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

More Evidence - Scoop Press Conference Recordings:
PM's Post-Cab Presser 8/8/11
"at that point [Tucker] told me he'd release it ..."

Hager Revelations: Inquiry Into NZSIS Release Of Goff Docs

The Inspector-General of Intelligence and Security (IGIS), Cheryl Gwyn, announced she would be instituting an inquiry concerning allegations that the New Zealand Security Intelligence Service (NZSIS) might have released official information to Mr Cameron Slater, regarding briefings provided to the then Leader of the Opposition, for political purposes...

“I am satisfied there is a sufficient public interest justifying the commencement of an own-motion inquiry into the substance of the issues raised with my Office,” said Ms Gwyn. More>>

Goff: Director’s Letter Contradicts Key’s Claims

At yesterday’s media standup, when asked on the topic John Key said ‘I wasn’t told’...
“In a letter dated November 2011 former SIS director Warren Tucker states three times that ‘in accordance with the usual practice of keeping the minister informed’ the Prime Minister had been told. More>>


 

Parliament Today:

Schools, PPTA Sign Up: Primary Teachers And Principals Vote Down Govt Plan

Teachers and principals have voted overwhelmingly against the Government’s controversial “Investing in Educational Success” policy, including proposed highly-paid principal and teacher roles. More>>

ALSO:

Gordon Campbell: On The Usual Round Of Mud Slinging And Name-Calling

This week gave an interesting example of how hard it is to untangle the reality from the slanging matches. The issue that emerged early this week could hardly be more important. Does the government intend to cut spending in health, education and on the environment if re-elected, or not? More>>

Earlier:

Electionresults.co.nz: National and NZ First Rise in Roy Morgan Poll

National has bounced back in the latest Roy Morgan Poll but the big winner has been New Zealand First who rise to their highest level of support since September 2013. More>>

ALSO:

Fish Pun Warning: By Hoki! It’s Labour’s Fisheries Policy

A Labour Government will protect the iconic Kiwi tradition of fishing by improving access to the coast, protecting the rights of recreational fishers and reviewing snapper restrictions, Labour’s Fisheries spokesperson Damien O’Connor says. More>>

ALSO:

It's Official: Governor General Gives Direction To Conduct Election

The Governor General has signed the writ directing the Electoral Commission to conduct the General Election on 20 September 2014. This is the formal authority to run the 2014 election, and enables candidate nominations to open tomorrow Thursday 21 August 2014. More>>

Gordon Campbell: No More Mr Nice Guy

When future historians seek to identify the exact moment when the prime ministerial career of John Key hit the downward slope, they may well point to Key’s interview yesterday with Guyon Espiner on RNZ’s Morning Report. More>>

ALSO:

Dirty (Politics) Weekend: Collins’ Admission Reason For Key To Act

"Despite claiming that the evidence about her in Nicky Hager's book was ‘false’ Judith Collins has now been forced to admit that she did send information about a Ministerial Services staff member to Cameron Slater for him to use in a baseless smear campaign. More>>

ALSO:

Potential Disasters: Underground Coal Fire On Denniston Plateau

Forest & Bird says one or more coal fires have broken out beneath the Denniston Plateau, and that the Department of Conservation (DOC) must stop Bathurst Resources’ preparatory mining work going on there until the fire or fires are extinguished. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news