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

TV3 Videos: Key's Flip-Flop Over Whale Oil Texts | Slater
Reaction: Greens | More
Dim-Post Link: The Very Odd Slightly Left Of Centre

Gordon Campbell: On Government Arrogance

Right now, National is ramming anti-terrorism measures through Parliament. This legislation will grant the SIS the power to carry out 48 hour bouts of surveillance on anyone without a warrant, and will bestow on government the power to unilaterally revoke anyone’s passports and thus deny them the freedom to travel.

Ludicrously, the public has been given exactly one day to make submissions on these major infringements of their civil liberties. Despite Finlayson’s misleading signals on RNZ that these are only stopgaps until next year’s full review of our security laws, the measures in question will not, in fact, expire until 2018.

Why the insane rush? Good question. More>>

 
 

Parliament Today:

Key Texts With Whale Oil Released: PM Can’t Be Trusted Over Dirty Politics Defence - Greens

John Key’s answers to questions about dirty politics can’t be trusted, after he was forced to admit that he had misled journalists and Parliament about contact with attack blogger Cameron Slater, said the Green Party today.. More>>

ALSO:

Temporary Release Crackdown Continues: Corrections Review Of Phillip Smith Case

“The review by Corrections’ Chief Custodial Officer reveals that the plan for Smith’s series of temporary releases was overly ambitious and misinformed. He’s a highly manipulative and deceptive person who although technically eligible, should not have been considered for temporary release." More>>

ALSO:

White Ribbon Day: Govt Resumes Sexual Violence Trial Proceedings Work

Justice Minister Amy Adams has asked the Law Commission to resume work on proposals for better supporting victims of sexual violence through the criminal process. The Law Commission will revisit its previous work on alternative pre-trial and trial processes to identify options for improving complainants’ experience in court. More>>

ALSO:

"New Faces, Wise Heads": Andrew Little Announces New Labour Line Up

Labour Leader Andrew Little today announced a bold new caucus line up which brings forward new talent and draws on the party’s depth of experience. More>>

ALSO:

Gordon Campbell: On Rick Ellis As Te Papa’s New CEO

The recent appointment of former TVNZ boss Rick Ellis to head Te Papa has copped a fair bit of criticism. Much of it has been inspired by the suspicion that Ellis has been hired to pursue the same purely commercial goals as he did at TVNZ, while similarly neglecting the serious cultural side of his mandate. More>>

Passport Cancellation, Surveillance: Draft 'Foreign Fighters Legislation' Released

The final draft of the Countering Terrorist Fighters Legislation Bill contains proposals previously announced by Mr Key in a major national security speech earlier this month. More>>

ALSO:

Related

Joint Statement: Establishment Of NZ-China Strategic Partnership

At the invitation of Governor-General Lt Gen The Rt Hon Sir Jerry Mateparae and Prime Minister The Rt Hon John Key of New Zealand, President Xi Jinping of the People’s Republic of China made a state visit to New Zealand from 19 to 21 November 2014... More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Politics
Search Scoop  
 
 
Powered by Vodafone
NZ independent news