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

 


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

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 

PARLIAMENT TODAY:

Flyover Over: NZTA Not Appealing Flyover Decision

The NZ Transport Agency has decided not to appeal the High Court’s Basin Bridge decision, and says the High Court’s findings provide valuable clarity to help guide the development of future infrastructure projects throughout the country. More>>

ALSO:

Developing Crown Land: Government, Auckland Iwi Reach Agreement

The government has reached agreement with Ngati Whatua and other Auckland iwi over developing 500 hectares of excess land in Auckland for private housing which had been under High Court challenge. More>>

ALSO:

Gordon Campbell: On Maurice Williamson

Maurice Williamson seems to have been granted an annual licence to embarrass the National Party, and its that time of year again. Also as per usual, Williamson’s recent exercise in sexism and homophobia has passed by with barely a murmur from his leader. More>>

ALSO:

Green Climate Plan: Shaw Launches 40% Emission Cut Target

Green Party co-leader James Shaw has announced an emissions target initiative for 40% reduction by 2030. He said agriculture has to long been used as a reason for inaction, a roadblock to action... He proposed a tax of 8 cents per kilo of milk. More>>

ALSO:


Images & Video: Four Alternative Flags For Referendum

Flag Consideration Panel chair, Professor John Burrows, said the Panel’s decision had been guided first and foremost by the results of its engagement programme across a range of communities where thousands of Kiwis shared what was special about New Zealand, as well as the Panel’s own selection criteria. More>>

ALSO:

Transport Report: LGNZ Calls For Proactive Approach To Mobilise Regions

LGNZ has today released Mobilising the Regions, its major transport study, which highlights the economic and social impact of strategic transport decisions nationally and in the regions, and the direct link between regional development, national prosperity, social well-being and cohesiveness. More>>

ALSO:

Transport: New Rules Bring Double-Deckers To Our Cities

New rules that allow buses, including double-deckers, to carry more people will ramp up the public transport offering in our cities, Transport Minister Simon Bridges and Associate Transport Minister Craig Foss say. More>>

ALSO:

Cycling:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news