Treasury appoints marketers for Mighty River Power IPO
The Treasury has appointed suppliers to market the Mighty River Power float as part of the Mixed Ownership Model (MOM) programme.
Service providers will help market the offers and provide the services necessary for New Zealanders to participate in the planned initial public offering (IPO).
These services will be provided by several different people and organisations, which include Computershare Investor Services, Chris Major (marketing and communications director), Clemenger Group and Senate Communications.
The plan is for the Treasury to implement the government’s policy of extending the Mixed Ownership Model to various service providers including Mighty River Power, Meridian Energy, Genesis Energy and Solid Energy, reducing the Crown’s shareholding in Air New Zealand with the Crown retaining a majority stake in all of the companies.
Shares for Mighty River Power will be the first IPO to take place this year beginning around the third quarter of this year, according to the government.
The MOM programme is expected to raise between NZ$5 billion and NZ$7 billion over three or more years, with costs for all suppliers and contractors across the mixed ownership programme expected to be less than 2% of total programme succeeds.
Proposals were sought by the Treasury through the Government Electronic Tenders Service and signed contracts with the suppliers after a hefty assessment and negotiations process, which included sub-contracted suppliers where necessary.