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Incentive for Kiwis pre-registering for MRP

Hon Bill English

Minister of Finance

Hon Tony Ryall

Minister for State Owned Enterprises

5 March 2013 Media Statement
Incentive for Kiwis pre-registering for MRP

New Zealanders are being given an incentive to pre-register their interest in the Mighty River Power share offering, Finance Minister Bill English and State Owned Enterprises Minister Tony Ryall say.

Those who pre-register may be allocated up to 25 per cent more shares than people who do not pre-register, if demand exceeds shares available.

Mr English and Mr Ryall announced the incentive at the launch of the official three week pre-registration period for the Mighty River Power share offer in Auckland today.

“The Government is committed to ensuring New Zealanders will be at the front of the queue for shares,” Mr English says.

“We’ve already announced that New Zealanders applying for up to $2000 of shares will be guaranteed that amount. However, if demand exceeds the number of shares available, then New Zealanders who request more than $2000 worth will have their bid scaled back.

“In that case, those who pre-registered may get up to 25% more shares than those who did not.”

To pre-register for shares, New Zealanders located in New Zealand can go to the website www.mightyrivershares.govt.nz or call 0800 90 30 90.

“Pre-registration is not an obligation to buy shares,” Mr Ryall says, “It is just an expression of interest. Anyone pre-registering won’t be asked for payment at this stage. That opportunity will come next month and there is no hurry to pre-register so long as it’s done by 22 March.

“Institutional investors are not eligible to pre-register.

“New Zealanders in New Zealand who pre-register will automatically receive a copy of the share offer document after it has been lodged, which is expected to be in early April. Others will be able to download it from the website or call the 0800 number to request a hard copy, so long as they are in New Zealand when they do so” Mr English says.

Only eligible New Zealanders applicants will be entitled to apply for shares in the retail offer. In order to be eligible, when the share offer opens, applicants will have to supply a:
• Valid IRD number; and
• Valid New Zealand bank account; and
• New Zealand address; and
• A declaration that you are a New Zealand citizen or permanent resident in New Zealand.

The ministers also previewed the television and print advertising for the pre-registration period – part of a substantial advertising and communications campaign designed to raise awareness of the share offer and explain how to pre-register.

Mr Ryall says the website for pre-registration and for the share offer itself has been designed to restrict people from outside New Zealand from participating.

“The Mighty River Power share offer has been designed to achieve widespread New Zealand ownership. We envisage that, with the Government’s majority shareholding, total New Zealand ownership will be 85-90 per cent of the company after the share offer.

“We want to encourage everyday New Zealanders to register their interest – and the communications campaign will include a strong investor education element for those unfamiliar with the share-market. We strongly recommend investors obtain their own independent financial advice,” Mr Ryall says.

“From the Government’s perspective it makes sense to use this opportunity to reorganise the Government’s assets and redeploy capital to priority areas without having to borrow more,” Mr English says.

“It is also another important step in helping the Government’s programme to control debt.”

Infographic (pdf)

Important notice
The Crown is considering offering shares to the public in Mighty River Power Limited (“Mighty River Power”). No money is currently being sought and no applications for shares will be accepted or money received until after an investment statement containing information about the offer of shares is available (the "Share Offer Document"). The Crown is seeking preliminary indications of interest. Registering an indication of interest will not involve an obligation of any kind. If you pre-register, you will be able to choose to either receive the Share Offer Document in hard copy or be sent an email notifying you that it is available online (or both). A full description of the potential allocation preference for New Zealanders who pre-register is available at www.mightyrivershares.govt.nz.
The contents of this press release are not permitted to be made available to persons in any country other than New Zealand. Mighty River Power's shares have not been and will not be registered under the United States Securities Act of 1933, as amended (the "United States Securities Act") or the securities laws of any state of the United States and may not be offered or sold in the United States unless the shares are registered under the United States Securities Act, or an exemption from the registration requirements of the United States Securities Act and applicable United States state securities laws is available.

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