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

2040 Target And Lower Standards: “Swimmable” Rivers Five Times More Likely To Make You Sick

Forest & Bird has condemned the government’s new water quality standards, warning New Zealanders that they lock in current levels of water pollution and allow for a 5-fold increase in the chance of getting sick from swimming in a river.

“Despite an explicit assurance from Minister Smith that the new water standards would provide for human and ecosystem health, he has failed to deliver on either of these things,” says Forest & Bird CEO Kevin Hague. More>>

ALSO:

 
 

Immigration: Clampdown On Rogue Employers Good First Step

The Human Trafficking Research Coalition is pleased at the new clampdown on rouge employers who exploit migrants announced by Minister Woodhouse this morning, and believes this is a step in the right direction. More>>

ALSO:

Mayor: 750 New Social And Affordable Homes For Wellington (Over A Decade)

The next stage of Wellington’s Housing Upgrade Programme will see at least 750 new units of social and affordable housing built over the next decade, Mayor Justin Lester has announced. More>>

ALSO:

22/2: Christchurch Quake Memorial Unveiled

A city, a region, a nation and an international community impacted by the Canterbury Earthquakes will come together to mark the sixth anniversary of the deadly quake and dedicate Oi Manawa Canterbury Earthquake National Memorial. More>>

ALSO:


November Quakes:

Gordon Campbell: On The Mana-Maori Party Deal

If the self-interest involved wasn’t so blatant, the electorate deal between the Maori Party and Hone Harawira would be kind of poignant. It’s a bit like seeing the remaining members of Guns’n’Roses or the Eagles back on the road touring the nostalgia circuit… playing all the old hits of Maori unity and kaupapa Maori politics. More>>

ALSO:

Private Provision: First Social Bond To Focus On Mental Health

New Zealand’s first social bond will help around 1700 people with mental illness into work, Finance Minister Steven Joyce and Social Investment Minister Amy Adams say. More>>

ALSO:

Immigration: Short Reprieve For Nine Indian Students

A temporary hold on deportations of nine Indian students is a step in the right direction but the Government urgently needs to implement safeguards to stop further injustices to more international students, the Green Party says. More>>

EARLIER:


Megaupload Case: High Court Rules Dotcom, Co-Accused Eligible For Extradion

Internet entrepreneur Kim Dotcom and his three co-accused are eligible for extradition to the United States, New Zealand's High Court ruled... Justice Murray Gilbert upheld a decision by the District Court that there were grounds for Dotcom, Mathias Ortmann, Bram van der Kolk and Finn Batato to be extradited. More>>

ALSO:

PREVIOUSLY:

Port Hills Fire: Midday Update, Monday 20 February

• 9 homes destroyed
• 2 homes with partial damage. Damage includes things like cracked windows, heat damage.
• 3 properties with damage to other external structures e.g sheds or outbuildings More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news