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Foreign investment in Aotearoa/New Zealand
Overseas Investment Office - May 2012 Decisions
Foley Increases Shareholding In Wharekaukau Estate
A quiet month at the OIO, Firstly, William P Foley II United States of America (100%) received approval for the acquisition of rights or interests in a further 25% of the shares in Wharekauhau Country Estate Limited which owns or controls a freehold interest in 1,439 hectares of land at Wharekauhau and Wharepapa farms, Wairarapa. Consideration was confidential. The vendors were Nico De Lange, Kristine De Lange, Independent Trust Company (2010) Limited as trustees for the N&K Family Trust New Zealand (100%).
The OIO states: "The Applicant intends to acquire the vendor's 25% shareholding in Wharekauhau Country Estate Limited (WCEL) and provide WCEL with further capital it requires to operate and develop its resort and farming business and undertake further development works in the future". For further details regarding these properties, see our commentaries on previous Decisions in November 1995, June 1996, August 1996, January 1999, July 2010 and February/August/December 2011. Also read Bill Rosenberg's "The Intriguing Story Of Roger Douglas And His Unpleasant Friends At Wharekauhau Lodge", Watchdog 84, May 1997. These associations provide evidence of Douglas's links with the far Right in the USA and UK.
Back to TopNew Aussie Shareholders For National Can
Esk Holdings Pty Limited Michael Tyrrell, Australia (100%) received approval for the acquisition of rights or interests in up to 100% of the shares of National Can Industries Limited which owns or controls a freehold interest in 3.9 hectares of land at 80-130 Mt Wel lington Highway, Panmure, Auckland. The vendors were Existing shareholders of National Can Industries Limited other than Tyrrell Investments Pty Limited and its associates Geminder Holdings Pty Limited, Australia (40%), Various overseas persons (23%), National Can Industries Limited directors and others, Australia (20%) and Hunter Hall Investment Management Limited, Australia (17%). Asset value was $40 million
The OIO states: "The Applicant is an associate of Tyrrell Investments Pty Limited ("TI"), the existing majority shareholder of National Can Industries Limited (a manufacturer of packaging products "NCI"). The Applicant and TI are owned and controlled by members of the Tyrrell family of Australia. The Applicant intends to acquire the shares in NCI that are not already owned by members of the Tyrrell family. The proposed transaction should result in NCI being more efficient and therefore competitive in the markets in which it operates".
National Can is Australasia's largest paint tin manufacturer. Nick McIllwraith put the reasons for the deal more succinctly in the Sydney Morning Herald (20/3/12). "...More than half the shares of National Can are controlled by the Tyrrell family, and Michael Tyrrell is its Managing Director... It is possible that the Geminder family (the other major shareholder) and the Tyrrells could easily mount a joint deal for a selective return of capital to cancel the shares of all other investors.
"While such a move might cost $A20 million, National Can is bizarrely cash rich for a group of its size, with $A35 million in the bank as at December 31 (2011) and zero debt. The entire company is valued at less than $A70 million on the ASX and the shares have been traded between only $A1.00 and $A1.25 for almost five years. While it only earned $A3.25 million on shrinking sales of $A83 million in the half year, that was a significant gain on 2010 figures - much of it thanks to lower staff costs thanks to the closure of a manufacturing plant as part of a restructuring plan..."
Back to TopAussie-Owned Retirement Village Planned For Hobsonville
Welhom Developments Limited New Zealand Public (44.2%), Perpetual Trustee Company Limited, Australia (40.1%) and QPE Co-investment Pty Limited, Australia (15.7%) received approval for the acquisition of a freehold interest in 7.6 hectares of land at 1 and 2 Squadron Drive, Hobsonville, Auckland. The vendor was Michael Ronald and Ann Kathleen Evans New Zealand (100%); consideration was kept confidential. The OIO states: "The Applicant is a wholly owned subsidiary of the Summerset Group and intends to establish a high quality retirement village on the land".
