Vineyard goes public

By Geoff Senescall

Former Finance Minister Ruth Richardson is among the three new directors of Oyster Bay Marlborough Vineyards which is going public on May 26.

She joins on the board former Wilson & Horton chief executive John Maasland, chairman of Airways Corporation and Bill Falconer, chairman of St Lukes Group, Hellaby Holdings and Restaurant Brands.

Jim Delegat and Robert Wilton of cornerstone shareholder Delegat's Group, are also on the board.

Oyster Bay is raising $18 million to buy 301 hectares of prime viticultural land in Marlborough's Central Wairau Valley.

The shares being offered in the new company will be in minimum parcels of 5,000 and payable in two instalments: 100c a share on application and 100c a share at a date yet to be set.

The shares will be traded on the secondary market for unlisted securities on the stock exchange's electronic trading system.