Mrp share offer document registered and loyalty bonus. The mighty river power share offer in may 20 included a provision of loyalty bonus shares for eligible applicants if certain conditions were met. It is the largest single user of electricity in new zealand accounting for per cent of electricity demand in 2012. This offer document relates to the offer by the crown of ordinary shares in mighty river power limited. In 2012, parliament enacted amendment legislation to enable the crown to sell up to 49 per cent of its shares in this company. We noted that mighty river was in a pre prospectus window, which meant that it was restricted by the securities act 1978 in what it could say about the proposed. Mighty river power share offer ipo completion by mercury. It is a generator and retailer of electricity, with interests largely in the central and. The court rejected mighty river s argument that this increase would diminish its consented rights to the full available flow of the waikato river for power generation. Its big, beautiful and covers all you could want to know about a highly anticipated float, writes maria slade. This offer document is a combined investment statement and prospectus for the.
The new zealand government crown holds a legislated 51% shareholding in the company. Nzas reduced its electricity consumption in 2012 by 9 per cent and announced in august 2012 that low prices for aluminium produced at tiwai pt. Some awkward disclosures look on the cards for the mighty river power prospectus. Mightyriverpowers fullyear profit is up almost 70 per cent, beating its prospectus forecast in what is a credibility test for a company whose shares have languished since their listing in may. Power company might fly better than air nz milford asset.
While more than 400,000 preregistered an interest in mighty river power shares. Detailed share price, charts and news for mighty river power limited ns ordinary shares nzx,mrp. The offer of shares in mighty river power limited is made by the crown on the terms and conditions set out in a combined investment statement and prospectus dated 5 april 20 the share offer. Mercury nz limited is listed on the new zealand stock exchange and australian stock exchange with the ticker symbol mcy. The release of mighty river power s annual results, showing flat earnings, removes a regulatory hurdle before a prospectus can be issued for a share float. This reduces the the opportunity for serious analysis. It shared the waikato councils view that this did not mean the full flow of the river and stated that any exclusive take and use right should be clearly. Summary of terms and conditions of capital bonds issued 11 july 2014 key features issuer. Mighty river power limited australian securities exchange.
Underlying earnings and operating cash flow above forecasts pfi3 included in the mighty river power share offer investment statement and prospectus issued in april. Mighty river power limited is a state enterprise under the stateowned enterprises act 1986. Possible power glut poses risk to mighty river ipo deal. Nine to noon for tuesday 9 april 20 nine to noon rnz. Mighty river earnings flat ahead of float newscomau. Mrp beats forecast profit with lower capex sbs news. Mighty river power loyalty bonus shares by mercury issuu. Mighty river power chair, joan withers, said fy20 was an intensive year for. The shrinking gap between prospectus registration and bookbuild is a major problem when there are a large number of ipos. Please find attached the welcome letter and terms and conditions that is being sent to bondholders following allotment, and. The first of these sales is for shares in mighty river power limited mrp offer.
Aerial view of ngatamariki plant, new zealand in march 20 source. For example, the gap was 33 days for the mighty river power ipo, 32 days for meridian energy, 14 days for genesis energy and eight days for hirepool. A description of the offer and the shares is set out in section 7. This would be a test of the publics appetite for equities because air new zealands profitability is under pressure even though it has a strong board and an impressive management team.
Mighty river shares rally past issue price nz herald. The government share offers programme was completed in april 2014. He draws upon his particular life experiences to tackle some. Mighty river power confirms 250m capital bond offer by. Global share market database including us, canada, london, singapore, australia, hong kong, and new zealand. Defeat for hirepool is victory for investors milford asset. Mighty river power took over the ownership and operation of the eight hydroelectric power stations on the waikato river. Mighty river power abandoning international geothermal. Mighty river strikes out alone on global geothermal projects stateowned electricity company is dissolving a fiveyearold investment partnership in american and german geothermal developments, taking 100% control of development opportunities in chile and a 20% interest in a.
Mighty river power limited level 14, anz centre 2329 albert street auckland 1010. Mighty river power share offer the new zealand herald. Mighty river power was established on 1 april 1999, when the 1998 reform of the electricity sector took effect. Mighty river power profit jumps, beating prospectus, as. Mighty river hikes dividend as profits surge nz herald. Mighty river power s capital bonds will commence trading on the nzx debt market today 12. Its time to swap petrol and diesel for water, steam, sun and soon, wind.
Mighty river power s net annual profit beat its prospectus forecast by 21 per cent and lowerthanforecast capital expenditure bodes well for 2014. Bringing together mighty river power and mercury energy under the mercury brand allows us to focus on what matters most inspiring and rewarding our customers and owners. The government is looking to sell 49% of mighty river power and raise as much as 1. Chalkie is fortunate to have grown up before the advent of. Mightyriverpowers fullyear profit is up almost 70 per cent, beating its prospectus forecast in what is a credibility test for a company whose shares have languished since their listing in. The electricity corporation of new zealand ecnz was broken up into three stateowned generating companies mighty river power, genesis energy and meridian energy. Weighing up pros and cons of mighty river power prospectus. Anz bank new zealand limited anz has been appointed to distribute mighty river power limited mrp shares to new zealand resident retail investors. Mighty river power limited the company and her majesty the queen in right of new zealand the crown have registered a combined investment statement and prospectus dated 5 april 20 offer. Mighty river power loyalty bonus shares nzx, new zealand. Mighty river power posted a gain in fullyear profit of almost 70 percent, beating its prospectus forecast in what is a credibility test for a company whose shares have languished since their listing in may. Contributing to the higher result were lower interest costs, lower capital spending and a lower tax bill compared with the prospectus. The mighty river power prospectus has this to say about the bluff smelter.
This prospectus is a simplified disclosure prospectus for an offer of capital bonds that will rank in priority to the ordinary shares of mighty river power limited which are quoted on the nzx main board and the asx. Although mighty river power will be the first ipo, the sale of crown shares in air new zealand may occur earlier because it doesnt require a prospectus. Information on the loyalty bonus shares and eligibility is fully set out in section 7. It is issued by the crown and mighty river power limited in connection with the initial public offering of ordinary shares in mighty river power pursuant to an investment statement and prospectus dated 5 april 20. Behold the shining gold standard for offer documents. Rotokawa i, commissioned in 1957, was acquired by mighty river power in 2000. Backmighty river power loyalty bonus shares 142015, 9. She is a thing of beauty, the mighty river power prospectus. Mighty river power capital bond terms and conditions issuu. The treasury has released material relating to the government share offers programme, which consisted of share offers for mighty river power, meridian energy and genesis energy, and a reduction in the crowns shareholding in air new zealand. Mighty river power ltd, currently fully owned by the crown, has water permits issued pursuant to the resource management act 1991 to operate hydro generating power facilities along the waikato river. The financial statements of the government for the year ended 30 june 20 describe in more detail how the partial sale of shares in mighty river power was accounted for. Last fridays launch felt like the unveiling of the budget, with a large media pack waiting expectantly for the precious document and. The plant houses one 16mw back pressure steam turbine, four production wells, five injection wells and four 6.
This website is intended for new zealand resident retail investors only, it is not intended for nonresidents of new zealand or institutional investors. Mighty river power this product ruling applies to the transfer of shares in mighty river power limited which includes the loyalty bonus shares, by the crown to new zealand applicants under the initial. Get all the latest annual report info from our dedicated annual report site. The 34mw power plant is coowned by tauhara north 2 trust in a 5050 joint venture with mighty river power, known as the rotokawa joint venture. More information on the governments mixed ownership model programme, of which the mrp offer forms part, can.
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