Rainbow's End owner seeking a buyer

The owners of the majority shareholding in New Zealand Experience (NZE), owner of the Rainbow's End amusement park in Auckland, are seeking to sell their stake.

Canada's Garlow Management, which represents the estate of George Ryerson Gardiner, own 27.7 million shares in NZE, or 74.86% cent of the stock.

Trustees for Gardiner had informed NZE that they wanted to start a process to seek expressions of interest for the acquisition of their holding with NZE having been asked to assist in the sale process.

A statement from NZE read "the directors have advised the trustees that they are willing to assist, but acting in the interests of all NZE shareholders."

The process is not expected to start immediately, NZE said, adding "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.

At todays' price, the Canadian Trust's stake in total would be worth about $10 million.

The sale repeats a process first attempted between August 2010 and January 2011, when Garlow previously attempted to find a buyer for their stake in NZE.

Announcing the suspension of the sale in January last year, then NZE Chairman Tony Frankham said it was "business as usual".

At that time Frankham said that the trustees, had reached a point where it wanted to pay out its beneficiaries.

12th April 2012 - RAINBOW’S END TO GET $3.5 MILLION UPGRADE