Put up or shut up Fay

So refreshing to see the?receivers?are looking after their clients interests rather than pandering to social?manipulation?by xenophobic tax exiles.

A syndicate of local iwi and farmers led by expatriate Michael Fay have lodged a NZ$171.5 million bid for the Crafar family farms. Fay?s group, who had previously signalled an interest in buying nine of the farms, tabled its bid with receiver KordaMentha today as a back-up to a rival offer from China?s Shanghai Pengxin Group being turned down by the Overseas Investment Office, it said in a statement.

?I firmly believe we must keep our competitive advantage for exports and that advantage is in what we do with our land,? Fay said. ?To me that means we must retain New Zealand ownership of our productive land.

?Shanghai Pengxin made an offer to buy the farms in January, saying it plans to spend more than NZ$200 million ? some $30 million more than the Fay consortium offer – to acquire and invest in the land, after the OIO knocked back an earlier bid from Hong Kong investment company Natural Dairy (NZ) Holdings.

Shanghai Pengxin has been waiting for an OIO decision since lodging its application in April. The Pengxin bid is being closely watched by would-be Chinese investors in New Zealand assets.

Korda Mentha said they had received the bid from the Fay-led group, but that it remained well below the bid from Pengxin bid. It said it would consider the bid.

“As we have said previously, we have accepted an offer from Pengxin International Group Limited which is by far the best offer we have received following a comprehensive sales campaign,” said Brendon Gibson from Korda Mentha.

“We continue to await a response form the OIO which we hope to be successful,” he said.

Yep, in other words cough up more cash or shut up.

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