in New Zealand or the retention of existing jobs in New Zealand that would or might otherwise be lost (b) Section 17(2)(a)(ii) – introduction into New Zealand of new technology or business skills (c) Section 17(2)(a)(iii) – increased export receipts for New Zealand exporters (d) Section 17(2)(a)(iv) – added market competition and greater efficiency, in New Zealand
[Decision number 200810018.] Toll buys United Carriers group of road freight companiesToll Group (NZ) Limited, owned 70.66% in Australia, 14.85% in the U.S.A., 9.89% by “various overseas persons”, and 4.6% in the U.K., has approval to acquire 10 hectares of leasehold at Rewarewa Road, Whangarei, Northland for $27,080,000 from United Carriers Limited of Aotearoa.
In fact the purchase of this lease is just a small part of the purchase by Toll of the operations of United Carriers Limited, Kaitaia Transport Limited, United Logging Limited, and United Management Services Limited, which are all part of the same group. At the time, Toll was the monopoly rail operator in New Zealand, but just a month later the government purchased the rail operation from Toll after widespread unhappiness at its performance, and Toll’s demands for subsidies. The present acquisition must have been proposed while negotiations between Toll and the government were taking place.
According to the OIO,
Toll Group Holdings Limited is the ultimate parent entity for the Toll Group of companies and is listed on the Australian Stock Exchange (Toll Group). Toll Group is Australia’s leading supplier of totally integrated logistics solutions. Toll operates a multi-modal (road, air, rail and sea) network in Australia and also has logistics operations in Asia and New Zealand.
Toll Group’s New Zealand operations are carried-out by the Applicant (through its subsidiaries). The Applicant is wholly-owned by Toll Group. Within New Zealand the Applicant provides integrated road, rail and sea services in all major areas of the transport and logistics sector. Its business units include Toll Rail, Toll Tranz Link, The Interislander, Tranz Metro and Tranz Scenic. Toll Carriers Limited is a special-purpose vehicle incorporated for the proposed investment.
Toll Carriers Limited has entered a sale and purchase agreement for the acquisition of the business and business assets of: United Carriers Limited, Kaitaia Transport Limited, United Logging Limited, and United Management Services Limited (together the Vendor Companies). Included in the Vendor Companies’ assets is a ground lease dated 19 March 2007 for a period of 35 years. United Carriers Limited currently holds the lease and will assign it to Toll Carriers Limited. Toll Group NZ is guarantor for the acquisition.
The Vendor Companies operate a fleet of road freight transport vehicles from hubs in Whangarei and Auckland with depots at Kaitaia, Kerikeri, Kaikohe, Dargaville, and Waipu. The land subject to the leasehold interest is currently used by the Vendor Companies as a freight transport facility. The Applicant intends to continue to use the land as a freight transport facility and to improve overall efficiency and productivity in transport within the Northland region. A key driver for the Applicant’s acquisition is to convert the Vendor Companies’ current mode of freight transport in the Northland region from road to rail.
[Decision number 200810040.] AMP buys remaining half share of three Auckland shopping centres for $414mAMP Capital Property Portfolio Limited, owned 34.96% in Australia and 65.04% in Aotearoa, has approval to acquire land “which, either alone or together with any associated land, exceeds 0.4 hectares and adjoins land that is listed, or in a class listed, as a reserve, a public park, or other sensitive area by the [OIO]”, and includes
for $414,000,000 from ADP (NZ) Trust, owned 100% in Australia. The properties are shopping centres.
According to the OIO,
AMP Capital Property Portfolio Limited (Applicant) owns an undivided half-share in each of Botany Town Centre, Manukau Supa Centre, and Lynnmall Shopping Centre (Shopping Centres). The owner of the other undivided half-share is Trust Company Limited in its capacity as custodian for Stockland Management Limited in its capacity as trustee of ADP (NZ) Trust.
The Applicant seeks consent to acquire the remaining half-share in the Shopping Centres. It has entered into sale and purchase agreements for Shopping Centres, which is conditional on the Overseas Investment Office’s consent.
The Applicant wants to acquire complete control over the Shopping Centres for the following reasons:
(a) Currently the management of each of the Shopping Centres is governed by a co-ownership deed. Decisions need to be made in accordance with the provisions of the deeds and the Applicant seeks 100% ownership to enable it to make decisions in respect of each shopping centre without requiring the consent of the co-owner; (b) The Applicant considers the Shopping Centres to be strong long-term growth assets with arguably a lower risk profile than the balance of the AMP NZ Property Portfolio’s (AMP Fund) portfolio; (c) The acquisition will assist the AMP Fund achieve its sector allocations closer to its long term benchmarks; and (d) If consent is granted the AMP Fund will have in excess of $2.2 billion in assets making it more attractive to new investors.
