[5 July/Stuff]

Electricity network company Marlborough Lines took full ownership of Yealands Wine Group. A subsidiary of the company acquired the final 14 percent of Yealands from an entity controlled by Peter Yealands. Mr Yealands also resigned as a director of the group which he founded in 2002. He refused to comment on the sale, however denied he had ended his association with Yealands Wine Group. Chairman of Marlborough Lines, David Dew, said the purchase of the remaining shares was part of a long term plan which dated back to the original 2015 investment in the wine company. The terms of Peter Yealand’ exit from the company had not been disclosed and were kept private. Marlborough Lines paid $89 million for 80 percent of the group in 2016. Mr Dew noted dividends from Yealands Wine Group were the reason Marlborough Lines was able to increase electricity discounts and payments to consumers. Mr Yealands was the recipient of the 2013 South Island Farmer of the Year. Mr Yealands was pleased that Marlborough Lines would be the shareholder to take over the group.