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

 


NZ government scales back larger applications for Genesis

NZ government scales back larger scale applications in Genesis Energy float

April 16 (BusinessDesk) - The government will progressively scale down applications for large shareholdings in Genesis Energy ahead of tomorrow’s listing after the final partial privatisation in the current programme attracted 68,000 investors.

The scaling policy will cap general applications at $5,000, or 3,226 shares, and the government cut the broker allocations by 20 percent to meet the demand, Finance Minister Bill English and State Owned Enterprise Minister Tony Ryall said in a statement. Investors seeking up to 1,613 shares will get the full amount and those wanting between 1,613 shares and 3,226 shares will get the first 1,613 and 28.75 percent of the rest they asked for.

Investors wanting between 3,226 shares and 26,226 shares will receive the first 2,076 then 5 percent of that they asked for beyond 3,226 shares, and those wanting more than 26,226 shares will be capped at 3,226 shares.

The initial public offer attracted more interest than Meridian Energy, which drew 62,000 shareholders, though was less than the 113,000 people who bought into MightyRiverPower, the first IPO of the programme. New Zealand retail investors will end up with 26.7 percent of the company, local institutions with 10 percent, foreign institutions with 12 percent and participating iwi with 0.3 percent. The Crown will hold the balance of 51 percent.

Genesis will list tomorrow at $1.55 a share, after a sale that raised $733 million for the government, taking the total proceeds from the mixed ownership model programme to $4.7 billion.

Four of five independent research reports valued the shares above the offer price, which is seen as providing a strong dividend yield to investors.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Surreal Estate: Home Values Rise At Fastest Rate In Seven Years

The latest monthly QV House Price Index shows that nationwide residential property values for July have increased 10.1% over the past year which is the fastest annual rate since 2007... The Auckland market has increased 18.8% year on year. More>>

ALSO:

New Employment Laws: Talley’s AFFCO Workers To Strike

The decision comes after the Talley’s owned company walked away from mediation last week and applied to end bargaining under the government’s new employment laws - the first such application since the law came into effect. More>>

Private Action: Employer Pleads Guilty Over Forestry Death

The CTU has always known that the death of forestry worker Charles Finlay was due to the poor health and safety practices of his employer... "The CTU, with the support of Charles’s family, needed to take this ground breaking private prosecution." More>>

ICT Innovation: Six NZ Finalists In World Summit Awards

The awards are a global showcase of 40 projects, across eight categories, with a special emphasis on those which show the benefits of information and communication technology for the development of communities. New Zealand has finalists in six of the eight categories. More>>

ALSO:

Final Frontier: Rocket Lab And NASA Sign Commercial Space Launch Agreement

Rocket Lab has signed a Commercial Space Launch Act Agreement with the National Aeronautics and Space Administration (NASA). The agreement enables Rocket Lab to use NASA resources - including personnel, facilities and equipment - for launch and reentry efforts. More>>

ALSO:

Scoop Business: Wheeler Downplays Scope For ‘Large’ Rates Fall

Reserve Bank governor Graeme Wheeler says some market commentators are predicting further declines in interest rates that would only make sense for an economy in recession, although some easing is likely to be needed to maintain New Zealand’s economic growth. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news