[Decision number 200810041.] …ANZ’s UCG Group buys Rhapsody rest home and hospital, New Plymouth …UCG Investments Limited, owned 17.09% in Australia, 4.82% by David and Janet Renwick of Aotearoa, and 78.09% in Aotearoa by minority shareholders, has approval to acquire Melody Enterprises Limited, including 1.1 hectares at 28-32 Mill Road, New Plymouth, Taranaki for $6,476,000.
Although the OIO states the above ownership of UCG Investments, the company’s official Companies Office record (accessed 1 November 2008) shows that it is owned 58.875% by the ANZ National Bank through ANZ Capital NZ Limited (39.9153%) and ANZ IB Specialist Asset Management Limited as trustee for the ANZ Business Equity Trust (18.9597%).
“UCG” stands for “Ultimate Care Group”. While the OIO states that UCG operates nine aged care facilities in Aotearoa, its web site, http://www.ultimatecare.co.nz/, lists the following: Ranburn Resthome & Hospital, Northland; Manurewa House Rest Home, Auckland; Oakland Health, Bay of Plenty; Rhapsody Resthome & Private Hospital, Taranaki; Aroha Home & Hospital, Manawatu; Madison House, Horowhenua; Lansdowne Court, Wairarapa; Palliser Rest Home & Hospital, Wairarapa; Maupuia Rest Home & Hospital, Wellington; Churtonleigh Hospital & Rest Home, Wellington; Mt Victoria Lifecare Centre, Wellington; Kensington Court Lifecare, Nelson; Allen Bryant Hospital, Westland; and Bishop Selwyn Lifecare Centre, Christchurch.
The OIO states:
UCG Investments Limited (the Applicant) and its wholly owned subsidiaries (the UCG Group) carry on the business of operating aged care facilities in New Zealand. The UCG Group maintains a strategy to acquire and improve the operational performance of these facilities. The UCG Group currently operates nine aged care facilities throughout New Zealand.
The Applicant proposes to purchase all of the shares in Melody Enterprises Limited. Melody owns the land and business of Rhapsody Resthome & Private Hospital, located in New Plymouth.
The Applicant’s strategy is to acquire aged care facilities with a mix of rest home and hospital care beds in New Zealand. These facilities must meet the Applicant’s acquisition criteria, in particular they must have scope for improvement in the short to medium term. The Applicant wishes to grow its business, by way of continued development and acquisition of aged care facilities throughout New Zealand.
The acquisition of the shares provides the Applicant with the opportunity to acquire an aged care facility in the Taranaki region. The Applicant intends to invest further capital to improve the operational performance of Rhapsody’s facilities.
[Decision number 200810047.] … Macquarie’s ElderCare buys three retirement villages in Invercargill …ElderCare Life Care Limited, owned 74.4116% in Australia, 24.4216% in Switzerland, and 1.1669% in Aotearoa, has approval to acquire 11 hectares at Cargill Court, 1 & 11 Cargill Street, Waikiwi, Invercargill, Southland for a suppressed amount from Mary Kathleen Wright and Alister Charles Wright, of Aotearoa. The land “adjoins land that is listed, or in a class listed, as a reserve, a public park, or other sensitive area by the [OIO]”.
The price paid is suppressed, but in its “rationale”, the OIO states that ElderCare “proposes to acquire the business assets of the three properties: the Longwood Facility, the Windsor Facility, and Cargill Court Lodge for a consideration of $12,850,000.”
Although the OIO does not mention it, ElderCare is another part of Macquarie’s Oceania Group (see also the item on Retirement Care (NZ) below).
According to the OIO,
The Applicant intends to acquire and develop further aged care facilities in New Zealand to provide high-class facilities to cope with increasing demand. The Applicant currently owns Cargill Home in Invercargill which is adjacent to Cargill Court Lodge.
The Applicant proposes to acquire the business assets of the three properties: the Longwood Facility, the Windsor Facility, and Cargill Court Lodge for a consideration of $12,850,000. All the property is part of a unit title development and is used for the operation of retirement villages.
The Applicant intends to continue operating the Facilities in substantially the same way as they are currently operated. In respect of the Cargill Court facility, the Applicant intends to register it under the Retirement Villages Act 2003 and integrate it with the Applicant’s adjacent Cargill Home facility.
