Key confirms Meridian float, will lodge offer document on Friday

The government will go ahead with its planned partial sale of Meridian Energy and will lodge the offer documents on Friday.

Prime Minister John Key confirmed the partial privatisation at today's post-Cabinet press conference in Wellington, saying pre-marketing will begin tonight with a listing aimed for Oct. 29. The indicative price range will be included when the prospectus is lodged with the Companies Office on Friday.

The Meridian sale would be done in a staggered process where investors would pay 60 percent of the offer price, and the balance over the next 18 months after receiving full dividend payments during that period.

The government is still considering whether to sell down its stake in national carrier Air New Zealand and Genesis Energy, Key said. If the Genesis sale goes ahead, it will be in the first half of next year.

BusinessDesk.co.nz

Comments from our readers

No comments yet

Add your comment:

Your name:
Your email:	Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Anti-spam verification:

Type the text you see in the image into the field below. You are asked to do this in order to verify that this enquiry is not being performed by an automated process.

Related News:

PF - Details of Interim Results Webcast
Scott Secures NZ$18 million in Global Contracts for Protein
January 14th Morning Report
AFT - NEW YEAR LETTER TO INVESTORS
TruScreen Invited to Present WHO AI Collaboration Meeting
January 13th Morning Report
January 10th Morning Report
January 9th Morning Report
FCG - Migration to NZX Main Board
FSF - Application to delist FSF from ASX has been submitted