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

Teina Pora Wins Appeal: Gordon Campbell On The Privy Council Decision

The quashing of the convictions of Teina Pora for the rape and murder of Susan Burdett in 1992 has shone a spotlight once again on a major gap in the New Zealand justice system.

To all intents and purposes, access by New Zealanders to the Privy Council has now been closed. Yet the number of times in recent years when the Privy Council has quashed the findings of New Zealand courts has demonstrated that we are regularly
(a) jailing the wrong person or
(b) arriving at guilty verdicts on grounds sufficiently flawed as to raise serious doubts that a miscarriage of justice has occurred. More>>

 

PARLIAMENT TODAY:

Urgent Bill Planned: MP Pay Rises To Match Public Service

Prime Minister John Key today announced an overhaul of the Remuneration Authority Act, tying MP salaries to those of the wider public sector, which will be passed under urgency. More>>

ALSO:

PM's Press Conference: MP Pay Rises, Solid Energy, Iraq

Prime Minister John Key answered questions in his Post-Cabinet press conference about the Iraq deployment, Solid Energy and National’s decision to overhaul the Remuneration Authority Act. More>>

ALSO:

Worksafe: MSD Charged Over Work And Income Ashburton Shooting

WorkSafe NZ has laid one charge against the Ministry of Social Development (MSD) in relation to the shooting at the MSD Ashburton office on 1 September 2014 in which two Work and Income staff were killed and another was injured. More>>

ALSO:

Iraq: Ex-Hostage Says Government Not Putting NZers, Iraqis First

Harmeet Singh Sooden is travelling to Iraq in the coming weeks to work with Christian Peacemaker Teams (CPT) on a short-term assignment. More>>

ALSO:

Joint Statement: Australia-New Zealand Leaders’ Meeting

Prime Minister Key warmly welcomed Prime Minister Abbott and Mrs Abbott to New Zealand. The visit has enabled wide-ranging and substantive discussion that has underlined the strength, value, diversity and warmth of our trans-Tasman relationship. More>>

ALSO:

Press Conference: Peters To Stand In Northland By-Election

New Zealand First Leader Winston Peters has announced his intention to stand in the Northland by-election, citing his own links to the electorate and ongoing neglect of the region by central government. More>>

ALSO:

Gordon Campbell: On The Wage Hike For MPs (and Paul Robeson)

Hard to tell what is more infuriating. Is it the 5.3% increase on the already bloated salaries of MPs, or their pantomime of outrage at being gifted with such a wonderful back-dated bonanza? More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news