An internal restructuring approved by the Overseas Investment Office has allowed shareholders from Monaco and Israel to increase their shareholding in Walter Peak Station.
The 25,758ha of land beside Lake Wakatipu is owned or controlled by the Walter Peak Station Trust.
Shareholders in the trust are Aurum Holdings MKI Ltd (Morris Kahn, Monaco); DMC (RE) Ltd (Shmuel Meitar, Israel); Ian G. Koblic Revocable Trust (Ian and Tonya Koblic, United States); Benjamin Kahn and David Kahn.
Two Overseas Investment Office decisions relating to Walter Peak Station, dated July 23, were released this week, which have allowed Aurum Holdings and DMC (RE) Ltd to increase their shareholding in the trust for undisclosed amounts.
They have increased their shareholding by 7% and 4.7% respectively, buying the shares from the Koblics' trust.
The OIO said the transactions restructured the ownership of Walter Peak Station, thus preserving the working relationships and common philosophy shared by the current owners.
The transaction had satisfied the criteria in the Overseas Investment Act 2005 with the "substantial and identifiable benefit to New Zealand" satisfied by the creation and retention of jobs; previous investments; enhancing the viability of other investments and a "mitigating factor".
Consent was granted in November 1998 to the Koblics, Benjamin Kahn, David Kahn and Morris Kahn, and/or their nominees to acquire a freehold interest in the station.
The consent provided for the Koblicks 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 his long-term business partner Shmuel Meitar, 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.
