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Mighty River Power retail offer closes at 5pm today

Hon Tony Ryall
Minister for State Owned Enterprises

3 May 2013

Mighty River Power retail offer closes at 5pm today

A key stage of the Mighty River Power share offer will be completed today, State-owned Enterprises Minister Tony Ryall says.

“The retail offer has been open for three weeks, and was available only for New Zealanders. This demonstrates the Government’s commitment to encouraging widespread New Zealand ownership of the shares.

“The next stage in the process is the institutional offer – referred to as the ‘bookbuild’ – where institutional investors are able to bid for shares at different prices. This will take place on Tuesday and Wednesday of next week.

“The institutions play an important role in the process. They bid for shares at the price/s they consider the company is worth, and it is a competitive process. While the final decision is made by Ministers, the bookbuild process allows us to determine what value the market puts on the company. This is important for ensuring New Zealand retail investors get a fair deal – and New Zealand taxpayers get a fair price.

“Midweek next week, Ministers assess all of the demand – from New Zealanders, from New Zealand institutions (like Kiwisaver funds and managed funds) and overseas institutions – and make decisions on the final price and allocations. The same price is paid by everyone, although New Zealanders in the retail offer will have an extra entitlement to loyalty bonus shares.

“We expect to announce those decisions before the listing on the NZX Main Board on Friday 10 May (initially trading on a conditional trading basis).

“Until that time, we will not be able to release any information about retail applications. Securities law prevents us from talking about demand until listing has occurred.”

ENDS

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