Mighty River Power share offer – pre-registration launch Q&A
Mighty River Power share offer – pre-registration
Tuesday 5 March
are you announcing
The start of the Mighty River Power pre-registration process.
It is a three week period where New Zealanders can express an interest in learning more about the Mighty River Power Share Offer. New Zealanders who pre-register will be informed when the Share Offer opens and, assuming that they are in New Zealand, be provided with a Share Offer Document (either hard copy or via email).
It is obligation-free. No payment is required at this stage.
Ministers have also announced an additional benefit for New Zealanders who pre-register. You will be eligible for up to 25% more shares than someone who does not pre-register, in the event of scaling due to demand exceeding the number of shares available.
How do I pre-register?
Online at www.mightyrivershares.govt.nz
Or call 0800 90 30 90. The call centre is open from 8am to 8pm during the week, and 8am to 6pm on weekends.
When can I pre-register?
You can pre-register from Tuesday 5th March to 5pm 22nd March 2013.
Who can pre-register?
Only eligible New Zealand Applicants will be entitled to apply for shares as part of the retail share offer and, as a result, only New Zealanders located in New Zealand are invited to pre-register.
In order to qualify as a New Zealand Applicant, you must supply, as part of your application for shares in Mighty River Power (when the Share Offer is open), a:
IRD number; and
2. valid New Zealand bank account; and
3. New Zealand address; and
4. a declaration that you are a New Zealand citizen or permanent resident in New Zealand.
If you don't have an IRD number or bank account you should arrange for these now before the Share Offer opens.
Institutional investors are not eligible to pre-register.
If you are considering applying for Mighty River Power shares on behalf of your children or grandchildren you will need to make sure they have their own IRD number and bank account.
How does the “25% extra shares” benefit work?
The Government has already confirmed that New Zealanders who apply for up to $2000 of shares will be guaranteed that amount. However, if demand exceeds the number of shares available, people who request more than $2000 worth will have their bid scaled back.
Today’s announcement is that New Zealanders who pre-register may be allocated up to 25% more shares than people who do not pre-register (if demand exceeds shares available).
If I pre-register online, do I receive my Offer Document electronically?
If you provide an email address when you pre-register, you will be automatically notified by email when the Share Offer Document is available. The Share Offer Document will be viewable electronically by New Zealand residents in New Zealand and able to be downloaded in PDF. In addition, you can request to be sent a paper copy Offer Document to your mailing address in New Zealand (at no cost to you).
Access to the electronic version of the Offer Document will be restricted to New Zealand residents in New Zealand.
What is the pre-registration advertising campaign?
A comprehensive pre-registration advertising campaign will commence on 5 March, covering TV, print and online media.
Given the Government’s objective of widespread New Zealand ownership of shares, the campaign is designed to reach as many New Zealanders as possible so that everyone who wants to get involved understands the process.
The campaign for the 3 week pre-registration period will cost between $1.1 and $1.4 million.
The size and reach of the campaign is comparable with other short-term campaigns designed to motivate action – like ‘Give Way’ and Election enrolments.
The campaign was developed by Clemenger BBDO (appointed after a competitive RFP process in early 2012).
What is the overall cost of the IPO?
It is anticipated that the costs of the Government Share Offers programme will be around 2% of overall proceeds, although costs may be higher than first expected because of the delay to the programme.
Treasury releases cost information on
When will the Mighty River Power Share Offer open?
The Crown has not yet decided on the final date of the Mighty River Power share offer. When that decision is made, New Zealand investors will be informed of the timing of the Share Offer and the process by which they can apply for shares. The final decision will be subject to market conditions.
The Mighty River Power Share Offer Document will be publicly available within New Zealand following its registration with the Registrar of Financial Service Providers and the Share Offer is expected to open one week later.
This is expected to be in mid April 2013.
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).
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.