GNE - Genesis Energy

[RTM]

I'm with you Goldstein. 100 %. We should never have sold these power stations. Never.
And yes, I've bought more or less as much as I could of all of them.
Previously debated on the first float. MRP.

[Jasemc]

Allotments are out on genesis web site it seems.

[luigi]

Genesis to list with third-largest share register

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.

The sale of 49 per cent of Genesis has raised $733 million for the Future Investment Fund, bringing the total proceeds from the share offer programme to $4.7 billion. That money is being spent on other public assets and infrastructure, particularly schools and hospitals, without the need to borrow overseas.

Keen interest in the Genesis offer means scaling has been required across all investor groups including institutions. A progressive scaling policy has been applied to the general offer as part of the Government’s commitment to put New Zealanders at the front of the queue for shares.

“This will see larger applications scaled more significantly than smaller applications,” Mr English says.

“The scaling policy effectively places a cap of approximately $5,000 on all general offer applications.”

“Due to demand in the general offer, the broker firm offer was reduced by 20 per cent, with these shares re-allocated to the general offer.”

At the time of listing, Genesis will be 88 per cent New Zealand-owned.

“After loyalty bonus share allocations, the Crown will retain a 51 per cent shareholding, New Zealand retail investors will hold 26.7 per cent of the company, New Zealand institutions 10 per cent, offshore institutions 12 per cent, and participating iwi will hold 0.3 per cent.

Mr Ryall says the share offer programme has met all of the Government’s objectives.

“Firstly, it has raised billions of dollars that we can spend on assets New Zealanders want, without having to borrow overseas.

“Secondly, through each of the four share offers we have achieved more than 85 per cent New Zealand ownership.

“Thirdly, the share offers have deepened and strengthened our capital markets, with the Mighty River Power, Meridian and Genesis Energy IPOs together adding more than $8.85 billion in capitalisation to the NZX main board.

“Fourthly, 111,000 common shareholder numbers have been issued during the share offer programme, indicating that tens of thousands of New Zealanders have become shareholders for the first time.

“Finally, mixed ownership will be good for the companies themselves, giving them extra scrutiny and accountability, and additional sources of capital.”

Genesis will list on the NZX main board at 1pm tomorrow.

Mr Ryall says retail investors and institutions that did not receive all the shares they applied for will have the opportunity to buy additional shares once Genesis is listed.

Genesis will have the third-largest share register of all listed New Zealand companies, behind Mighty River Power and Contact Energy. Meridian has the fourth largest number of shareholders.

What you applied for	What you will receive (rounded down to the nearest share)
Up to $2,500 (up to 1,613 shares)	The full amount you applied for
From $2,500.15 (1,613 shares) to $5,000.30 (3,226 shares)	$2,500.15 (1,613 shares) plus 28.75% of what you asked for beyond $2,500.15
From $5,000.30 (3,226 shares) to $40,650.30 (26,226 shares)	$3,217.80 (2,076 shares) plus 5% of what you asked for beyond $5,000.30
$40,650.30 (26,226 shares) and above	$5,000.30 (3,226 shares)

[Jaa]

After loyalty bonus share allocations, the Crown will retain a 51 per cent shareholding, New Zealand retail investors will hold 26.7 per cent of the company, New Zealand institutions 10 per cent, offshore institutions 12 per cent, and participating iwi will hold 0.3 per cent.

Whatever happened to Kiwis being at the front of the queue?? Why sell 12% offshore when there was overwhelming demand from NZ investors?

Say what you like about the Labour/Greens NZ Power policy but they came out with their policy before anyone had invested any money and have stuck with it. National have tried 4 different approaches during the asset sales program and consistently scaled NZ investors to sell to overseas interests that have generally just dumped them on market within a day or two.

Despite being paid insane amounts by NZ taxpayers to ensure the best outcome for NZ inc the brokers have clearly controlled the process for their own interests. A strong after-market will benefit them greatly via increased trading and thus commissions.

[Yossarian]

Shall we have a sweepstake for the open price and close price tomorrow?
I'll start.
open - $1.73
close - $1.80
Winner receives glory, and.... something else.

[trackers]

Shall we have a sweepstake for the open price and close price tomorrow?
I'll start.
open - $1.73
close - $1.80
Winner receives glory, and.... something else.

open $1.74
close $1.78

[Yossarian]

Hmm, the announcement above doesn't seem to match the allocated numbers we've seen on ST. e.g. $10k should only get 2239 allocated, but ST posters have said they got 2414??

Confused....

[Omega]

Hmm, the announcement above doesn't seem to match the allocated numbers we've seen on ST. e.g. $10k should only get 2239 allocated, but ST posters have said they got 2414??

Confused....

My calculator = 2414; maybe it's your calculator thats confused

[Yossarian]

Omega - you must be right - can you show your workings for $10k? I should have said 2237, not 2239 btw. As below:
Allocated amount in $ = $3217.80 + ($10k -$5k)*0.05 = $3467.78
In shares = 2237 rounding down.

[Omega]

Omega - you must be right - can you show your workings for $10k? I should have said 2237, not 2239 btw. As below:
Allocated amount in $ = $3217.80 + ($10k -$5k)*0.05 = $3467.78
In shares = 2237 rounding down.

1613 100% = 1613
1613 28.7% = 463
6774 5.0% = 338
10000 = 2414