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State Owned Enterprises Minister Tony Ryall says the decision to re-enter Pike River is one to be made by Solid Energy, not Worksafe.

“The Solid Energy board is ultimately accountable and legally responsible for the safety of people working at the Pike River site and any decisions on mine re-entry are their responsibility, and their responsibility alone,” says Mr Ryall.

“Solid Energy has to be sure that any re-entry is safe and that decision is ultimately for them to make, not WorkSafe.

State-Owned Enterprises Minister Tony Ryall has acknowledged Mark Ford following his retirement as Watercare Services chief executive.

“Mr Ford has been a great public servant over the last twenty years, and has made a lasting contribution to both the Auckland community and wider New Zealand.

“He has had a reputation for fostering strong relationships and being a steady hand in leading complex projects throughout his career, as was seen during his time as Chair of Solid Energy,” says Mr Ryall.

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.

State Owned Enterprises Minister Tony Ryall has announced two new appointments to the boards of State Owned Enterprises. 

Sheridan Broadbent has joined the Board of Kordia Group Ltd and Tony Reilly has been appointed to the Board of Landcorp Farming Ltd. Both of the new directors commenced on 1 July 2014. 

Sheridan Broadbent is based in Auckland and was recently appointed as Chief Executive of Counties Power Ltd.

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.

Minister for State Owned Enterprises, Hon Tony Ryall, has announced two appointments to the Board of Solid Energy New Zealand Ltd.

Pip Dunphy has been appointed Chair and David Reece has been appointed a director of Solid Energy.

“In Pip Dunphy, we gain another Chair of high calibre, as Solid Energy continues to work its way through very difficult trading conditions,” Mr Ryall says.

Ms Dunphy has served on the Solid Energy Board since December 2012, was elevated to Deputy Chair in August 2013, and has been acting as Chair since February 2014.

State Owned Enterprises Minister Tony Ryall has reappointed the Chair of MetService, Sarah Smith, along with making five new director appointments to SOE and Airport Boards.

Four new SOE directors have been appointed: Mary Jane Daly to Airways Corporation, Steve Murray to AsureQuality, Graeme Sumner to Kordia and Ant Howard to MetService.  Mark Rogers has been appointed as a director of Dunedin International Airport, which is 50% owned by the Crown together with Dunedin City Council. 

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.

Tony Ryall, MP for Bay of Plenty and Minister of Health and State Owned Enterprises, has announced he will retire from politics at the next election.

“I am looking forward to being part of New Zealand’s dynamic future in the private sector,” Mr Ryall says.

Mr Ryall has been in Parliament for 24 years, as a young back bencher, an opposition spokesman and a Minister of six portfolios.

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.

State Owned Enterprises Minister Tony Ryall today announced Keiran Horne and Rabin Rabindran have been appointed as directors of Solid Energy Ltd.

“Shareholding Ministers believe the new members’ skill and experience will assist the company in achieving its new strategic direction,” Mr Ryall says.

Ms Horne is based in Christchurch, and is a consultant with HFK Ltd, a chartered accountancy practice. She is a member of the Crown Asset Management Limited Board.