Search

Government officials are working with Solid Energy to extend the company’s remediation indemnity, which will meet the future costs of returning the company’s mining land to its pre-mined condition, Finance Minister Bill English and State Owned Enterprises Minister Tony Ryall say.

“This will extend a similar remediation agreement made in 1987. It will strengthen Solid Energy’s equity position and ensure that it can effectively rehabilitate land after its mining has been completed,” Mr English says.

The Treasury’s total costs for the Government’s share offer programme were $85.5 million – or 1.83 per cent of the $4.67 billion in total proceeds, Finance Minister Bill English and State Owned Enterprises Minister Tony Ryall say.

This is slightly below the 2 per cent estimate made at the start of the programme, which excluded costs to the share offer companies themselves and the cost of incentives to New Zealand retail investors.

Genesis Energy will have the third-largest New Zealand share register on the NZX when it lists tomorrow, Finance Minister Bill English and State Owned Enterprises Minister Tony Ryall say.

More than 68,000 retail investors have been allocated shares in the energy company’s initial public offering – the final IPO in the Government’s share offer programme.

New Zealanders have the opportunity to buy the majority of available Genesis Energy shares when the offer opens to retail investors tomorrow morning, after the successful completion of the bookbuild.

The Genesis shares have been priced at $1.55 each, meaning total proceeds from the offer will be up to $736 million. Already, $620 million has been committed through the bookbuild, which was the first stage of the share offer.

The Government today confirmed that up to 490 million shares - or 49 per cent of Genesis Energy - will be available for sale through the share offer.

400 million shares – or 40 per cent of the company - will be available through the bookbuild, which opens tomorrow. This is the first stage of the offer, involving local and international institutions and New Zealand sharebrokers, Finance Minister Bill English and State Owned Enterprises Minister Tony Ryall say.

The Government today released further details of the partial float of Genesis Energy, including a 1:15 loyalty bonus share incentive for New Zealand retail investors.

The Genesis share offer will open on Saturday, 29 March, Finance Minister Bill English and State Owned Enterprises Minister Tony Ryall say.

The sale of Genesis shares, with the company expected to list on the NZX main board on 17 April, will bring to a close the Government’s successful share offer programme, Mr English says.

The Government has today confirmed that the Genesis Energy share offer will proceed next month with a different structure from previous Government share offers.

The Genesis offer is expected to open in the second half of March with the company expected to be listed on the sharemarket around mid-April, subject to market conditions, Finance Minister Bill English says.