Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search


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.

© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines



Wellington.Scoop: Serco – First The Prisons, And Now It Wants To Run The Trains

As the government continues its inquiry into Serco’s discredited administration of Mt Eden prison in Auckland, here in Wellington there’s further scrutiny of the British outsourcing company – because it’s competing to take over the running of our commuter trains. More>>


Gordon Campbell: On The TPP Countdown, And Mary Margaret O’Hara

To date, the Key government has been unwilling to share any information about this TPP deal until it is too late for outraged public opinion to affect the outcome... the disclosure process is likely to consist of a similarly skewed and careful exercise in spin. More>>


Australia Deportations: English Relaxed On Immigration Centre Conditions

Labour's Annette King: “There have been numerous reports from inside these detention centres on just how bad conditions are... If they were being held in any other foreign jail, I imagine Mr English would be somewhat concerned. More>>


Schools: Achievement-Based Funding Would Be A Disaster

The Education Minister’s speech to the PPTA Conference raising the spectre of achievement data driving a new funding system would be disastrous, says NZEI Te Riu Roa. More>>

  • Video Out-Link - PPTA Annual Conference 2015 on Livestream (Q+A dicussion suggests funding would be directed to less successful schools.)

  • ALSO:

    ECE Report:

    Key In NY: Prime Minister Addresses United Nations

    Prime Minister John Key has addressed the United Nations General Assembly in New York, focusing on a call for action in Syria and on other conflicts, reform of the veto process and on the UN’s Sustainable Development Goals. More>>.


    Gordon Campbell: On The Lack Of Accountability Over Philip Smith

    In New Zealand, accountability is an exotic creature rarely glimpsed at ministerial level, or among senior management. The flight to Rio by the paedophile /murderer Philip John Smith/Traynor is no exception. More>>


    More On Corrections

    Get More From Scoop



    Search Scoop  
    Powered by Vodafone
    NZ independent news