Once the Applicant has become more familiar with the Facilities’ business and operations, it intends to develop plans for additional capital investment in order to facilitate growth and to improve productivity. At this stage, no firm plan has been established and no amount identified for capital investment.
A key driver for the proposed investment is to continue to increase the economy of scale of the Applicant’s aged care investments in New Zealand. The Applicant aims to exceed the Ministry of Health’s Health and Disability Sector Standards and to achieve this it needs an appropriate economy of scale to ensure the investment as a whole is commercially sustainable.
[Decision number 200810050.] … and Macquarie’s Retirement Care (NZ) buys Nelson land to expand aged careRetirement Care (NZ) Limited, owned in Australia by funds managed by Macquarie Bank, has approval to acquire 2.5 hectares at 618 Main Road, Stoke, 67-81, 82, 84 and 84A Neale Avenue, 30 Putaitai Street, 5, 5A, 6, 7, 7A and 8 Andrew Street and 13 Pateke Street, Stoke, Nelson for a suppressed amount from Nelson Diocesan Trust Board of Aotearoa. The land “adjoins land that is listed, or in a class listed, as a reserve, a public park, or other sensitive area by the [OIO]”.
This appears to be the Whareama rest home in Stoke, Nelson. The company, one of the largest aged care facility operators in Aotearoa which trades under the name Oceania Group, acquired Whareama in 2005. Another part of the Oceania Group is ElderCare Life Care Ltd (see item above). Retirement Care (NZ) is now buying the land underneath Whareama, and also neighbouring land. The neighbouring land currently houses elderly people in units. The company plans that “these properties will be phased into use as a retirement village following the acquisition”.
According to the OIO,
Retirement Care NZ Limited (RCNZ) proposes to acquire the relevant land which comprises properties that are designated for the purpose of a retirement village, but are not currently used for such purposes, and a rest home situated at 82 Neale Avenue. RCNZ acquired the rest home business (including a leasehold interest in the Neale Avenue property in November 2005).
The properties that are not currently used as a rest home contain fifty-eight units that are occupied by elderly persons subject to short term tenancies and licence to occupy arrangements. RCNZ advises that these properties will be phased into use as a retirement village following the acquisition.
Funds managed by Macquarie Bank Limited have made several acquisitions in this sector in New Zealand, Canada and Australia. The acquisition of the relevant land is part of the focus of certain Macquarie Bank Limited managed funds on the aged care sector and will increase the size of the New Zealand portfolio of aged care assets.
[Decision number 200810048.] Valad Property Group with Kennards of Australia expands self-storage facilitiesIn two approvals, Valad Property Group is expanding its self-storage sites in conjunction with an Australian company, Kennards.
In the first, Kenmill Pty Limited, owned 100% in Australia, has approval “to acquire rights and interests in” up to 25% of KVSI Holdings Trust, including 0.6 hectares at 30 Hunters Park Drive, Three Kings, Auckland for a sum “to be advised” from Valad Commercial Management Limited as responsible entity of the Valad Property Trust, owned 98.52% in Australia, 1.28% by “various overseas persons”, and 0.2% in Aotearoa.
The OIO states that “The land is currently used to operate a self-storage facility. KVSI (pursuant to a separate agreement) intends to purchase the current storage facility business on the land. Kennards, through Kennards Storage Management Pty Limited, will manage the storage facility. Consent to this transaction is not required as the consideration is less than $100 million.” [Decision number 200810042.]
In the second, Valad Commercial Management Limited as trustee of the Valad New Zealand Storage Property Trust, owned 98.52% in Australia, 1.28% by “various overseas persons”, and 0.2% in Aotearoa, has approval to acquire 0.5 hectares at 8 Waitane Place, Onekawa, Napier, Hawkes Bay for $2,794,500 from Napier Self-Storage Limited, owned 34% by John Keith Hamilton, 33% by Gabriele Ludmilla Mross, and 33% by Robert George Lilly, all of Aotearoa. The land “adjoins land that is listed, or in a class listed, as a reserve, a public park, or other sensitive area by the [OIO]”.
According to the OIO, “The land is currently used to operate a self-storage facility. Valad Commercial Management Limited, a wholly owned subsidiary of VPG as the trustee for Valad New Zealand Storage Property Trust proposes to acquire the land and the improvements, but not the business. On consent being granted to VCML it will grant a long-term lease in favour of Valad Funds Management (NZ) Pty Limited, also a wholly owned subsidiary of VPG. VPG will then engage Kennards (through Kennards Storage Management Pty Limited) to manage the facility.” [Decision number 200810051.]
