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

 


Up to 49% of Genesis for sale in share offer

Hon Bill English

Minister of Finance

Hon Tony Ryall

Minister for State Owned Enterprises

26 March 2014

Media Statement
Up to 49% of Genesis for sale in share offer

The Government today confirmed that up to 490 million shares - or 49 per cent of Genesis Energy - will be available for sale through the share offer.

400 million shares – or 40 per cent of the company - will be available through the bookbuild, which opens tomorrow. This is the first stage of the offer, involving local and international institutions and New Zealand sharebrokers, Finance Minister Bill English and State Owned Enterprises Minister Tony Ryall say.

“Up to 90 million more shares – or 9 per cent - will then be available to New Zealanders through the general offer which opens on Saturday. This includes shares set aside for loyalty bonus share allocations to New Zealand retail investors and share allocations for participating iwi,” Mr English says.

“We have received positive feedback on the offer to date from local and international institutions and New Zealand sharebrokers.”

The Government has said previously that between 30 per cent and 49 per cent of Genesis Energy would be sold, depending on demand. It has also set an indicative price range of $1.35 to $1.65 per share – the final share offer price will be established through the bookbuild and announced on Friday.

“Based on market feedback and expected demand, we have decided up to 49 per cent of shares will be available through the two stages of the offer,” Mr Ryall says.

“The final share offer price and the number of shares allocated to various investor groups through the bookbuild will be announced on Friday evening before the general offer opens.

“The general offer will open at 12.01am Saturday morning,” Mr Ryall says.

“We intend again to achieve at least 85 per cent New Zealand ownership of Genesis Energy on listing.”

The Genesis Energy share offer will complete the Government’s share offer programme, which will raise more than $4 billion for investing in new public assets such as schools, hospitals and ultra-fast broadband without having to borrow more from overseas lenders.

Genesis share offer next steps

10.30am Thursday 27 March – bookbuild opens. 400 million shares available to New Zealand sharebrokers and local and international institutions. 90 million shares retained for general offer.

Evening of Friday 28 March – final share offer price announced. Bookbuild share allocations announced. Expected New Zealand ownership percentage announced.

12.01am Saturday 29 March – general offer opens to New Zealanders. Up to 90 million shares available (includes participating iwi allocations and loyalty bonus share allocations).

5.00pm Friday 11 April – general offer closes.

17 April – listing of Genesis Energy on NZX main board.

--

Important notice

The offer of shares in Genesis Energy Limited (“Genesis Energy”) is made by the Crown on the terms and conditions set out in the investment statement and the prospectus for the offer. The offer is not yet open. When it opens, applications for shares must be made on the application form accompanying the investment statement. The Crown does not guarantee the shares in Genesis Energy. An application has been made to NZX Limited ("NZX") for permission to list Genesis Energy, and to quote Genesis Energy's shares, on the NZX Main Board, and all requirements of NZX relating thereto that can be complied with on or before the date of this advertisement have been duly complied with. However, NZX accepts no responsibility for any statement in this advertisement. The NZX Main Board is a registered market operated by NZX, which is a registered exchange, regulated under the Securities Markets Act 1988.

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell:
On The Pakistan Schoolchildren Killings

The slaughter of the children in Pakistan is incomprehensibly awful. On the side, it has thrown a spotlight onto something that’s become a pop cultural meme. Fans of the Homeland TV series will be well aware of the collusion between sections of the Pakistan military/security establishment on one hand and sections of the Taliban of the other…

Reportedly, it was the breakdown of the relationship between the Pakistan Taliban and the Pakistan military – which for the first time, began bombing Taliban enclaves in the Tribal Federated Areas earlier this year – that led to this revenge attack on the school, which is attended by the children of the military. More>>

 

Parliament Adjourns:

Werewolf Satire:
The Politician’s Song

am a perfect picture of the modern politic-i-an:
I don’t precisely have a plan so much as an ambition;
‘Say what will sound most pleasant to the public’ is my main dictum:
And when in doubt attack someone who already is a victim More>>

ALSO:

Flight: Review Into Phillip Smith’s Escape Submitted To Government

The review follows an earlier operational review by the Department of Corrections and interim measures put in place by the Department shortly after prisoner Smith’s escape, and will inform the Government Inquiry currently underway. More>>

ALSO:

Intelligence: Inspector-General Accepts Apology For Leak Of Report

The Inspector-General of Intelligence and Security, Cheryl Gwyn, has accepted an unreserved apology from Hon Phil Goff MP for disclosing some of the contents of her recent Report into the Release of Information by the NZSIS in July and August 2011 to media prior to its publication. The Inspector-General will not take the matter any further. More>>

ALSO:

Drink: Alcohol Advertising Report Released

The report of the Ministerial Forum on Alcohol Advertising and Sponsorship has been released today, with Ministers noting that further work will be required on the feasibility and impact of the proposals. More>>

ALSO:

Other Report:

Leaked Cabinet Papers: Treasury Calls For Health Cuts

Leaked Cabinet papers that show that Government has been advised to cut the health budget by around $200 million is ringing alarm bells throughout the nursing and midwifery community. More>>

ALSO:

Maori Party: Tribunal Report Confirms Iwi Ownership Of Lake Waikaremoana

“We are pleased for the claimants that eight years after the hearing began on Lake Waikaremoana they have some closure,” says Māori Party Co-leader Te Ururoa Flavell. “Most importantly, the report confirms freshwater is a taonga and identifies the ownership rights of Tūhoe, Ngāti Ruapani, Ngāti Kahungunu, and Ngāi Tamaterangi to the lake bed.” More>>

ALSO:

NSW Police Statement: Three Dead Following Martin Place Siege

About 2.10am (Tuesday 16 December), a confrontation occurred between police and a man who had taken a number of people hostage inside a café on Martin Place. Shots were fired during the confrontation. As a result, the 50-year-old man was pronounced dead after being taken to hospital. Another man, aged 34, and a woman, aged 38, were pronounced dead after being taken to hospital. More>>

ALSO:

Gordon Campbell: On The Sydney Siege (And DHB Budget Cuts)
Whenever the authorities bring a siege situation to an end, there will be criticism if – as has happened in Sydney – any hostages are seriously hurt, or killed... In the Sydney Morning Herald this morning, columnist Peter Hartcher raises a different point – that the initial public response had been noticeably different to the agitated reactions of politicians and the media. More>>

ALSO:

Climate Performance Report - Not Achieved: NZ Government Part Of Global Climate Problem

The New Zealand Government’s position on climate change is part of the global problem that we need to overcome if we are to avoid catastrophic climate change, the Green Party said. More>>

ALSO:

Gordon Campbell: On Income Inequality, And Yo Ho Ho Christmas Songs

As 2014 grinds to a close, we probably didn’t need one more reminder of this government’s ability to stare reality in the face and declare black to be a very fine shade of white... Yet on Wednesday, there was Finance Minister Bill English trying to tell RNZ that the OECD was (a) wrong (b) using old data and (c) somehow anti-growth and in any case (d) New Zealand allegedly already had a strongly re-distributive tax system... More>>

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news