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The Genesis share float – or is that share sink?

Written By: - Date published: 10:03 am, March 14th, 2014 - 23 comments
Categories: bill english, debt / deficit, national, Privatisation, same old national - Tags:

The details of the share float have now been announced.  According to stuff:

The Government has poured sugar on its offer of shares in Genesis Energy, pricing the company in a range below analyst valuations last month and offering a bonus share for every 15 held for just a year.

Details of the initial public offer were announced today by Finance Minister Bill English, revealing an offer price of $1.35-$1.65 a share, valuing Genesis at $1.35 billion to $1.65 billion.

The final price will be set on March 28 and investors will be able to buy shares from March 29 to April 11. The company is due to list on the NZX and the ASX on April 17.

At the offer price range, Genesis shares are expected to have a gross dividend yield of 13.5 to 16.5 per cent.

The offer terms value Genesis potentially well below the range expected by analysts from UBS and First NZ Capital. UBS had valued Genesis at $1.6b-$1.9b, while First NZ put its range at $1.4b-$1.8b.

The bonus share offer terms are sweeter than those for Mighty River Power, the first of the state-owned power companies to float last May.

Investors in Mighty River had to hold their stock for two years before receiving the bonus of one share for every 25. The maximum bonus will be capped at 2000 shares per investor.

While the Government sold down 49 per cent of Mighty River and Meridian Energy in the previous offers, it may sell as little as 30 per cent of Genesis, depending on the level of demand.

The amount of shares it will sell will be decided on March 26.

I posted about this earlier.  The yield previously was anticipated to be 9% but is now anticipated to be around 15%.  The anticipated value of the company now has a mid point of $1.5 billion compared to previous estimates of up to $2 billion.  If only 30% of the shares are sold this will result in $500 million being paid.  With a one for 15 loyalty share offer the sale proceeds could be $467 million less cost of sale.  The loyalty share offer is much more generous than the one in 25 share bonus offered during the Meridian float.  Profits will have to increase from $114 million last year to well over $200 million for the yield figure to be reached.  And you have to wonder why you would sell a share returning 15% to pay down debt where you are paying interest at 5% or so.

Bill English was on Morning Report this morning.  He was almost apologetic that Mighty River Power shareholders have done so badly and hinted that the generosity shown in this float somehow made up for things.  The Government is making sure that the share float is a success for the corporates and rich individuals who are buying shares.  Funny that but I thought they should be looking after the people of New Zealand instead.

Meanwhile gross Crown debt is $83 billion.  The share floats have done no more than stopped debt running slightly higher while at the same time divested New Zealand of income earning assets and enriched the already wealthy and the merchant bankers engaged to complete the sale.

And they say that National has the skills to handle the economy?

23 comments on “The Genesis share float – or is that share sink?”

  1. Enough is Enough 1

    Don’t waste time trying to argue the economics of this. You will you confuse your poor brain because it makes no sense.

    The intention was always to reward those people that backed them by providing funding over the past decade. Those wealthy backers have now got what they demanded and will own 48.5% of our power stations.

    It is theft and can be explained as simply as that.

  2. shorts 2

    “it means that during the election campaign…whenever the Key government tries to scare us about the prospect of a Labour/Greens cabal running the economy, or with Russel Norman being a heartbeat away from the Finance portfolio or whatever else the Crosby/Textor crew come up with to try and stampede voters into the arms of the centre-right, such tactics can be rebutted with three simple words: “Genesis share float.” At a stroke, this should vaporise any claims that National is a better, more responsible manager of the economy, and a better steward of public assets.”

    http://gordoncampbell.scoop.co.nz/2014/03/14/gordon-campbell-on-the-genesis-share-float-debacle/

    every day we get another depressing reminder of what life outside of planet key is like

    • Colonial Viper 2.1

      Sorry your strategy won’t work because people don’t see any truly alternative and viable vision for the NZ economy being presented to them.

