Gordon Campbell | Parliament TV | Parliament Today | News Video | Crime | Employers | Housing | Immigration | Legal | Local Govt. | Maori | Welfare | Unions | Youth | Search

 


Firms appointed for Meridian and Genesis IPOs

28 May 2013

MEDIA STATEMENT

Immediate Release

Firms appointed for Meridian and Genesis IPOs

The Treasury has appointed Joint Lead Managers (JLMs) for the sale of minority shareholdings in Meridian and Genesis.

The JLMs were selected from the panel of six companies appointed through a competitive tender process in January 2012.

The Government announced in Budget 2013 that Meridian will be offered for partial sale in the second half of this year, subject to market conditions. The JLMs for Meridian are:

• Deutsche Bank AG New Zealand & Craigs Investment Partners

• Goldman Sachs New Zealand

• Macquarie Capital New Zealand


The JLMs are capital market advisors and each company has well established offices in New Zealand. They were each involved in the Mighty River Power offer – Goldman Sachs and Macquarie as JLMs, Deutsche Bank as the Crown Advisor, and Craigs as part of the retail sales syndicate.

The Treasury has also appointed Bell Gully as legal advisor for the Meridian IPO. Bell Gully advised Treasury on the Mighty River Power IPO.

In anticipation of the partial sale of Genesis following the Meridian offer, Treasury has also appointed UBS New Zealand to assist with the preparations for a Genesis IPO. No decisions have been made on the timing of that transaction, and further JLMs may be selected in the coming weeks. Legal advisors will also be appointed in the near future.

The Treasury invited members of the JLM and legal panels to bid for appointment to one or both of the transactions. The bids were of a high quality, and the Treasury’s decision was based on the best combination of firms to assist it to achieve the Government’s objectives for the IPOs.

ENDS


Questions and Answers

What do Joint Lead Managers do?

The JLMs will provide project management, execution and advisory services for the IPO to assist in achieving the Government’s objectives. They are also responsible for appointing and managing the selling syndicate and assisting with the marketing of the offer to New Zealanders.

What fees will the JLMs be paid?

The details are commercially sensitive. Fees will be disclosed in the offer documents before the IPOs of Meridian and Genesis, as was the case with Mighty River Power.

Why are three JLMs needed for Meridian?

Each of the appointed JLMs has skills that the Treasury judged are necessary for the IPO. The IPO of a minority share in Meridian is a substantial transaction and is likely to require greater capacity than can be provided by any single firm.

The Mighty River Power IPO also involved three JLMs, and it is possible that the Treasury will appoint further JLMs for the Genesis offer.

Who else is on the JLM panel?

The panel of six firms selected through a competitive tender process in early 2012 is:

• Deutsche Bank AG New Zealand / Craigs Investment Partners

• First NZ Capital / Credit Suisse

• Forsyth Barr / Merrill Lynch

• Goldman Sachs New Zealand

• Macquarie Capital New Zealand

• UBS New Zealand


What other contractors and advisors will be hired for the Meridian and Genesis IPOs?

Besides the JLMs and legal advisors, other advisors include:

• Marketing, design and communication services

• Technology and logistical services

• Research


Advisors and contractors for these services were appointed in early 2012 for the entire programme of IPOs. 3


Important Notice

The Crown is considering offering shares to the public in Meridian Energy Limited and Genesis Power Limited. No money is currently being sought and no applications for shares will be accepted or money received until after an investment statement containing information about the relevant offer of shares is available.

The Crown's shares in Meridian Energy Limited and Genesis Power Limited have not been and will not be registered under the U.S. Securities Act of 1933. The Crown's shares may not be offered or sold in the United States or to, or for the account or benefit of, any person in the United States absent registration or an applicable exemption from the registration requirements and may not be offered or sold in any jurisdiction where it is unlawful to do so.


© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 

Departure Speech: Governor-General’s State Farewell Luncheon

"...Unfortunately I was unable to get to the Antarctic, the Chatham Islands and the Kermadecs. A dicky heart thwarted our travel to the Antarctic; and even though I volunteered to parachute into the Kermadecs to join the Young Blake expedition, time, commitments and officials frustrated my plans to visit the Kermadecs and Chathams." More>>

ALSO:

New Research: Most Homeless People Working Or Studying

“The cost of housing has been rising without corresponding increases in income, whilst the number of state houses per capita has been in decline. Many low-income people are missing out on housing, whether we recognise them as ‘homeless’ or not. More>>

ALSO:

Post-Traynor: New Offender Info Sharing Plan

“This Bill delivers on that step-change by moving away from name-based records held by individual agencies to a shared, anchor identity based on unalterable information, such as fingerprints and facial recognition. It also gives agencies access to the drivers’ licence photo database and birth, death and marriages information." More>>

  • NZ Law Foundation - New $2M fund for research on information challenges
  • Littoral: New Ship To Deliver Enhanced Naval Capability

    Defence Minister Gerry Brownlee says the Government has approved a Ministry of Defence and New Zealand Defence Force recommendation to request tenders for a new naval ship to support littoral operations. More>>

    July:

    After King's Labour Snub: Māori Party And Kiingitanga To Work Together

    Māori Party Co-leaders Te Ururoa Flavell and Marama Fox met with Kiingitanga representatives in Wellington yesterday to discuss working together on key issues for the betterment of Māori. More>>

    ALSO:

    Waitangi Claim On Rehabilitation: The 'Justus' System For Māori Not Good Enough

    Closing statements at the Waitangi Tribunal case against Corrections called for immediate steps and a comprehensive review to address the high rate of Māori reoffending. More>>

    ALSO:

    Advice: PM Sets Rules For Ministers' Treatment Of Public Servants

    Prime Minister John Key has laid down the law about the way ministers and public servants should interact, saying ministers may not always like the advice they receive, but they must listen to it carefully, respectfully and professionally. More>>

    Gordon Campbell: On The Funding Changes In Special Needs Education, And Uber

    The plan to strip out the educational support for older “special needs” children in order to meet the existing shortfall in funding for special needs in early childhood education is so miserly and relentlessly stupid as to defy belief… More>>

    SPECIAL EDUCATION (& More):

    Online Learning Plans:

    Get More From Scoop

     

    LATEST HEADLINES

     
     
     
     
     
     
     
     
     
    Politics
    Search Scoop  
     
     
    Powered by Vodafone
    NZ independent news