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

 


MRP share offer document registered and loyalty bonus scheme

Hon Bill English
Minister of Finance
Hon Tony Ryall
Minister for State Owned Enterprises

5 April 2013
Media Statement
MRP share offer document registered and loyalty bonus scheme announced

New Zealand retail investors in the Mighty River Power share offer will receive one loyalty bonus share for every 25 shares they hold for two years from the offer, up to a maximum of 200 bonus shares, Finance Minister Bill English says.

Mr English also announced that the indicative price range for the shares is $2.35 - $2.80 per share, with the final price expected to be announced on 8 May after the retail offer has closed and the institutional offer has been conducted by a book-build process.

“The loyalty bonus scheme that I am announcing today is another way to encourage widespread and substantial New Zealand ownership of shares in MRP,” Mr English says.

“It also recognises the loyalty of those New Zealanders who retain their shares and contribute towards the country’s savings culture.”

The loyalty bonus scheme is available only to New Zealand retail investors – not to institutions in New Zealand or overseas.

The Mighty River Power share offer document was formally registered today and from later today will be available for viewing on the www.mightyrivershares.govt.nz website from within New Zealand.

A ‘consideration period’ has now started and is expected to last for five working days. This is a requirement under securities law to allow the Financial Markets Authority the opportunity to review the document before the offer period officially starts.

New Zealanders can also take this time to read the document and start considering whether they wish to apply for shares.

No applications are able to be accepted during the consideration period.

People who pre-registered will be posted or emailed copies of the share offer document once the offer opens, expected to be Monday 15 April.

Around 440,000 New Zealanders registered their interest in the share offer during the pre-registration period that ended two weeks ago.

Mr English repeated today that the Government expects to see at least 85 per cent New Zealand ownership of the company at the time it lists, which is expected to be on Friday 10 May.

The maximum cost of the loyalty scheme will not be known until the offer has closed and allocation decisions are made, but a bonus offer of 1:25 means that the maximum cost will be 4 per cent of the value of shares allocated to New Zealand retail investors.

“We think the size of the loyalty bonus strikes a good balance between promoting widespread participation in the share offer, rewarding New Zealanders who decide to hold on to their Mighty River Power shares, and being prudent with the costs of the share offer,” Mr English says.

State Owned Enterprises Minister Tony Ryall says the share offer period, during which New Zealanders can apply to buy shares, is expected to open on Monday 15 April. It will remain open for three weeks, with the expectation of it closing on Friday, 3 May, one week before the company is expected to be listed on the NZX Main Board and the ASX on 10 May.

“We know that many New Zealanders are likely to be buying shares for the first time and great care has been taken to ensure that the offer document sets out all the information they may need to decide whether or not they want to participate in the share offer,” Mr Ryall says. “The document is some 260 pages and sets out the relevant risks for people to consider.”

“After the consideration period, we will announce that the offer is open and New Zealanders will be invited to apply for shares. The offer period will be three weeks long, so there’s plenty of time for New Zealanders to read the document and consider whether they want to be involved.”

Potential investors are encouraged to talk to their financial advisors if they want personalised advice.

Mr English and Mr Ryall say the Government is pleased to have reached this stage in the offer process.

“It is worth noting the rationale behind our mixed ownership model. The share offer programme is expected to raise between $5 billion and $7 billion of capital that the Government can spend on new investments that we would otherwise have to do without, or we would have to borrow overseas to pay for them,” Mr English says.

“In addition, we think the companies themselves will benefit from the mixed ownership model.

“We look forward to the FMA completing its work and the offer period beginning.”


http://img.scoop.co.nz/media/pdfs/1304/MRP_General_Offer_Fact_Sheet_5_April_2013__FINAL.pdf

http://img.scoop.co.nz/media/pdfs/1304/MRP_Offer_Application_Process_Graphic_5_April_2013.pdf

http://img.scoop.co.nz/media/pdfs/1304/MRP_Offer_Document_registered__QA_5_April_2013.pdf

Important notice

The offer of shares in Mighty River Power Limited is made by the Crown on the terms and conditions set out in a combined investment statement and prospectus dated 5 April 2013 (the “Share Offer Document”). The Share Offer is not yet open. It is expected to open for Applications on 15 April 2013. When the Share Offer opens, Applications for shares must be made on the Application Form accompanying the Share Offer Document.

Application has been made to NZX Limited ("NZX") for permission to list Mighty River Power and to quote its shares on the NZX Main Board and all of the requirements of NZX relating to that application that can be complied with on or before the date that of this Media Release have been duly complied with. However, NZX accepts no responsibility for any statement on this Media Release. The NZX Main Board is a registered market operated by NZX, which is a registered exchange, regulated under the Securities Markets Act 1988.

