IPO signals next phase in evolution of Mighty River Power
Successful completion of IPO signals next phase in evolution of Mighty River Power
"We are delighted to see the breadth and depth of our investor base, particularly first-time investors and we are heartened by the confidence those investors have placed in the Company's future," said Chair Joan Withers.
“Through this Offer we’ve seen a new level of interest and understanding of Mighty River Power’s business – and we know there will be substantial interest in our performance and strategy from our new shareholders and potential investors as we go forward into this next stage of the Company's evolution.
Mighty River Power Limited (NZX: MRP / ASX: MYT) is now trading on a normal basis following the allocation and transfer of 675,031,404 Ordinary Shares from the Crown to more than 113,000 shareholders, who purchased a direct stake in the Company through the Initial Public Offering. The Crown has retained a 51.8% stake, inclusive of loyalty shares.
“This week we’ve written to our shareholders for the first time enclosing their holding statements – and acknowledging their support through the IPO and helping further connect them with Mighty River Power.”
Mrs Withers said the ‘welcome’ letter to all shareholders was designed to reach out to investors and convey our commitment to ongoing communication and transparency. “The new depth and diversity in Mighty River Power’s share register, with a substantial and widespread local retail shareholding, strong support from New Zealand and offshore institutional investors, together with the Crown as a cornerstone shareholder will require us to keep investors appropriately informed and engaged. One important component of our communication approach is the Company's website and a new ‘Investor Centre’ which will be an up-to-date resource for our shareholders, investors and the public to access.
“We’re looking forward to the next steps of engaging with our shareholders, updating them on key milestones for our business, and sharing our business results for the 2013 Financial Year in August this year.
“This has been an exciting time for Mighty River Power, and I’m personally passionate about ensuring that we are responsive to investors and providing appropriate transparency so that they can make informed assessments about the Company’s value and prospects,” she said.