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March Decision Sheets Released

The Overseas Investment Office has released the decisions for March 2008.

March 2008:

Deletions

Schedule of deletions in terms of section 17 of the Official Information Act 1982 and under the provisions of sections 9(2)(b)(ii) and 9(2)(ba)(i) of that Act.

Decision Numbers: 200810023, 200810024.

Statistical information on Overseas Investment Office decisions for March 2008

The following statistical information shows consents granted or declined by the Overseas Investment Office for the sale of New Zealand land, business assets and fishing quota to overseas persons. It does not necessarily indicate that a sale has taken place or will take place. In addition, if a transaction for which consent is granted does proceed to sale, that sale will always take place after the consent has been granted. The settlement date will depend on the contractual arrangements between the vendor and the purchaser.

Value of investments to New Zealand

The table below shows the net dollar investment value to New Zealand and gross value of consideration of consents granted to overseas persons in March 2008 and for the 2008 calendar year to date.

Net investment dollars

"Net investment dollars" represent the total dollar value invested in New Zealand. For example, if a New Zealander sells a $100 million business to an Australian then the whole $100 million is added to the net investment total. However, if for instance the New Zealand asset was 100% Japanese owned, then $0 would be added to the net investment total. Thus, the net change in ownership of New Zealand assets is captured in the "total" net investment figure.

Gross value of consideration

"Gross value of consideration" represents the total consideration including GST (if any) to be paid for the acquisition of the assets, or the value attributed to those assets, under consents granted during the relevant period. The "gross value of consideration" figure for March includes consideration paid by New Zealanders (for example, an acquisition of a business by a New Zealand/Australian joint venture), and will not reflect the net change in ownership of New Zealand assets.

The reference to "consideration" in the decision sheets and in this statistical information can refer to the amount proposed to be paid for the acquisition by the purchaser, or it can refer to the value of the securities (e.g. shares), or the value of the assets (e.g. of the company).

In terms of net investment, the three largest approvals by the Overseas Investment Office in 2008 to date, that can be disclosed were for:

• Crescent Capital Partners Limited’s acquisition of up to 100 percent of the shares of Abano Healthcare Group Limited - a "net" investment of $106,705,716;
• Goldman Sachs JBWere (NZ) Private Equity Limited (JBWere NZ) on behalf of Goldman Sachs JBWere Trans Tasman Private Equity Fund 07 acquisition of up to 35.53 percent of the shares of Vision Senior Living Limited - a "net" investment of $28,366,200; and
• Contact Energy Limited's acquisition of 153.28 hectares of freehold situated at Aratiatia Station, Tauhara District, Taupo - a "net" investment of $3,190,459; and

Total land area approved for sale to overseas persons

The tables below show the net and gross area of land (in hectares) for which consent was granted to overseas persons in March 2008 and for the 2008 calendar year to date.

Net hectares

"Net hectares" represents the total land area proposed to be transferred into foreign ownership under consents granted during the relevant period. For example, if a New Zealander sells 10 hectares to someone from overseas, the whole 10 hectares is shown. However, if the seller was a company that was 50% New Zealand owned and 50% foreign owned then only five hectares would show in that column. Five hectares represents the "net" change in foreign ownership of New Zealand land.

Gross hectares

"Gross hectares" represents the total land area proposed to be acquired under consents granted during the relevant period. The figure will not show the seller's New Zealand ownership share (if any) (unlike the "net hectares" figure) and will include land that is proposed to be acquired by New Zealand interests as well as overseas interests (for example, under a New Zealand/Australian joint venture).

Freehold land approved for sale

In terms of "net" freehold land areas, the three largest approvals by the Overseas Investment Office in 2008 to date that can be disclosed were for:

• Pacific Trees Limited's acquisition of 405.2025 hectares of land situated at 16N Glenholme Road, Whakatane and Waiotahi Valley Road, Opotiki - a "net" land area of 405.2025 hectares; and
• Craigpine Timber Limited's acquisition of 400 hectares of land situated at Dipton Flat Road, near Dipton, Southland – a "net" land area of 324.1600 hectares;
• Contact Energy Limited's acquisition of 153.2800 hectares of land situated at Aratiatia Station, Tauhara District, Taupo - a "net" land area of 121.7196 hectares.

Other interests in land approved for sale (for example leases and crown pastoral leases)

In terms of "net" other interest land areas, the three largest approvals by the Overseas Investment Office in 2008 to date that can be disclosed were for:

• Woolworths Limited acquisition of up to 100 percent of the shares of, or the assets of, The Warehouse Group Limited which owns 76.8154 hectares of leasehold land situated throughout New Zealand - a "net" land area of 69.2277 hectares.
• Nobilo Wine Group Limited's acquisition of 22.196 hectares of leasehold land situated at Waihopai Valley Road, Blenheim - a "net" land area of 22.196 hectares.
• Goldman Sachs JBWere (NZ) Private Equity Limited (JBWere NZ) on behalf of Goldman Sachs JBWere Trans Tasman Private Equity Fund 07 acquisition of rights and interests in up to 35.53 percent of the shares of Vision Senior Living Limited which owns 5.7146 hectares of leasehold land situated at 8 Carlaw Park Avenue, Parnell, Auckland and Oakridge Drive, Kerikeri, Northland - a "net" land area of 1.0666 hectares.

Approvals under the Fisheries Act 1996

The table below show the net fishing quota for which consent was granted to overseas persons in March 2008 and for the 2008 calendar year to date.

Applications declined

The table below shows investments for which consent was declined in March 2008 and for the 2008 calendar year to date.

For more information contact:

Overseas Investment Office
Land Information New Zealand
Ph: 04 462 4490
Email: oio@linz.govt.nz