Govt advertising for firms to run asset sales
One or more firms will get the “lead manager” role for its share float of five government owned firms.
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One or more firms will get the “lead manager” role for its share float of five government owned firms.
The government yesterday released a request for proposal for the job, which calls for one or more investment firms to act as “joint lead manager” for the sale, which also includes 24% of Air New Zealand.
Stated services Minister Tony Ryall said yesterday the government expects to pay $100 million in fees for the programme, which will be run over the next three to five years.
Firms would need to “have, have access to, a substantial distribution network across retail and institutions, both in New Zealand, Australia and in other international markets or have acted as a lead manager or joint lead manager of a capital raising of at least $200 million in value,” the RFP says.
The job would involve overall preparation for the sale of up to 49% of Mighty River Power – which the government announced yesterday it wants to see hit the market in the third quarter of next year – along with 49% each of Meridian Energy, Genesis Power and Solid Energy.
This would require due diligence work, writing offer documents, providing advice to the government about the sale process, marketing and arranging the offer (although the Treasury may still act as book runner).
Deutsche Bank is already providing advise on the overall “mixed ownership model” programme.
Rob Hosking
Fri, 16 Dec 2011
Fri, 16 Dec 2011
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Govt advertising for firms to run asset sales
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