Genesis details

February 26th, 2014 at 1:05 pm by David Farrar

Bill English has announced key details:

  • The shares will be priced at the start of the offer period, rather than at the end as occurred with the previous share offers.
  • The Government expects to sell between 30 per cent and 49 per cent of the shares in Genesis.
  • The Government will offer a loyalty bonus scheme to eligible New Zealand retail investors

Also no shares will be offered to US institutions as it creates too much paperwork and hassles under US law.

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7 Responses to “Genesis details”

  1. stigie (618 comments) says:

    Good time to be buying, now that the hard left will be in opposition the next few years !~

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  2. redqueen (342 comments) says:

    Sell and then ‘snap’? That said, might wait to delivery the budget, then snap…:)

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  3. Ross12 (927 comments) says:

    “In government, the Greens will end asset sales, put an end to the excessive prices that the power companies charge families and businesses, and offer families independence from the big electricity companies with affordable solar power,” said Dr Norman.

    The guy is an idiot !!

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  4. PaulL (5,774 comments) says:

    @redqueen: there won’t be a snap election. Voters don’t like them, and it’s not Key’s style to go to an early election just because it was electorally convenient. Besides, reasonable odds that Labour will get worse not better as the election gets closer.

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  5. gazzmaniac (2,266 comments) says:

    Also no shares will be offered to US institutions as it creates too much paperwork and hassles under US law.

    I know it’s fairly common practise to exclude US instutions and residents (I wonder if that includes US citizens living in NZ) but it really is an indictment on the regulatory system of the USA that share floats deliberately exclude Americans.

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  6. Sidey (227 comments) says:

    Gazzmaniac,
    My understanding is that financial institutions dealing with US taxpayers livings outside the US still have to comply with the US regulatory regime. Usually, it’s in the “too hard, not worth the hassle” basket. The impression is that the US sees no valid why a US citizen would be doing anything outside of its borders, unless they’re up to no good.

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  7. thor42 (764 comments) says:

    Making it VERY clear to left-wingers out there…..

    This will be a **PARTIAL** privatisation. The government **still** retains a controlling interest in the company (at least 51%).
    So, this is *NOT* an “asset ***SALE***”

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