Two Israeli businessmen have acquired a further 10% shareholding in Walter Peak Station Ltd, taking their total interest to 90%, for a confidential consideration, following Overseas Investment Office approval.
The Companies Office shows the remaining 10% is held by Bridge Ltd. No information was available on that company.
Morris Kahn and Shmuel Meitar, the principal beneficial owners of the Queenstown high country farming operation, applied to the office to increase their interests in the sensitive land, which totals 26,903ha, comprising a freehold interest of 335.3326ha and a leasehold interest of 25758.2411ha.
Consent was granted in November 1998 to the Ian G. Koblic Revocable Trust (Ian and Tonya Koblic, United States); Benjamin Kahn; David Kahn; and Morris Kahn, and/or their nominees, to acquire a freehold interest in the station. The consent provided for the Koblics to have up to 33% ownership; Benjamin Kahn up to 25%; David Kahn up to 25% and Morris Kahn up to 60%.
Morris Kahn acquired his interest using Mayfair Investment Ltd, a company beneficially owned by him and Mr Meitar, his long-term business partner, who was not referred to in the application for consent in 1998.
A decision dated January 2009 retrospectively allowed Mr Meitar to acquire 27.5% rights or interests in the trust, then known as the Walter Peak Joint Venture, for a consideration of $1. In 2011 Mr Kahn and Mr Meitar increased their shareholding by 7% and 4.7% respectively, after buying shares from the Koblics.
In the most recent transaction, Mr Kahn and Mr Meitar acquired Benjamin Kahn's interest.
Mr Kahn sen's shareholding is now 52.8% and Mr Meitar's is 37.2%.
''The proposed investment is an internal restructure which will result in the applicants increasing their already dominant interest in the farming operation,'' the decision stated.
The transaction satisfied the Overseas Investment Act 2005, particularly with reference to ''affect image'' and previous investments.
