Wednesday 10th September 2014
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The estate of late Canadian philanthropist George Ryerson Gardiner has divided up its stake in New Zealand Refining Co as an inheritance.
The Gardiner estate divided the 8.1 percent stake in New Zealand's only oil refiner evenly eight ways, according to a substantial shareholder notice to the NZX. NZ Refining's major customers BP New Zealand, Mobil Oil NZ, Z Energy and Chevron New Zealand control the refinery.
Gardiner, a former president of the Toronto stock exchange, died in 1997. His estate, run by Garlow Management, had several investments in New Zealand.
Garlow began selling off assets after Gardiner's beneficiary died in 2008, liquidating investment vehicle Emerald Capital in 2009 with some $385 million of distributions. In July 2010, it sold a 14 percent stake in Ryman Healthcare, and in November 2012 sold its 75 percent stake in New Zealand Experience, which operates the Rainbow’s End theme park in South Auckland, to Rangatira, a Wellington-based investment company .
Shares of NZ Refining were unchanged at $1.60 and have declined 22 percent.
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