10386 (2024). Hon Dr Duncan Webb to the Minister for State Owned Enterprises

10386 (2024). Hon Dr Duncan Webb to the Minister for State Owned Enterprises: Is the loan of $6.2m to Spring Sheep Dairy NZ Limited Partnership referred to in WPQ 5540 (2024) on normal commercial terms in terms of both interest rates and security taking into account the risk of the investment ?

Hon Paul Goldsmith: Pāmu advises that the loan is on terms prescribed under the Limited Partnership Agreement between Spring Sheep and its investors. The terms of this agreement are commercially sensitive, however, Pāmu confirms that they include interest and the ability to convert the loan to equity at a discount if it is not repaid. Pāmu advises that loan is also secured against the assets of Spring Sheep.