Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Rangatira to take control of NZ Experience, make full offer

Rangatira to take control of NZ Experience, make full takeover

Nov. 26 (BusinessDesk) – Rangatira, the Wellington-based investment company, will take control of Rainbow’s End operator New Zealand Experience in a deal with the target company’s major shareholder as part of a full takeover.

The Trustees of the Estate of George Ryerson Gardiner, which owns 74.86 percent of NZE, have agreed to a lock-in agreement with Rangatira under which the investment company will make a full takeover at 36 cents a share, NZE said in a statement. The trustee’s shares are held by Garlow Management.

The deal values NZE at $13.3 million and represents a 12 percent discount to NZE’s last trading price of 41 cents.

NZE’s committee of independent directors has hired Simmons Corporate Finance to assess the merits of the deal and retained Harmos Horton Lusk as legal adviser, it said. The company urged shareholders to take no action pending the target company statement.

The target company said it expects Rangatira to give formal takeover notice in the next five days.

Rangatira has two classes of shares that trade on the Unlisted platform, with 67 percent held as class ‘A’ shares and 33 percent held in class ‘B’ shares to differentiate between charitable and non-charitable shareholders. Both last traded at $6.

In September, Rangatira said it had $20 million on hand for new investments after exiting Dunlop Living, Tecpak Industries and Te Kairanga Wines last year. That month it announced a $3.5 million investment in medical and insurance service provider Konnect Net.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Welcome Home: Record High Migration Stokes 41-Year High Population Growth

New Zealand annual net migration hit a new high in October as more people arrived from than departed for Australia for the first time in more than 20 years. More>>


Citizens' Advice Bureau: Report Shows Desperate Housing Situation Throughout NZ

CAB's in-depth analysis of over 2000 client enquiries about emergency accommodation shows vulnerable families, pregnant women and children living in cars and garages, even after seeking assistance from the Ministry of Social Development and Housing New Zealand. More>>


Speaking For The Bees: Greens Call For Neonicotinoid Pesticide Ban

The National Government should ban the use of controversial pesticides called neonicotinoids after evidence has revealed that even at low doses they cause harm to bee populations, the Green Party said today. More>>


Science Awards: NZAS Celebrate NZ Scientific Achievements

The Marsden Medal is awarded for a lifetime of outstanding service to the cause or profession of science, in recognition of service rendered to the cause or profession of science in the widest connotation of the phrase. This year’s medal is awarded to Dr Mike Andrews. More>>


Court Rules: Affco 'Unlawfully' Locked Out Meat Workers

The note says the full court found for the plaintiffs, "that is that the defendant locked out the second plaintiffs unlawfully and that it breached s 32 of the Act by acting otherwise than in good faith towards the plaintiffs while collective bargaining was still going on." More>>


New Bill Introduced: GST On Online Services

These measures are an important first step in the Government’s efforts to deal with increasing volumes of online services and other intangibles purchased from overseas suppliers that should, under New Zealand’s tax rules, be subject to GST. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news