      • blue leopard (Get Lost GCSB Bill) 2.1.1

        @ CV

        I would have thought that the ‘people’ you refer to (I assume you are referring to the ones that say they intend to vote National in the polls) believe the false claims being repeated throughout the mainstream media sources ‘that National is a better, more responsible manager of the economy, and a better steward of public assets’.

        I would have therefore thought that Shorts suggestion was a fairly good one for counteracting these false claims.

        I am of the understanding that Labour ran the country in a more fiscally responsible manner when they were last in power – one that Key spoke loudly against when he was in opposition. where he criticised them for not spending more – Labour governed the country in a manner that led to more raises in the lowest incomes and invested in a manner that led to more jobs and opportunities. This place was a better, far more hopeful place to live in under Labour.

        Perhaps your comment was a request from Labour and Greens to speak more loudly to the public on what they intend to do? – this still doesn’t discount there being a lot of merit in Shorts suggestion.

      • David H 2.1.2

        and what if the dairy market goes south?

  3. Clemgeopin 3

    It is a shame that many people STILL support this evil and incompetent stupid government believing their spin, lies and BS hook line and sinker!

    • Enough is Enough 3.1

      It is a myth that people support this government or that is is popular.

      Don’t believe the polls, there is nothing at all accurate about them and they are paid for by entities that want the hard right government.

      I have no doubt that if everyone votes this yeat National will lose by a landslide. There is a real possibilty that the record set by English in 2002 will be beaten this time around.

  4. Colonial Viper 4

    And they say that National has the skills to handle the economy?

    I think E is E has it quite right. This isn’t about running the economy badly or well, this is about crony capitalism, and gifting strategic NZ infrastructure into foreign hands. It’s also the absolute opposite of what the old school conservative base of National wants to see done.

    Further, because Labour 5 kept the SOE structure for these generators, and beyond that insisted that they become very profitable (i.e. extracting large sums of money from ordinary communities), Labour painted a big privatisation bullseye on their foreheads.

    All National is doing is pulling the trigger.

    • shorts 4.1

      good point – and still much of the opposition parties use the revenue we could be earning from these profitable SOE’s as a justification for retaining ownership – never do they talk about offering a service back to the owners at the cheapest sustainable cost

      • Colonial Viper 4.1.1

        Opposition parties who posit that it is they (and not National) who can run corporate style capitalism the best have totally lost sight that we are in the last 20-30 years of fossil fueled, relatively stable climate, global civilisation which has been taken over by the billionaire class.

        It’s like arguing who can administer the bridge on the Titanic better as the compartments fill with water.

    • Lanthanide 4.2

      “Labour painted a big privatisation bullseye on their foreheads.”

      Yep. My BF pointed out (as I’ve posted here before), what Labour should have done is moved the power generators into the ownership of the Cullen fund. That way the dividend stream would go right into their pockets, it would allow the government to have more of an arms-length appearance in terms of “taxation-by-stealth”, guaranteed a continuing funding stream for the fund and made the political argument to sell them much more difficult.

  5. Steve Withers 5

    I’ve never expected National to look after the people of NZ. They are, after all, the “Multi-National 1% Party (NZ)”.

    This is easily seen by simply looking at what they DO….and who benefits.

    It certainly isn’t the people of NZ.

  6. thatguynz 6

    National absolutely have skills in running the economy MS – we all just incorrectly assume that they are running the economy for us, the people.

    Lets take their economic approach to its logical conclusion. What happens when we can no longer afford to service the debt on our governmental exposure? What will the IMF/WB/BiS be pushing for? Further asset sales? Greater involvement in NZ policy? Austerity? There is plenty of precedent for what comes next. The entire global economy is based on debt and the control that the ownership of that debt imbues them with.

  7. Skinny 7

    I am now of the belief we start talking about buying our assets back, less the ticket clipping. This was always going to be a failed ideological driven move.

