Wednesday 10th September 2014 |
Text too small? |
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.
BusinessDesk.co.nz
No comments yet
July 1st Morning Report
June 27th Morning Report
SDL - FY2026 Earnings Guidance
PaySauce Director resigns for US-based role with NZTE
General Capital Releases 2025 Annual Report
June 26th Morning Report
Devon Funds Morning Note - 25 June 2025
June 25th Morning Report
NWF - NZ Windfarms shareholders approve Meridian acquisition
GMT - GMT and GMT Bond Issuer Limited 2025 Annual Report