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.

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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.

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