Major shareholding in Rainbow's End operator up for grabs

Wednesday 14th July 2010

Almost three-quarters of New Zealand Experience, which operates the Rainbow’s End theme park in Manukau, is being put up for sale.

Canada’s Garlow Management, the trustee for the Estate of George Ryerson Gardiner, told NZ Experience it wants to start sounding out expressions of interest for the 27.2 million shares it holds in the company worth $8.7 million at today’s price of 32 cents. The stock was unchanged in trading today and has climbed 33% this year.

NZ Experience’s directors told Garlow Management they are willing to assist in the process, though they will act in the interests of all shareholders, the company said in a statement lodged with the NZX.

The directors are seeking external advice on the sale.

Garlow Management has been selling off the former assets of Emerald Capital after Gardiner’s beneficiary died in 2008. Emerald Capital was liquidated last year with some $385 million worth of distributions, and Garlow sold its 14% stake in Ryman Healthcare last month.

Businesswire.co.nz

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