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.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Gordon Campbell: On Tiwai Point (And Saying “No” In Greece)

Its hard to see how Rio Tinto’s one month delay in announcing its intentions about the Tiwai Point aluminium smelter is a good sign for (a) the jobs of the workers affected or (b) for the New Zealand taxpayer. More>>

ALSO:

Half Empty: Dairy Product Prices Extend Slide To Six-Year Low

Dairy product prices continued their slide, paced by whole milk power, in the latest GlobalDairyTrade auction, weakening to the lowest level in six years. More>>

ALSO:

Copper Broadband: Regulator Set To Keep Chorus Pricing Largely Unchanged

The Commerce Commission looks likely to settle on a price close to its original decision on what telecommunications network operator Chorus can charge its customers, though it probably won’t backdate any update. More>>

ALSO:

Lower Levy For Safer Cars: ACC Backtracks On Safety Assessments

Dog and Lemon: “The ACC has based the entire levy system on a set of badly flawed data from Monash University. This Monash data is riddled with errors and false assumptions; that’s the real reason for the multiple mistakes in setting ACC levies.” More>>

ALSO:

Fast Track: TPP Negotiations Set To Accelerate, Groser Says

Negotiations for the Trans-Pacific Partnership will accelerate in July, with New Zealand officials working to stitch up a deal by the month's end, according to Trade Minister Tim Groser. More>>

ALSO:

Floods: Initial Assessment Of Economic Impact

Authorities around the region have compiled an initial impact assessment for the Ministry of Civil Defence, putting the estimated cost of flood recovery at around $120 million... this early estimate includes social, built, and economic costs to business, but doesn’t include costs to the rural sector. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news