New Zealand Experience (NZE) - the company behind the
Rainbow's End amusement park in Auckland - is up for sale.
Canada's Garlow Management, which represents the estate of
George Ryerson Gardiner, owns 27.7 million shares in NZE, or
74.86 per cent of the stock, NZE said.
Trustees for Gardiner had informed NZE that they wanted to
start a process to seek expressions of interest for the
acquisition of their holding.
NZE has been asked to assist in the sale process.
"The directors have advised the trustees that they are
willing to assist, but acting in the interests of all NZE
shareholders," NZE said.
The process is not expected to start immediately, NZE said.
"It is possible that the process will result in a transaction
involving all of the shares in NZE. However, there is no
guarantee of this, or that any transaction will result from
the process," the company said. NZE's directors said they
were seeking external advice.
NZE stock last traded at 36c each, valuing the company in
total at $13.32m.
At today's price, Garlow's stake in total would be worth
In April, NZE said it expected to report a net profit of
range of $1.2m to $1.4m. for the 2011-12 financial year to
Aside from NZE, Garlow has an 8.12 per cent in the country's
only oil refiner - Refining NZ.