Archive | NZ Experience

NZ Experience delisting next week

NZ Experience Ltd shares will cease trading on the NZX next Monday and the company will be delisted from close of business on Thursday 28 February following Rangatira Ltd’s successful takeover.

Rangatira issued a compulsory acquisition notice on Tuesday after acquiring more than the necessary 90% of shares.

Earlier stories:
14 February 2013: Rangatira gets over 90% barrier at NZ Experience
30 January 2012: Rangatira threatens delisting if it can’t achieve full NZ Experience takeover
11 December 2012: NZ Experience chairman cautious ahead of Monday takeover offer
26 November 2012: Rangatira to make full takeover bid for NZ Experience
6 August 2012: New effort to sell Canadian’s 75% of NZ Experience
1 December 2011: McKenzie Trust’s Rangatira looking for new businesses to invest in
15 July 2010: Rainbow’s End sale will complete Toronto estate’s exit from NZ

Attribution: Company release, story written by Bob Dey for the Bob Dey Property Report.

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Rangatira to make full takeover bid for NZ Experience

Published 26 November 2012

Wellington investment company Rangatira Ltd has entered a lockup agreement with Toronto investor Garlow Management Inc leading to the full takeover of Rainbow’s End owner NZ Experience Ltd for $13.32 million.

Rangatira has agreed to make a full takeover offer at 36c/share, but has to wait 14 days before making the offer. Meanwhile the share price has risen from the 41c it ended at last week to 48c.

Garlow has managed the estate of George Gardiner, a broker & former president of the Toronto Stock Exchange, since Mr Gardiner died in 1997 and has been trying to quit its NZ Experience stake for 2 years. The estate holds 74.865% of NZ Experience, and Garlow agreed at the weekend to sell that stake to Rangatira for $9.972 million at 36c/share.

NZ Experience’s existing committee of independent directors has appointed Simmons Corporate Finance Ltd as independent advisor to prepare a report on the merits of the offer and has appointed Harmos Horton Lusk Ltd as legal advisor. The committee will circulate the target company statement & independent advisor’s report within 14 days.

Rangatira’s shares are traded on the Unlisted platform. The company is still 51% owned by the JR McKenzie Trust, a leading New Zealand philanthropic organisation founded by John McKenzie, who established the McKenzie’s chain of department stores. Other community & charitable organisations own another 15% and the balance is owned by private investors.

Rangatira has built a $150 million portfolio of local & international investments, pursuing a policy of investment in small to medium-sized unlisted New Zealand companies, complemented by holdings in a range of publicly listed New Zealand, Australian & international companies.

Mr Gardiner had $385 million of investment interests in New Zealand when the company managing them, Garlow subsidiary Emerald Capital Ltd, went into voluntary liquidation in 2009. It held 13.8% of Ryman Healthcare Ltd and 13.1% of The NZ Refining Co Ltd and, on liquidation, passed its assets to Garlow as trustee of the estate. The NZ Experience stake is the last to be sold down.

Earlier stories:

6 August 2012: New effort to sell Canadian’s 75% of NZ Experience

29 December 2011: Calgary investor raises Ryman stake to 10.2%

1 December 2011: McKenzie Trust’s Rangatira looking for new businesses to invest in

15 July 2010: Rainbow’s End sale will complete Toronto estate’s exit from NZ

Want to comment? Go to the forum.

 

Attribution: Company release & takeover documents, story written by Bob Dey for the Bob Dey Property Report.

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New effort to sell Canadian’s 75% of NZ Experience

Published 6 August 2012

The trustees of Canadian investor George Gardiner’s estate have renewed their attempt to sell out of Rainbow’s End owner NZ Experience Ltd. Their previous attempt to sell the 75% stake was in 2010.

At that time the share price was 32c, putting an $8.86 million value on the 27.7 million shares. The share price got up to 47c in April but was back down at 35c in July.

Rainbow’s End, at Manukau, announced a $3.5 million new facility in April, providing a wider range of rides & attractions primarily for children up to 8 years old, which is due to start opening at Christmas and be completed by Easter 2013.

NZ Experience’s directors said on Friday the trustees of Mr Gardiner’s estate had again said they wanted to seek expressions of interest for the acquisition of their shareholding, and had again asked the company to help.

NZ Experience director Dave Lock said the board was seeking external advice: “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.”

Mr Gardiner, a broker & former president of the Toronto Stock Exchange who died in 1997, had numerous investment interests in New Zealand, managed by Emerald Capital Ltd, which went into voluntary liquidation in July 2009. It was owned by Garlow Management Inc, Toronto, and held 13.8% of Ryman, 74.86% of NZ Experience Ltd, 13.1% of The NZ Refining Co Ltd and, on liquidation, passed its assets, including those shares, to Garlow as trustee of the estate of Mr Gardiner.

The NZ Refining Co stake was worth $184 million and Emerald had total investments of $351 million plus $33.5 million in the bank.

Geoffrey Cumming, who was vice-chairman & chief executive of Gardiner Group Capital Ltd, increased his stake in Ryman from 7.1% to 10.19% at the end of 2011, when he consolidated some other Canadian interests. Mr Cumming is also the majority shareholder in New Zealand company Zeus Capital Ltd (directors Andrew Clements & Mr Lock).

George Gardiner’s other New Zealand interests included Goldpine Industries Ltd & Nobilo Wines Ltd, of which Mr Cumming was a director. In Canada, Mr Cumming was a director of Western Oil Sands Inc (bought in 2007 by Marathon Oil Corp), GWS Inc, Garbell Holdings Ltd, Cyries Energy Inc (swallowed up in oil mergers) & Opti Canada Inc.

Earlier stories:

29 December 2011: Calgary investor raises Ryman stake to 10.2%

15 July 2010: Rainbow’s End sale will complete Toronto estate’s exit from NZ

Want to comment? Go to the forum.

 

Attribution: Company release, story written by Bob Dey for the Bob Dey Property Report.

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Rainbow’s End sale will complete Toronto estate’s exit from NZ

Published 15 July 2010

NZ Experience Ltd’s 75% shareholder, the trustees of a Canadian man’s estate, want to put the holding out for expressions of interest. At today’s share price of 32c, the 27.7 million shares are worth $8.86 million.

 

NZ Experience owns & operates Rainbow’s End at Manukau. The proposed sale continues the washing up of New Zealand assets by Garlow Management Inc, Toronto, trustee of the estate of Garlow owner George Gardiner, who died in 1997. Last July, Emerald Capital Ltd, holder of a large proportion of those assets, was put into voluntary liquidation and its assets either sold or passed to NZ Experience.

 

These included 13.1% of the NZ Experience holding, 13.8% of Ryman Healthcare Ltd (sold last month) and a $184 million stake in The NZ Refining Co Ltd. Emerald had total investments of $351 million plus $33.5 million in the bank.

 

NZ Experience’s directors said the Garlow trustees had asked for their help in selling up and it was likely expressions of interest would be sought for the 74.86% stake. Director Dave Lock said the board was seeking external advice and the sale process wouldn’t happen immediately. Want to comment? Go to the forum.

 

Attribution: Company release, story written by Bob Dey for the Bob Dey Property Report.

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