Gardiner estate makes second attempt to sell controlling stake in Rainbow’s End
Aug. 3 (BusinessDesk) - Garlow Management, the trustee for the estate of Canadian George Ryerson Gardiner, is to make a second attempt to sell its controlling stake in New Zealand Experience, which operates the Rainbow’s End theme park in south Auckland.
The trustees “have informed NZE that they wish to commence a process to seek expressions of interest for the acquisition of their shareholding,” the company said in a statement today. NZE has been asked to assist in the process.
“It is possible that the process will result in a transaction involving all of the shares in NZE,” the company said. “However, there is no guarantee of this, or that any transaction will result from the process.”
Garlow, which holds 74.9 percent of the company on behalf of the estate, unsuccessfully tried to sell its holding in 2010. At that time it couldn’t find an acceptable purchaser. At today’s price, the investment is worth about $10 million.
Shares of NZE last traded at 36 cents, valuing the company at $13.3 million. The shares have declined 10 percent this year.