^Would have been an 8% holding of 49% sold, which would be 3.92% of the total company
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^Would have been an 8% holding of 49% sold, which would be 3.92% of the total company
They announced that they held 8.12% of the installment receipts but have since clarified they hold 3.98% of the company.
https://www.nzx.com/companies/MEL/announcements/243149
I do wonder if the Installment receipts offer an easy option for Greens/NZ First to nationalise MEL (Re-nationalising the power co is a 'non negotiable' NZ first policy - all NZ First policies are non negotiable by the way). Technically we dont own the shares yet, just a right to them so the Govt must be holding them in trust for us. By the simple wave of the wand (and some legislation) they would cancel the IR (for consideration of $1), effectively reinstating 100% Government ownership. Still theft but a lot easier than forcibly reacquiring which would be required for MRP.
It could even go in the same legislation where the cancel the SkyCity convention center contract. They could call it the Winston Peters Banana Republic Act.
Be a dangerous currency hedge without confidence in Meridian tho. What one might gain on the currency could be lost if the SP fell.
Both ?
Meanwhile, MRP has just touched $2.23. Why all the interest in Meridian when MRP could well be a better, and cheaper, buy?
MRP does generate 30% of NZ electricity, but Manipouri, and Twizel power has to be sold at a discount to the normal price. Due to transmission losses.
Further, if NZ First buys back all generators we stand to make a decent profit from them on MRP at $2.50 a share.
Some day soon maybe folks will start agreeing with my advocacy that: govt should have merged MRP & MEL, or
if determined to sell off our assets, they should have merged them first & floated that entity
instead (saving also tens of millions of "advisor" rorting fees).
It would have an unbeatable combination of basic generation resources. Shades of Electricorp, yes.
As things have now developed, we should somehow get onto the Board & advocate we seriously consider MEL itself directly buying a nice big block of MRP shares (& thus avoid duplication costs etc as we look to develop the missing geothermal business).
I haven't even had my afternoon g&t yet, but cheers anyway.
Should tap into Wikileaks, they probably know more than anyone what the different political parties plans are for this, via the NSA or some other agency that we have never heard of ! LOL
That sure was a Eureka moment for me when the 2nd final payment was set at 50c. What a clunker if the min suggested guidance of 60 c was set; would have dragged down others on listing.