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

 


Govt files supplementary disclosure on Mighty River Power

Hon Bill English

Minister of Finance

Hon Tony Ryall

Minister for State Owned Enterprises



22 April 2013 Media Statement

Government files supplementary disclosure on Mighty River Power

The Government and Mighty River Power are filing a supplementary disclosure to the Mighty River Power offer document, say Finance Minister Bill English and State Owned Enterprises Minister Tony Ryall.

The document is being lodged with the Registrar of Financial Service Providers this afternoon.

“The existing MRP offer document already outlined the principal risks associated with an investment in MRP shares,” Mr English says.

“That covered the risk that changes in the regulatory environment, including for the wholesale or retail electricity market, may affect the company.

“However, we received advice that the recent Labour/Greens proposal, if they were elected, to effectively replace competition with a state agency to act as a single buyer of wholesale electricity from generators, could be material to decisions to invest in Mighty River Power shares.

“Our advice is also that if Labour/ Greens had announced this policy before the offer began, their announcement would have been referred to in the offer document submitted to the FMA.

“The supplementary disclosure sets out the additional information so that prospective investors can factor that into their decision making,” Mr English says.

Mr Ryall says the Government has always said that New Zealanders should consider the share offer opportunity carefully before making their own decisions.

“That advice hasn’t changed,” Mr Ryall says.

“As a consequence of the rules governing supplementary disclosure, the share offer website has been temporarily suspended until tomorrow morning when it will re-open with the new disclosure added, but with all other details of the offer remaining the same, including the closing time of 5pm on Friday 3 May.

“The rules also require that New Zealanders who have already applied for shares may withdraw their applications if they choose. Withdrawals will be accepted for five working days.

“The MRP share offer is firmly on track. As we said at the time the offer was launched, MRP is a proud New Zealand company and the Government is confident in its future as a listed company,” Mr Ryall says.

ENDS

What happens next?


There are a number of procedural steps that need to be followed:


1. The supplementary disclosure document is being lodged with the Registrar of Financial Service Providers this afternoon, and is being published on the Companies Office website.

2. Mighty River Power is issuing a notice through the NZX to inform the market of the supplementary disclosure

3. The offer website (www.mightyrivershares.govt.nz) is temporarily suspended until just after midnight tonight. No applications for shares will be accepted until the website is turned back on.

4. From tomorrow (12.01am Tuesday 23 April) the website will carry the disclosure document and further information. Investors will be able to apply for shares again, and New Zealanders who had already applied are able to withdraw their application if they wish.

5. Withdrawals are accepted for five working days (until 1 May 2013).

6. Advertisements will be run in the major newspapers on Tuesday 23 April to inform New Zealanders of the supplementary disclosure.


What do investors need to do if they wish to withdraw their application?


Withdrawals can be made by calling 0800 90 30 90 (after 8am on Tuesday) or online via the www.mightyrivershares.govt.nz website after midnight tonight. As noted above, the website will be temporarily suspended for the rest of today.


An applicant who withdraws is permitted to re-apply. If they pre-registered, they will still benefit from the preferential allocation rights.


Refunds are required to be paid within ten business days of allotment (so they are expected to be paid between 14 and 28 May 2013).


© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On The Tokenism Of New Zealand's Role Against Islamic State

To date, the Opposition has continued to occupy itself with the marginalia of the issue. E.g. whether Key did or didn’t know whether Barack Obama would be present at the US briefing last week on IS, or whether New Zealand’s military involvement is or isn’t already a fait accompli.

It might be better to tackle the issue, head on. Our contribution against IS will be to send SAS forces to train the Iraqis? That’s like offering trainers to General Custer just as the 7th cavalry reached the Little Big Horn.
More>>

 

Parliament Today:

Scoop Business: Shell And Todd Caught Drilling Without Approval

Multi-national oil company Shell’s New Zealand arm and local energy giant Todd Energy have breached the new law governing New Zealand’s Exclusive Economic Zone, the Environmental Protection Authority says in an Oct. 10 document released by the Green Party. More>>

ALSO:

Labour: Tea Breaks 'Gone By Lunch Time'

“How cynical that on the eve of Labour weekend, the National government is pushing through legislation that takes away the statutory right to tea and meal breaks along with collective bargaining protections, and makes vulnerable workers jobs even less secure." More>>

ALSO:

Gordon Campbell: On Pharmac, Gough Whitlam And Sleater-Kinney

We’re not at the outset of these negotiations. The outset was six years ago, and negotiators were hoping to have some sort of ‘framework’ deal finished in time for the APEC meeting in a few weeks’ time. These ‘extreme’ positions are what we’ve reached near the intended end of the negotiations… More>>

ALSO:

PM Of Many Hats: Questions, No Answers On Whale Oil

Dr RUSSEL NORMAN (Co-Leader – Green) to the Prime Minister: How many times since November 2008 has he spoken with blogger Cameron Slater on the phone and how many times, if any, has he texted him?
Rt Hon JOHN KEY (Prime Minister): None in my capacity as Prime Minister. More>>

ALSO:

Aussie Investigation Dropped: Call On Minister McCully To Pursue The Case Of Balibo Five

West Papua Action is deeply concerned at the lack of any clear outcome from the Australian Federal Police inquiry into the 1975 deaths of the ‘Balibo Five’ including NZ journalist Gary Cunningham. More>>

ALSO:

'Feed The Kids' Bill: Metiria Turei To Lead Fight On Feeding Hungry Children

Green Party Co-leader Metiria Turei is urging all political parties to support the Feed the Kids Bill which she inherited today from Mana leader Hone Harawira. More>>

ALSO:

Parliament Today: State Opening Of Parliament

The House sat at 10.30am on Tuesday before MPs were summoned to hear the Speech from the Throne in the Legislative Council Chamber. More>>

ALSO:

Tertiary Education: Students Doing It Tough As Fees Rise Again

The Government is making it increasingly difficult for Kiwis to gain tertiary education as fees continue to rise and access to student support becomes even more restricted, Labour’s Tertiary Education spokesperson Chris Hipkins says. More>>

ALSO:

Housing, Iraq: PM Press Conference – 20 October 2014

Prime Minister John Key met with press today to discuss:
• Housing prices and redevelopment in Auckland
• Discussions with Tony Abbott on the governmental response to ISIS, and New Zealand’s election to the UN Security Council More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news