    Reading this snake oil shows slippery at his best.

    http://i.stuff.co.nz/national/politics/4582922/John-Key-reveals-plan-for-asset-sales

  8. captain hook 8

    this is called paying off your mates with a parcel of dodgy shares so that you can take windfall earnings when the supply spikes.
    There is no market.
    Just an artificial creation by the tories to delude themselves and others into believeing that nothing is something.
    straight out of the milton friedman, ronald reagan,george bush playbook for ripping off the taxpayer in the name of de-regulation.
    what a crock of shit yet we still fall for it.
    When is someone going to do a proper analysis and kill this thing once and for all.

  9. Pete 9

    I’ve decided to create an image macro every day until the election. This will obviously be a hit and miss kind of thing (people don’t always get the references). Here’s today’s.

    Share and enjoy.

  10. Ad 10

    Personally it would be great if the state gave more oportunities to invest New Zealanders’ savings with them, but not for monopoly and lazy and conservative assets like generators, or sad returns like Treasury bonds.

    Whereas if NZSuper could propose something – for example an invitation to get directly into these alternative power generator companies in the US, or one of the Crown Research entity spinoffs – I am sure New Zealanders who could would be pretty enthuiastic.

    • PapaMike 10.1

      I would expect like all of the previous partial sales that all the Kiwisaver Accounts have substantial investments in these companies.
      Their expected return is about 7.5%, very much larger than bank term deposits of 4%
      If people do not like this they should tell their Kiwisaver Investment Managers, and see what they say.
      It was said yesterday that the NZ (hic) Banks are sitting on $150 billion of term deposits so there is plenty of investment money available.

      • Ad 10.1.1

        Yes of course on the Kiwisaver thing, but it would be good to identify where the state is heading and invest alongside it as well.

  11. Tracey 11

    this is odd. english said, as did key, that in good conditions these companies would reach higher sale value. yet this is both economic “good times” and a “rockstar economy” yet we havent got good prices per forecasts. stranfe indeed

    • Draco T Bastard 11.1

      It was never about getting a good price, it was always about dis-empowering the people of NZ by taking their assets and wealth away from them. This is how the rich are reinstating feudalism.

  12. Midas 12

    So to get the full cap of 2,000 bonus shares you’d need to buy 30,000 initially which at the top of the price range ($1.65) would require an initial investment of $49,500. Yay for the mums and dads of New Zealand who can write out a cheque for $49,500 just like that.

    Not, of course, that this was ever really about Kiwi mums and dads.