The contents of this document are not permitted to be made available to persons in any country other than New Zealand. The Crown's shares in Mighty River Power Limited and the other Mixed Ownership Model Companies have not been and will not be registered under the U.S. Securities Act of 1933. The Crown's shares may not be offered or sold in the United States or to, or for the account or benefit of, any person in the United States absent registration or an applicable exemption from the registration requirements and may not be offered or sold in any jurisdiction where it is unlawful to do so.


________________________________________


© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 

PARLIAMENT TODAY:

  • Week in Parliament 22-05-15
  • Saturday Sitting
  • House Rises At Midnight
  • Telco Levy Bill Passes
  • Telco Levy Bill Completes First Reading
  • Social Housing Bill Passes Under Urgency

  • Labour Party: McCully Doesn’t Deny Bribe In Saudi Sheep Scandal

    “In Parliament today I asked Murray McCully directly: Why is he the first Minister in history to back a multi-million dollar facilitation arrangement which in other jurisdictions is called a bribe? says Labour’s Export Growth and Trade spokesperson ... More>>

    ALSO:

    Welfare: Closure Of Relationships Aotearoa

    The Aotearoa New Zealand Association of Social Workers (ANZASW) Chief Executive Lucy Sandford-Reed is concerned about the closure of a national service which provides a wide range of services to rural and urban communities throughout New Zealand. More>>

    ALSO:

    TPPA: University Of Auckland Warns Of Negative TPP Impact

    The University of Auckland May 20, 2015 University of Auckland Warns of Negative TPP Impact With the Trans Pacific Partnership (TPP) negotiation drawing to a close, the University of Auckland has expressed serious concerns about its potential implications. ... More>>

    NZ Flag: Flag Referendum Gets Hit Hard In New Poll

    The latest Campbell Live text poll confirms it is time for the Prime Minister to listen to the public and shelve his flag referendum, says the New Zealand First Leader Rt Hon Winston Peters. More>>

    Gordon Campbell: The Government’s Belated Moves On Property Speculation

    Is it a property tax on capital gains or a capital gains tax on property? The Jesuitical distinctions in the government’s spin about its latest moves on property speculators are all about whether the government can claim that it jumped, or confess that it ... More>>

    Grant Robertson:
    Key Can’t Just Be Prime Minister For Parnell

    John Key must show New Zealanders in next week’s Budget that he is more than the Prime Minister for Parnell, and is also the Prime Minister for Pine Hill, Putararu and Palmerston North, Labour’s Finance spokesperson Grant Robertson says. In a ... More>>


    Labour Party: More Regional Jobs Go In Corrections Reshape

    News that 194 Corrections staff are to lose their jobs will have ramifications not only for them and their families but for the wider community, Labour’s Corrections spokesperson Kelvin Davis says. Prison units at Waikeria, Tongariro and Rimutaka ... More>>

    ALSO:

  • NZ First - Prison Job Losses to Send Money Offshore
  • TPPA: ‘Team Obama’ Regroups On Fast Track, Still Not Deliverable

    ‘After yesterday’s stinging and unexpected defeat for the Obama administration’s attempt to advance Fast Track legislation in the US Senate, Senate leaders have worked up a compromise they think will get them past this blockage’, according to Auckland ... More>>

    NZ Government: 5,500 More Doctors And Nurses In Our Hospitals

    Health Minister Jonathan Coleman says a record number of doctors and nurses are working in District Health Boards across the country. More>>

    Controller and Auditor General: Katherine Rich Conflict of Interest Decision

    We are writing to you about a matter that has been raised with us by members of the public. More>>

    ALSO:

    Budget 2015: Andrew Little On The 2015 Budget

    Speaking to the Chamber of Commerce, the Labour opposition leader attacked the government’s approach to economic issues facing New Zealand. He said they have been “more than reckless in their complacency” and “the next week’s budget will do nothing ... More>>

    Defence Force: NZDF Building Partner Capacity Mission Personnel In Iraq

    NZDF Building Partner Capacity Mission Personnel in Iraq The New Zealand Defence Force Building Partner Capacity training mission contingent is in place at Taji Military Complex in Iraq. The Chief of Defence Force Lieutenant General Tim Keating says the ... More>>

    PM Press Conference: ACC Levy Cuts Announced

    In a press conference this afternoon in Wellington, ACC Minister Nikki Kaye proposed $500 million worth of ACC levy cuts. More>>

    Quakes: New Process For Red Zone Crown Offers

    Canterbury Earthquake Recovery Minister Gerry Brownlee has announced a process to give everyone a say on the Crown offers to owners of vacant, commercial/industrial and uninsured properties in the Residential Red Zone. More>>

    ALSO:

    Get More From Scoop

     

    LATEST HEADLINES

     
     
     
     
     
     
     
     
     
    Parliament
    Search Scoop  
     
     
    Powered by Vodafone
    NZ independent news