For both approvals, the OIO states,
The Valad Property Group (VPG) has acquired a number of self-storage sites throughout New Zealand as part of an ongoing joint venture arrangement with Kennards Group. Typically VPG provides funds for the joint venture and Kennards provides expertise using its experience in the industry to improve operations and to re-brand the facility in Kennards’ brand.
The self-storage market in New Zealand is highly fragmented with many small operations and only a handful of multi-site operators. The level of sophistication and professionalism within these operators is low and there is an opportunity for consolidation of some of the smaller operators and also to acquire some of the larger sites. The joint venture arrangement between VPG and Kennards means that through VPG’s capital and Kennards expertise in self-storage they consider they can significantly improve the operation of the storage facility currently on the land and to improve financial performance. New Zealand Crane Group buys Porirua land for depotNew Zealand Crane Group Limited, owned 18.5703% in the U.K., 14.75% in Australia, and 66.6798% in Aotearoa, has approval to acquire 1.0165 hectares at 7A Kapanui Grove, Porirua, Wellington for $1,430,000 from Ann Rosemary Sharpe and Clive Rowan Jackson as trustees of the Sharpe Family Trust of Aotearoa. The land “adjoins land that is listed, or in a class listed, as a reserve, a public park, or other sensitive area by the [OIO]”.
According to the OIO,
The Applicant is New Zealand’s largest operator in the mobile crane, tower crane and access-equipment hire businesses, operating in five locations across the country.
The relevant land is significantly larger than the Applicant’s existing Porirua premises, and will allow the Applicant to expand all facets of the business. The Applicant proposes to construct a workshop and offices on the currently vacant land, with the remainder to be used as yard space.
The Applicant currently operates its Porirua business from leased premises at 4 Kapuni Grove and proposes to relocate to accommodate for its growing crane hire business. Minimal disruption will be caused to the business by the relocation, as the relevant land is located on the same road as the Applicant’s current site.
[Decision number 200810049.] Australian buys Te Hau Station and Moanui Station, GisbornePhillip Maxwell Colebatch of Australia has approval to acquire two stations: · 797 hectares at Moanui Station, 1379 Moanui Road, Matawai, Gisborne for $4,612,500 from MC & RM Petersen and BG Johnson as trustees of the Bellarace Trust of Aotearoa. This land adjoins land held for conservation purposes under the Conservation Act 1987. [Decision number 200810045]; and · 2,307 hectares at Te Hau Station, 209 Te Hau Road, Whatatutu, Gisborne for $11,250,000 from the Te Hau Station Partnership, owned in Aotearoa [Decision number 200810046].
The OIO states, in the case of Moanui, that
Mr Colebatch intends to grant a lease back to the vendor. It is intended that Moanui Station will be operated in conjunction with Te Hau Station, as soon as is practical. The lease back will be for up to three years, at the end of which Mr Colebatch will lease the land to Horizon Farming Limited (HFL), a New Zealand company, which will be responsible for the day to day operations on the land. The lease of the land will be co-terminous with the Te Hau Station lease. Mr Colebatch believes that with prudent farm management, increased capital investment, and the use of performing stock the farm will be more sustainably managed.
In the case of Te Hau, it states:
Mr Colebatch intends to grant a 9 year lease to Horizon Farming Limited (HFL), a New Zealand company, who will be responsible for the day to day operations of the land and who will carry out the proposed developments. The Applicant intends to operate Te Hau Station in conjunction with Moanui Station as soon as is practical. The farm has been underperforming compared to district and national averages, and the vendor is not in a position to invest the substantial capital expenditure required. Mr Colebatch believes that with prudent farm management, capital investment, and the introduction of better performing stock the farm can be more sustainably managed.
In both cases,
The proposed acquisition of Moanui Station and Te Hau Station will provide Mr Colebatch with sufficient economies of scale to increase efficiency and productivity on the combined land.
Philosophically Mr Colebatch claims that investment in long-term sustainable food production is a sensible investment strategy. The Applicant has selected Gisborne hill country for this investment as it is not coastal and it is not sought after for lifestyle purposes. The land is valued for its agricultural production. Tiong family’s Oregon Nurseries expands into neighbouring Oamaru nurseryOregon Nurseries Limited, owned 100% in Malaysia by the Tiong Family, has approval to acquire 6 hectares at Ferry Road, 1RD, Oamaru, Otago for $427,500 from Fords Nurseries Limited, owned by Adrian and Elaine Mary Ford of Aotearoa.
