Britz founders sell up tourism stake

The founders of the Britz motorhome business Gunther and Brenda Gschwenter last night sold their 13.6 per cent stake in Tourism Holdings Ltd (THL) for $25.7 million.

The Melbourne-based Gschwenters last night sold their THL stake to a placement by Forsyth Barr to institutions and individual investors at $1.93 a share.

THL said it was pleased with the support the placement had received.

The Gschwenters received THL shares as part of the consideration when they sold the listed tourism operator the Britz business in 1999.

THL paid $62 million for Britz made up of a cash payment of $34 million, shares worth $15 million, and $13 million of three-year convertible notes.

THL shares were trading a cent higher at $1.97 in early trade today.

- NZPA