11 Jun 2010
UBNZ ASSETS HOLDINGS LTD AND ANOR V PLATEAU FARMS LTD, FERRY VIEW FARMS LTD, TAHARUA LTD AND HILLSIDE LTD, ALL IN RECEIVERSHIP, ACTING THROUGH MICHAEL PETER STIASSNEY AND BRENDON JAMES GIBSON AND ANOR HC AK CIV-2010-404-3263
- Citation
- openlaw-735c7f43_8bce_4cb0_878d_f88fdee01eb0.pdf
- Court
- High Court
The restructured transaction, taken on its substantive terms including NDL's $100m funding, 20% shareholding, irrevocable option to acquire the remaining 80%, resignation letters and board control provisions, results in NDL having substantive control over the nominal purchaser (UBNZ Assets); settlement will therefore result in an overseas investment in sensitive land and OIO consent is required; alternatively, UBNZ Assets is an associate of NDL in relation to the transaction. Consequently the court dismissed UBNZ's application for a declaration that consent was not required.