Summerset (owned by AMP) is New Zealand's third largest retirement village operator with 1,200 retirement village units (villas and apartments), 300 rest home and hospital beds and 450 staff. See our February 2006 commentary regarding AMP's original purchase of Summerset and our May 2007, August 2009 and September 2011 commentaries regarding Summerset's purchase of other retirement villages here, as well as our March 2009 and April 2010 commentaries concerning AMP's establishment of a joint venture with QPE Funds Management Pty Limited and Quadrant's eventual control of Summerset.
Back to TopOther May Decisions
Carbon Conscious Holdings NZ No.3 Limited Australia (100%) received approval for the acquisition of a freehold interest in 344 hectares of land known as Owendale Farm located at Alfredton, Wairarapa. The vendor was Eugene Cornelius Breukers & Maureen Winifred Breukers New Zealand (100%); consideration was $830,000. The OIO states: "The Applicant proposes to plant forest on the majority of the land for the prime purpose of generating carbon credits that can be traded under the New Zealand Emissions Trading Scheme". See our March 2011 commentary regarding Carbon Conscious's purchase of 438 hectares near Gisborne.
United Estates Ranch Limited United States of America (100%) received approval for the acquisition of a freehold interest in 0.024 hectares of land at Rutherford Road, Lake Hayes, Otago. The vendor was John Felix Desbecker & Graeme Morris Todd as trustees of the Skyview Trust New Zealand (100%); consideration was $10. The OIO states: "The Applicant is acquiring the land as part of a boundary exchange agreement with an adjoining owner. The land will be amalgamated into the residential subdivision development of the Applicant and will provide enhanced access to the adjoining recreation reserve". While just having a nominal shareholding, United Estates Ranch Ltd is the vehicle through which Mr Norman Creighton carries out his New Zealand investments. Its majority shareholders are various family members. In April 1999, the company was denied permission to buy an undisclosed property by the OIC. There appears to be no record of the Creightons' subsequent purchase of this Lake Hayes property.
National Outdoor Leadership School United States of America (100%) received approval to acquire a freehold interest in 15.1 hectares of land located at 4 Serpentine River Road, Aniseed Valley, Richmond. The vendor was Brian William Coulter & Claire Marie Coulter New Zealand (100%); consideration was $730,000. The OIO states: "The Applicant has been operating in New Zealand since 2004 and is purchasing the land for use as an accommodation and education base for its outdoor leadership programmes".
Vision Hills Estate Limited Richard Anthony Magides, United Kingdom (100%) received approval for the acquisition of:
- a freehold interest in 20.3 hectares of land located at Otamarua Road, Paroa Bay, Bay of Islands; and
- a leasehold interest in 4 hectares of land located at Otamarua Road, Paroa Bay, Bay of Islands.
The vendor was Volker Udo Zahn Germany (100%); consideration was $6,200,000. The OIO states: "The Applicant intends to further develop the Vision Hills vineyard, winemaking and wine sales operation and to operate the property and dwellings as a luxury accommodation and winery retreat".
Vineyard At Te Awanga Limited Ralf-Roger Weiss, Germany (100%) received approval for the acquisition of a leasehold interest in approximately 14.8 hectares of land at 2831 Roys Hill Road, SH 50, Hastings. The vendor was Cottingham Estate Limited New Zealand (100%); consideration was $871,428. The OIO states: "The Applicant intends to grow grapes on the property and supply them to Elephant Hill Holdings Limited, which operates Elephant Hill Winery and Restaurant (together "Elephant Hill"). Mr Weiss is also the sole shareholder and a director of Elephant Hill. The proposed investment will ensure a secure supply of grapes to Elephant Hill". See our January 2002 and October 2010 commentaries for details of Weiss' purchase of Elephant Hill winery.
And finally for May, Erika Christa Studer Australia (100%) received approval for the acquisition of a freehold interest in 53 hectares of land at Airstrip Road, Otangaroa. The vendor was Scias Limited New Zealand (100%); consideration was $370,000. Studer and her husband intend to reside in New Zealand indefinitely.
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