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Home arrow Articles by Topic arrow LandCo arrow Big wine investor under scrutiny
Big wine investor under scrutiny PDF Print
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Articles - LandCo
Written by Dave Williams, The Marlborough Express   
Tuesday, 15 July 2008


Bankhouse Vineyard property

Farming and vineyard company Landco says it is business as usual in Marlborough, despite its majority shareholder company being placed in receivership and uncertainty over ownership.

Pheonix, the investment vehicle of rich-lister Greg Olliver, through which Mr Olliver owns half of Landco with the country's wealthiest family, the Todds, was placed in receivership last week.

Landco owns a 2685 hectare vineyard property in the Waihopai Valley and more than 31,000ha of farmland in Marlborough and Canterbury. Winegrowers of Ara is a Landco subsidiary company.

The National Business Review (NBR) reported receiver McGrath Nicol Kerryn Downey saying it would not affect the sale process, appearing to confirm a recent NBR article suggesting that the Todd family was purchasing Mr Olliver's share of the giant property development company.

My job is to evaluate the assets and realise the value of those assets

McGrath Nicol was appointed as receiver last week by Landsborough Finance, a private finance company based in Christchurch.

Mr Downey said Pheonix, which has a 50.5 percent stake in Landco, owed Landsborough $11 million.

Full story...


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