Site outlines Government asset-sales plans
The Government has launched a website to outline its plans to sell down part of its stake in Mighty River Power, Genesis, Meridian, Solid Energy and Air New Zealand.
State owned Enterprises Minister Tony Ryall said the site,www.governmentshareoffers.govt.nz, would give information about the proposal, including what "mixed ownership" means, why the Government was undertaking the programme and how a public share offer worked.
The Government would retain a 51 per cent shareholding in the companies.
He said the Government was on track to make the first offer, for Mighty River Power, in the third quarter of this year, market conditions permitting.
Under securities law there are restrictions on what owners can say publicly about the business and their shares in advance of an offer, but the Government had been granted an exemption from those restrictions by the Financial Markets Authority.
Ryall said such exemptions were quite common, such as recently for Fonterra and past exemptions for Contact Energy and Auckland International Airport.