Over 113,000 New Zealanders to become Mighty River Power shareholders

Over 113,000 New Zealanders to become Mighty River Power shareholders
Finance Minister Bill English and State Owned Enterprises Minister Tony Ryall have announced that over 113,000 New Zealanders will become shareholders in Mighty River Power with the share price set at $2.50.

Finance Minister Bill English and State Owned Enterprises Minister Tony Ryall have announced provisional figures indicating that over 113,000 New Zealanders will become shareholders in Mighty River Power. 

The final price will be $2.50 per share. 

The shares will be 86.5 percent New Zealand owned – including a 51 percent Crown majority – raising $1.7 billion, which will go into the Future Investment Fund

Ryall explained that some scaling was required due to demand. 

“While most New Zealand investors will be able to work out from this announcement what their share allocation is, they will also be able to get confirmation of their individual allocation from Friday – by checking the website or calling 0800 90 30 90. We will also be emailing or writing to all applicants to confirm their allocation,” he says.

After the announcement of Labour and the Green Party's power policy, 1,783 applicants withdrew. 

Green Party MP Russel Norman has called the Mighty River Power sale a con

"John Key's talk of 'mum and dad' investors was a con – less than 3 percent of Kiwis have bought shares in Mighty River Power.

"The fact that Kiwi retail investors are having their allotments scaled back so National can sell shares to foreign corporates shows what a farce this has been," says Norman.

“Mighty River Power will list on the NZX at 12.30pm this Friday," says Ryall.