The OIO states:
Oregon Nurseries Limited owns the land that adjoins the land the subject of this application and currently operates a containerised seedling facility on the Adjoining Land.
The Applicant wishes to purchase the freehold interest in the land including all plant and machinery and all stock on the land. A “bare root” seedling facility is currently operated on the Land.
The Applicant wants to acquire the Land to: (a) Consolidate operations on the Land and the Adjoining Land to provide both containerised and “bare-root” seedling sales. (b) Increase efficiency by eliminating duplication of administration, management, and machinery, and reduce dumping of unsold containerised seedlings by allowing the seedlings to be transplanted on the Land to be acquired. (c) Provide a “one stop shop” for clients seeking to purchase containerised and bare-root seedlings.
[Decision number 200810043.] Other rural land sales· Henrik Jensen and Alison Voysey of the U.K. have approval to acquire 41 hectares at 463 Wairamarama Road, Onewhero, South Auckland for $1,158,750 from DHM Laboratory Limited, owned 50% each by Sophie Elizabeth Brake and Richard John Brake, both of Aotearoa. According to the OIO, “The Applicants have recently immigrated to New Zealand from England. Henrik Jensen is a professional chef. Alison Voysey is a registered nurse. The Applicants are purchasing the freehold interest in the land and all existing improvements. The land is a lifestyle block. Purchasing it will allow the Applicants to: (i) live in New Zealand indefinitely; and (ii) farm a small number of sheep and beef on a non-commercial basis.” [Decision number 200810044.] · Dorette Louise Fleischmann of the U.S.A. has approval to acquire 153 hectares at Ponatahi Road, Martinborough, Wairarapa for a suppressed amount from Timothy James Hewitt, Graeme Albert Bayliss and Anne Patricia Atkinson as trustees of the TJ Hewitt Trust of Aotearoa. The OIO states: “On 14 July 2006, the Applicant received consent to acquire 161.2986 hectares of land known as Ngakouka situated at Ponatahi Road, RD 2, Carterton. The land was acquired by the Applicant on 4 August 2006. The Applicant is currently implementing a farm development programme to enhance the carrying capacity and productivity of Ngakouka by applying both development capital and enhanced management techniques. The land adjoins the land the Applicant acquired in 2006. The land is part of a larger farm operated by the vendor. The land will be subdivided from the vendors land and amalgamated with Ngakouka. The acquisition will enable the Applicant’s farming operation to double its stock carrying capacity and increase its profitability.” See our commentary for July 2006 for further details of the earlier decision. [Decision number 200810039.] · Andrew Robert Hancock and Eleanor Maria Erakovic of Australia have approval to acquire 13 hectares at Rhodes Road, Manuka Gorge, Clutha, Otago for $310,000 from Dorothy Clare Trueman and Deborah Jane Glennon of Aotearoa. The OIO states: “The Applicants are a married couple who wish to move from Australia to live and work in New Zealand indefinitely. Andrew Hancock is a Senior Legal Officer with the Commonwealth Department of Immigration and Citizenship. His wife, Eleanor Erakovic, is a professional dancer and teacher of dance in Canberra. The Applicants have sold their property in Australia with the intention of immigrating to New Zealand. The Applicants are purchasing the freehold interest in the land and all existing improvements. The land is a lifestyle property. Purchasing it will allow the Applicants to live in New Zealand indefinitely; commute to work in Dunedin; and raise a small number of Friesian horses on a non-commercial basis.” [Decision number 200810052.] Summary statisticsAll investments The value of investment approved in the year to May 2008 is considerably lower than for the 2007 May year, and the net value (i.e. disregarding sales from one overseas investor to another, and discounting part New Zealand ownership of the assets) is actually negative for the month. In other words, the overseas investors which have made acquisitions have included a greater proportion of New Zealand ownership than the previous owners. The new owners are still overseas controlled however. By far the greatest part of the value of the approvals is for sale from one overseas investor to another.
Investment involving land Gross sales of freehold land approved by the OIO during the years to May have fallen considerably in area, and net sales have also fallen, but proportionately less. However gross sales of other interests in land (such as leases) are much higher than 2007, though net sales are very small and slightly lower than 2007. Refusals (above) have fallen in number, but are much higher in value, due to the refusal of the applications for the Auckland International Airport sale in April.
Fishing Quota As usual, there was no fishing quota approved for sale this month.
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Compiled by: Campaign Against Foreign Control of Aotearoa, P. O. Box 2258 Christchurch. |
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