Genesis a tough sell: experts
The Govt's move to set the share price for the Genesis Energy float before retail investors have to pay up has won approval from an investment expert.
The Govt's move to set the share price for the Genesis Energy float before retail investors have to pay up has won approval from an investment expert.
The Government may end up selling as little as 30 per cent of Genesis Energy over the next month.
The structure of the Genesis Energy float is unusual but makes sense given the complexities of the company, says one investment banker.
The sharemarket float of Genesis Energy - the details of which are due out today - is likely to proceed along standard lines.
The National Government's flagship partial asset sales policy will end in the next month with the sale of Genesis Energy, said John Key.
John Key has confirmed the partial privatisation of Genesis Energy will begin soon but has underlined the sale will be the last one under a National Government.
Profits are up 10pc at world mining giant Rio Tinto - in a year where NZ taxpayers paid the company $30m to keep the Tiwai Pt smelter open.
Editorial: The real reason for the asset sales, all along, has been to put all four of the big electricity generating companies on the same competitive footing.
Details of how the Government plans to float Genesis Energy could be out by the end of next month, but fund managers say it will need to be heavily discounted.
Greens-Labour policy biggest of sector's issues and MRP hurting most, says broker.
Meridian Energy sold more electricity in the first six months of the current financial year than in the previous year, but prices achieved were significantly lower.
However John Key tries to spin the result, the 67.2 per cent to 32.5 per cent vote against asset sales was emphatic, writes Brian Rudman.
The partial sale of Genesis Energy will go ahead as planned, despite a referendum pointing to public disapproval of asset sales.
Voters have given the Govt's flagship asset sales policy an emphatic thumbs down, ratcheting up pressure for the sale of Genesis Energy to be shelved.
Air New Zealand says its on track to boost earnings by 20 per cent for the first half of the year.
John Key confidently predicted sales would raise more than $7 billion. It's not completed yet but already we are down $1.2b, writes Matt McCarten.
The Govt has revised the estimate of how much it expects to receive from its partial asset sales down to between $4.6 to $5b.
Liam Dann considers the extremely difficult diplomatic position NZ could face this century as China grows in economic strength and asserts its political muscle.
Every registered voter by now will have received postal ballot papers for the referendum on asset sales.
Investors who took up shares in newly listed Mighty River Power and Meridian will take little comfort from PwC's latest report on the electricity sector.