Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


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.


ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

BusinessDesk: APN's NZME Sees Future In Paywalls, Growth In Digital Sales

APN News & Media has touted a single newsroom concept for its NZME unit in New Zealand, similar to what Germany's Die Welt uses, saying an 'integrated sales proposition' is helping it win market share, including ... More>>

Labour Party: Global Milk Prices Now Lowest In 6 Years

The latest fall in the global dairy price has brought it to the lowest level in six years and shows there must be meaningful action in tomorrow’s Budget to diversify the economy, says Labour’s Finance spokesperson Grant Robertson. “Dairy prices ... More>>

BusinessDesk: NZ Inflation Expectations Creep Higher In June Survey

May 19 (BusinessDesk) - New Zealand businesses lifted their expectations for inflation over the next two years, sapping any immediate pressure on the Reserve Bank to cut interest rates, and prompting the kiwi dollar to jump higher. More>>

BusinessDesk: Lower Fuel Costs Drive Down NZ Producer Input, Output Prices

May 19 - Producer input and output prices fell in the first quarter, mainly reflecting lower fuel costs and weakness in prices of meat and dairy products. More>>

Media: Fairfax Media NZ Announces Senior Editorial Team

Fairfax Media New Zealand has today confirmed its new editorial leadership team, as part of a transformation of its newsrooms aimed at enhancing local and national journalism across digital and print. More>>

Science: Flavonoids Reduce Cold And Cough Risk

Flavonoids reduce cold and cough risk Research from the University of Auckland shows eating flavonoids – found in green tea, apples, blueberries, cocoa, red wine and onions – can significantly reduce the risk of catching colds and coughs. The research, ... More>>


BusinessDesk: RBNZ House Alert Speech The Catalyst For Government Action

Prime Minister John Key all but conceded that pressure from the Reserve Bank of New Zealand for concerted action on rampant Auckland house prices was one of the main catalysts for the government's weekend announcements about tightly ... More>>

BusinessDesk: How To Fall Foul Of The New Housing Tax Rules: Tips From IRD

Just because you rented out your investment property doesn't absolve you from paying tax, says the Inland Revenue Department in a summary of commonly made mistakes by non-professional property investors when it comes to their tax liability.More>>

Legal: Superdiversity Law, Policy And Business Stocktake Announced

Mai Chen, Managing Partner at Chen Palmer New Zealand Public and Employment Law Specialists and Adjunct Professor of Law at the University of Auckland, today announced the establishment ... More>>

Housing: More House Price Gains Expected

House price expectations remain high, with a net 56% of respondents expecting house prices will increase. Fears of higher interest rates are fading, consistent with the RBNZ’s signals this year. Affordability and a lack of houses for ... More>>

TDDA: State-Of-The-Art Drug Testing Laboratory To Open In Auckland

World leading drug testing agencies, The Drug Detection Agency (TDDA) and Omega Laboratories, open New Zealand laboratory More>>

Network: Bigpipe Launches Ultra-Fast Broadband Into Wellington

Bigpipe Launches Ultra-Fast Broadband into Wellington Naked broadband provider Bigpipe has extended its national reach, announcing today, the launch of its unlimited UFB offering into Wellington. The Spark Venture business is giving Wellingtonians the ... More>>

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news