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

 

Parliament Restarts: Prime Minister’s Statement

Our policy agenda and legislative programme will reflect the Government’s four priorities: • to responsibly manage the Government’s finances • to build a more competitive and productive economy • to deliver better public services to New Zealanders, an • to support the rebuilding of Christchurch. More>>

ALSO:

NZEI Survey Report: Special Needs Students Missing Out

The survey revealed that around 16 percent of students were on schools’ special needs registers, but nearly 90 percent of schools’ special needs coordinators did not believe there was adequate support for students and their learning... More>>

ALSO:

Interim Report: Waitangi Tribunal On Ture Whenua Legislation

Labour on Proposed changes to Maori land rules: “To have Treaty Negotiations Minister Chris Finlayson dismiss findings as ‘bizarre’ is totally disingenuous and disrespectful. What’s bizarre is Maori Development Minister Te Ururoa Flavell stubbornly pushing through this Bill before the Waitangi Tribunal has even completed its report..." More>>

ALSO:

Spy Update: Appointment Of GCSB Acting Director

GCSB Chief Legal Advisor Lisa Fong will become the Acting Director of the Government Communications Security Bureau (GCSB) from 15 February 2016, Minister Responsible for the GCSB Christopher Finlayson announced today. More>>

Protests Close Roads: TPP Signed In Auckland

“TPP was signed by Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States and Viet Nam.” More>>

ALSO:

Emails Behind 'Diplomatic Immunity' Case: Whitehead Report Released

“As previously indicated the conclusions reached by Mr Whitehead’s investigation are not unexpected but they are very disappointing,” Mr Mccully says. “At the heart of the matter is a single email, along with procedural shortcomings, which gave Malaysian officials the impression it would be acceptable for Mr Rizalman to return to Malaysia." More>>

ALSO:

Gordon Campbell: On The Treaty/TPP Overlap, And Iowa

The fears about the ISDS provisions in the Trans Pacific Partnership deal are well-founded. The reality is that there is a sharp uptick in the occurrence of ISDS litigation in developed countries, and even the right wing likes of The Economist have been souring on the process for some time. More>>

ALSO:

Christchurch Red Zone Offers: Fresh High Court Proceedings

Grant Cameron, Solicitor for the Quake Outcasts said “the action seeks judicial review of the Crown’s recent decision to make a fresh offer to purchase properties from uninsured property owners in red zones. More>>

ALSO:

PM's Post-Cabinet Press Conference: Waitangi And TPP

Prime Minister John Key on Tuesday said his office has received an invitation for him to visit the Lower Marae on Waitangi Day, but was waiting for a meeting of the Te Tii Marae Trustees. More>>

ALSO:

Flagged: 'Wrong Colour' Bridge Flag To Change

NZ First: Only 13 days after National trumpeted its legally questionable flag on Auckland Harbour Bridge, it is now coming down because it is the wrong colour... “Mr Key’s latest flag fiasco is another waste of taxpayers' money. Given it is coming down, down is exactly the location where it should remain. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Politics
Search Scoop  
 
 
Powered by Vodafone
NZ independent news