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

Open Source // Open Society - Full Coverage

Gordon Campbell:
On The Reserve Bank And Auckland Housing

The ‘crisis – what crisis?’ response by the government to the Auckland housing price bubble is no longer acceptable.

So says Reserve Bank governor Grant Spencer – who used unusually frank language in his speech and subsequent interviews yesterday to call for a capital gains tax, and to generally chastise central and local government for their inaction on a threat to the country’s economic health and financial stability.

That threat has been real for some time. The housing price bubble has already created a currency bubble... Undaunted, the government keeps calling this situation a success story. More>>

 

PARLIAMENT TODAY:

Bangladesh: GCSB Dragging NZ Into Human Rights Abuses

The New Zealand government should stop providing intelligence assistance to Bangladeshi security agencies that are known to systematically engage in human rights abuses, said the Green Party today. More>>

ALSO:

Troops Heading To Iraq: Government Must Come Clean On Deployment

New Zealanders deserve more than to hear about their troops’ deployment overseas from Australian media, Opposition Leader Andrew Little says. “News from Australia that Kiwi troops are on their way to Iraq this week is another example of the culture of secrecy and unknown protections around the deployment.” More>>

ALSO:

Image: Strikers And Protestors Join Outside McDonald's

A group of protestors took to McDonald’s Manners St today as a part of the international fast food workers day of action to end zero hour contracts. More>>

ALSO:

Greens: Special Education Funds Not Spent

More than $32 million of funding for children with special needs has not been spent by the Government, despite families of children with special needs complaining for years that they’ve been denied the support they deserve. More>>

ALSO:

John Key: Pre-Budget Speech To Business NZ

So this Government will remain relentlessly focused on improving the competitiveness of our economy... We will continue to give businesses a platform to invest, grow and create jobs in the knowledge they will be backed by a clear and consistent government policy programme. More>>

ALSO:

Multimedia: Andrew Little’s Response To John Key’s Pre-Budget Address

Labour Party leader Andrew Little spoke today on John Key’s pre-budget address this afternoon in Wellington. Little said National has had seven years to achieve a surplus and Kiwis have “fufilled their end of the bargain.” More>>

Surplus Baggage: Key Backs Off ‘Artificial Target’

John Key’s attempt to redefine his cornerstone promise of two election campaigns as an artificial target suggests his other promises are works of fiction, says Labour’s Finance spokesperson Grant Robertson. More>>

ALSO:

Gordon Campbell: On UE Pass Rates And University Dropout Rates

Houston, there is clearly a problem with (a) the plunge in pass rates for University Entrance qualifications, which has been especially steep among Maori students and also a problem with (b) the failure rates for Maori students among those who reach university... Unfortunately the two problems seem related. More>>

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
More RSS  RSS
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news