By Chris Hutching
Friday 3rd September 2004
|Text too small?|
Southbury Group owns South Canterbury Finance (with asset of $735 million and equity of $62 million) and the two men had shared interests in Helicopters New Zealand, Broadway Industries and Scales Corporation.
Rumours about the separation of their interests have been rife in the Christchurch business community recently and when NBR asked about the rumours last week, Rolleston denied any personal falling out.
People close to the action suggest he may be focusing more on his relationship with one of Canterbury's younger businessman, George Gould, who has been involved in several market plays recently, including Vertex and Mike Pero Mortgages.
This week Rolleston prepared a brief statement, handed it to his secretary for distribution and left with his wife for a two-month break in southern Europe.
Timaru-based Hubbard declined to say exactly how large a cheque he wrote for Rolleston but said it was a big one.
"He won't be short of income for a while."
Hubbard said the two men first met in the 1970s when he funded a property venture that Rolleston and his then business partner Tom Kain were involved in.
"After it was over, Humphry decided he was going to go to Queensland but I suggested he stick around and we could do some things together. Over the years the growth of the business was a mutual thing.
"Recently he approached me and said he wanted to travel more and spend a bit more time with the family.
"It would have been difficult to find an outside buyer and I'm a kind of benevolent person so we just sat down and worked it out."
Hubbard said as well as a cash consideration there were a couple of "contras" where they divvied up some assets.
In their joint statement this week the pair said the transaction would allow Hubbard to expand his charitable planning programme.
No comments yet
MARKET CLOSE: NZ shares fall: A2 downgraded on eve of earnings, Heartland misses expectations
NZ dollar falls after second fruit fly discovered
Wrightson warns weak wool demand, slow spring listings weigh on earnings
OMV eyes Asia's growing gas demand
Heartland's 1H profit dampened by restructuring, accounting changes
Hallenstein seeks new CEO; shares fall
Tower affirms earnings guidance, notes increased digital upgrade cost
NZME targets positive earnings from paywall in 2 years; profit falls
Precinct raising $150M from an underwritten placement and retail offer
NZ dollar dips from 13-day high as US holiday keeps markets quiet