Sharechat Logo

Gardiner estate makes second attempt to sell stake in Rainbow's End

Friday 3rd August 2012

Text too small?

Garlow Management, the trustee for the estate of Canadian George Ryerson Gardiner, is to make a second attempt to sell its controlling stake in New Zealand Experience, which operates the Rainbow's End theme park in south Auckland.

The trustees "have informed NZE that they wish to commence a process to seek expressions of interest for the acquisition of their shareholding," the company said in a statement today. NZE has been asked to assist in the process.

"It is possible that the process will result in a transaction involving all of the shares in NZE," the company said. "However, there is no guarantee of this, or that any transaction will result from the process."

Garlow, which holds 74.9 percent of the company on behalf of the estate, unsuccessfully tried to sell its holding in 2010. At that time it couldn't find an acceptable purchaser. At today's price, the investment is worth about $10 million.

Shares of NZE last traded at 36 cents, valuing the company at $13.3 million. The shares have declined 10 percent this year.

BusinessDesk.co.nz



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

NZ Experience FY profit falls 3.6 percent on park upgrade
Rainbow's End owner to spend $3.5M on castle upgrade
Wet Christmas dampens NZ Experience's result
NZ Experience slashes 1H profit guidance in half
NZ Experience profit rises as visitors flock to new ride