INDEPENDENT NEWS

Philanthropist Gardiner's NZ Refining stake split eight ways

Published: Wed 10 Sep 2014 10:25 AM
Canadian philanthropist Gardiner's NZ Refining stake split eight ways
By Suze Metherell
Sept. 10 (BusinessDesk) - The estate of late Canadian philanthropist George Ryerson Gardiner has divided up its stake in New Zealand Refining Co as an inheritance.
The Gardiner estate divided the 8.1 percent stake in New Zealand's only oil refiner evenly eight ways, according to a substantial shareholder notice to the NZX. NZ Refining's major customers BP New Zealand, Mobil Oil NZ, Z Energy and Chevron New Zealand control the refinery.
Gardiner, a former president of the Toronto stock exchange, died in 1997. His estate, run by Garlow Management, had several investments in New Zealand.
Garlow began selling off assets after Gardiner's beneficiary died in 2008, liquidating investment vehicle Emerald Capital in 2009 with some $385 million of distributions. In July 2010, it sold a 14 percent stake in Ryman Healthcare, and in November 2012 sold its 75 percent stake in New Zealand Experience, which operates the Rainbow’s End theme park in South Auckland, to Rangatira, a Wellington-based investment company .
Shares of NZ Refining were unchanged at $1.60 and have declined 22 percent.
(BusinessDesk)
BusinessDesk
Independent, Trustworthy New Zealand Business News
The Wellington-based BusinessDesk team led by former Bloomberg Asian top editor Jonathan Underhill and Qantas Award-winning journalist and commentator Pattrick Smellie provides a daily news feed for a serious business audience.
Contact BusinessDesk
Email:

Next in Business, Science, and Tech

Commission welcomes dismissal of NZME/Fairfax merger appeal
By: Commerce Commission
New Chief Technology Officer role created
By: New Zealand Government
Beef + Lamb New Zealand launches drought resources
By: NZ Beef and Lamb
Net Neutrality Failure in US Will Hurt All Internet Users
By: Internet NZ
Technology transforms consumer spending
By: Statistics New Zealand
Results Judgment: NZME merger appeal dismissed
By: New Zealand High Court
NZME, Fairfax reviewing rejected merger appeal
By: BusinessDesk
High Court rejects NZME/Fairfax NZ appeal
By: BusinessDesk
Minister silent while farmers wilt
By: New Zealand National Party
Westpac NZ Offers Relief to Farmers Affected by Drought
By: Westpac
Fronts and fine weather in the mix
By: MetService
2017 Worst Year on Record for Weather-Related Losses
By: Insurance Council
Net neutrality in New Zealand
By: Digitl
View as: DESKTOP | MOBILEWe're in BETA! Send Feedback © Scoop Media