Mighty River pre-registration exceeds 335,000
Pre-registration for Mighty River Power shares has cracked 335,000 in 10 days.
New Zealanders have until March 22 to pre-register their interest.
Those who do may be allocated up to 25% more shares than those who do not pre-register – if demand for shares exceeds the number of shares available.
Pre-registration numbers had reached 335,374 before 9am today, which has reportedly “pleased” state-owned enterprises minister Tony Ryall.
The number compares with the 220,000 New Zealanders who pre-registered for shares in Contact Energy in 1999. That offering took 10 days to reach the 100,000 pre-registration mark.
Craigs' Investment Partners’ head of research Grant Swanepoel told NBR ONLINE the figure for Mighty River Power pre-registration is “no better or worse than we expected”.
He says the company is seen as a New Zealand gem and people trust it.
Provided the price is right when the shares are offered, he expects most of those who have pre-registered to turn into investors.
“Pre-registration isn’t just one click ... people have to be serious about it if they want to enter their details and IRD number.”
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Comments and questions4
You state power assets share buyer wannabes are nuts. First, most of you won't get more than a couple of K of shares. Second, there is a power glut and people are rationing their power use because it's too expensive so no expansion of domestic power use/sales. Also, manufacturing is in decline so no expansion there either, not to mention new off-grid packages which will be coming as part of new house builds within five years. Then there is the problem of MRP having over a billion in debt, not to mention flaming $250 mil in Chile which they might as well have p*ssed up against a wall. And to top it off there is Winston saying he'll only do a coalition or supply deal if we buy it back for the face value (and that even borrowing money to buy it/them back still puts taxpayers ahead on the equation) and now David Shearer not ruling that out... If you still want to buy after that you are doing so out of irrational ideology and need your heads read and talk about revealing your hand... We know that 330,000 National voters have pre-registered and the other parties know that p*ssing them off by collapsing a sale will have no backlash at the election for them. I'd say it's going pear-shaped very quickly.
Completely agree, DonKey is going to have to offer this at an substaintial discount to get this one away - egg on his face and little money to play with.
Will have to have a dividend yield +9% to get me in.
With DonKey keeping 51%, little chance of real change in these state-sponsored work programmes. Needs the threat of takeover with accompanying headcount shakeups to get any real performance lifts.
So despite being the dubiously named 'head of research' Grant Swanepoel did so little research that he didn't realise an IRD was not required for pre-registration.
Hi Kiwi, Why buy Mighty River shares when the return and price are not right? There are so many shares listed on NZSX and ASX that you can get a better return provided you know how to pick the right one. So do not suck in by the govt.