Govt to sell up to 49% of Genesis
40% of the power company will be available through the institutional and broker bookbuild, which opens tomorrow, and 9% mum-and-dad NZ investors through a general offer that opens on Saturday.
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The government today confirmed that up to 490 million shares - or 49% of Genesis Energy - will be available for sale through the share offer.
Of that, 400 million shares (40% of the company) will be available through the institutional and broker bookbuild, which opens tomorrow.
A further 90 million shares (9%) will then be available to New Zealand investors through a general offer that opens on Saturday. That includes shares set aside for loyalty bonus share allocations to New Zealand retail investors and share allocations for participating iwi,” Finance Minister Bill English says.
“We have received positive feedback on the offer to date from local and international institutions and New Zealand sharebrokers.”
The government has said previously that between 30% and 49% of Genesis would be sold, depending on demand.
Last week it set an indicative price range of $1.35 to $1.65 per share. The final share offer price will be established through the bookbuild and announced on Friday.
“Based on market feedback and expected demand, we have decided up to 49% of shares will be available through the two stages of the offer,” SOE Minister Tony Ryall says.
The final share offer price and the number of shares allocated to various investor groups through the bookbuild will be announced on Friday evening before the general offer opens.
“We intend again to achieve at least 85% New Zealand ownership of Genesis Energy on listing.”
The Genesis Energy share offer completes the government’s share offer programme, which will raise more than $4 billion.
Next steps
* 10.30am Thursday 27 March – bookbuild opens. 400 million shares available to New Zealand sharebrokers and local and international institutions. 90 million shares retained for general offer.
* Evening of Friday 28 March – final share offer price announced. Bookbuild share allocations announced. Expected New Zealand ownership percentage announced.
* 12.01am Saturday 29 March – general offer opens to New Zealanders. Up to 90 million shares available (includes participating iwi allocations and loyalty bonus share allocations).
* 5.00pm Friday 11 April – general offer closes.
17 April – listing on NZX main board.
NBR staff
Wed, 26 Mar 2014
Wed, 26 Mar 2014
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.
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Govt to sell up to 49% of Genesis
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