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 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?

As usual, Prime Minister John Key has busily tried to distance himself from the political fallout, even though he happens to be the main beneficiary of the Remuneration Authority’s generosity. Finance Minister Bill English says with a straight face that it would actually be very hard to give the money back...

Even if it were true, it would actually be very easy for English and any other guilty colleagues, to give the extra money away. There are any number of food banks or homeless shelters who would be able to put the money to good use. More>>

 

PARLIAMENT TODAY:

No Designers Or Visual Artists: Flag Panel Members Announced

The Government has appointed 12 New Zealanders as members of the Flag Consideration Panel which will engage with the public about a possible new New Zealand flag, Deputy Prime Minister Bill English says. More>>

ALSO:

Labour MP Stands Down From Portfolio: Comment From Carmel Sepuloni

The first I knew of my mother’s charges was when I was called by a reporter yesterday. I spoke to Andrew and we agreed there is a conflict of interest at the present time which means I will temporarily stand aside from the Social Development portfolio. It’s the right thing to do… . More>>

ALSO:

Gordon Campbell: On Whether NZ Troops Are The Least Of Islamic State’s Problems

Given that it has been politically packaged and sold as a training mission, the Iraq deployment announced yesterday by Prime Minister John Key seemed to be mysteriously short of actual trainers... The other wing of the argument is whether a troop deployment is (a) the only effective way and (b) the appropriate time to combat Islamic State. More>>

ALSO:

143 Troops, Possible SAS Deployment, Legalities Unsorted: PM’s Statement On ISIL

Mr Speaker, today I am announcing to the House the Government’s decisions about our contribution to the fight against the Islamic State of Iraq and the Levant, or ISIL... More>>

ALSO:

Liu Saga: PM's Dinner With Controversial Donor

John Key must front up to New Zealand and say what he discussed with Donghua Liu when the disgraced businessman paid $25,000 for the Prime Minister to come to dinner at his Remuera home, the Green Party said today. More>>

ALSO:

Roads: National MP 'Concerned' At Overseas Driver Crashes

Waitaki MP and Parliamentary Private Secretary for Tourism Jacqui Dean said she was concerned at the number of fatal crashes involving overseas licence holders and she really felt that the time had come for more to be done. More>>

ALSO:

Parliament Today: Parole Bill Passes

A bill reducing parole hearings deemed to be unnecessary has passed. The third reading of the Parole Amendment Bill was completed by 104 to 16 with the Greens and Maori Party opposed. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news