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    The New Zealand Council of Trade Unions is embarking on a campaign to fight the changes that weaken the Health and Safety Reform bill. As part of the campaign the CTU has organised vigils with the display of 291 crosses… ...
    GreensBy Denise Roche MP
    3 days ago
  • All options need to be put on meat sector table
    Farmers must be given every assurance that all potential risks have been considered before Silver Fern Farms opens its door to foreign equity, Labour’s Primary Industries spokesperson Damien O’Connor says. “The ongoing saga involving the meat sector and amalgamation has… ...
    3 days ago
  • Flag the referendum if 50% or more don’t vote
    Labour has moved to have the second flag referendum canned if the first attracts fewer than half the eligible number of voters, Opposition Leader Andrew Little says. “John Key has already wasted more than $8 million on his vanity project… ...
    3 days ago
  • 90,000 cars reclassified in botched ACC ratings
    New figures obtained by Labour show the ACC Minister’s botched motor vehicle levy system has resulted in 90,000 vehicles having to be reclassified so far – at a cost of $6 million, Labour’s ACC spokesperson Sue Moroney says. “Nikki Kaye’s… ...
    3 days ago
  • Brutal health cuts confirmed, crucial services suffer
    Chronic under-funding by National has seen the health budget slashed by $1.7 billion in just five years, Labour’s Health spokesperson Annette King says. A report by Infometrics, commissioned by Labour, shows health funding has been cut in four of the… ...
    4 days ago
  • Meth ring under Serco’s nose
    The news that two Serco inmates have been arrested for helping to run a methamphetamine ring from prison should be the final straw and see their contract cancelled, says Labour’s Corrections Spokesperson Kelvin Davis. “National has stood by Serco despite… ...
    4 days ago
  • Ministers failing women and their own targets
    New figures showing just five Ministers have met the Government’s own reduced targets for appointing women to state sector boards is evidence National is failing Kiwi women, Labour’s Women’s Affairs spokesperson Sue Moroney says. “The Ministry for Women’s 2015 Gender… ...
    4 days ago
  • Charges up for some as funding up for grabs
    A proposal being considered by the Government would see some people having to pay more for health care and district health boards forced to fight amongst themselves to fund regional health services, Labour’s Health spokesperson Annette King says “Information leaked… ...
    4 days ago
  • Stop experimenting on kids
    The trouble with the Charter school model is that it is a publicly funded experiment on children. The National Government has consistently put its desire to open charter schools ahead of the safety of the children in them, ignoring repeated… ...
    GreensBy Catherine Delahunty MP
    5 days ago
  • Bank puts the squeeze on mid Canterbury farmers
    News that an unnamed bank in Ashburton has put a receiver on notice over financially vulnerable farmers will send a chill through rural New Zealand, says Labour’s Finance Spokesperson Grant Robertson. “The Government needs to work with  New Zealand’s banks… ...
    5 days ago
  • Key is trading away New Zealand land and homes
    John Key yesterday admitted what National dishonestly refused to confirm in Parliament last week – he is trading away New Zealand’s right to control who buys our homes and land, says Opposition leader Andrew Little. “The Prime Minister must now… ...
    5 days ago
  • Razor gang takes scalpel to health
    Plans by the Government to take a scalpel to democratically elected health boards are deceitful and underhand, coming just months after an election during which they were never signalled, Labour’s Health spokesperson Annette King says “Leaked documents reveals a radical… ...
    5 days ago
  • Spin lines show a department in chaos
    Corrections Spin Doctors sending their place holder lines to journalists instead of responding to serious allegations shows the scale of chaos at the department over the Serco scandal, says Labour’s Corrections Spokesperson Kelvin Davis. “As more and more serious allegations… ...
    7 days ago
  • Court ruling shows law should never have been passed
    A High Court ruling that a law banning prisoners from voting is inconsistent with a properly functioning democracy should be a wake-up call for the Government, Labour’s Justice spokesperson Jacinda Ardern says. In an unprecedented ruling Justice Paul Heath has… ...
    1 week ago
  • Judicial Review Gamble Pays Off for Problem Gambling Foundation
    Congratulations are due to the Problem Gambling Foundation (PGFNZ) who have won their legal case around how the Ministry of Health decided to award their contracts for problem gambling services to another service provider. Congratulations are due not just for… ...
    GreensBy Denise Roche MP
    1 week ago
  • Environmental Protection Agency appoints GE advocate as new CEO
    This week, the Environmental Protection Authority Amendment Bill passed its first reading in Parliament. The Bill puts protection of the environment into the core purpose of the Environmental Protection Authority. This month, Dr Allan Freeth, the former Chief Executive of… ...
    GreensBy Steffan Browning MP
    1 week ago
  • Charanpreet Dhaliwal death demands genuine health and safety reform
    The killing of a security guard on his first night on the job is exactly the kind of incident that National’s watered-down health and safety bill won’t prevent, says Te Atatu MP Phil Twyford. The coronial inquest into 22-year-old Charanpreet… ...
    1 week ago
  • Arbitrary sanctions hit children hardest
    Increasing numbers of single parents are being penalised under a regime that is overly focussed on sanctions rather than getting more people into work, Labour’s Social Development spokesperson Carmel Sepuloni says. “Figures, obtained through Parliamentary questions show 3000 more sanctions,… ...
    1 week ago
  • Hekia just won’t face the facts
    Hekia Parata’s decision to keep troubled Whangaruru Charter school open despite being presented with a catalogue of failure defies belief, goes against official advice and breaks a Government promise to close these schools if they were failing, says Labour’s Education… ...
    1 week ago
  • No more silent witnesses
    Yesterday I attended the launch of a new initiative developed by and for Asian, Middle eastern and African youth to support young people to name and get support if there is domestic violence at home. The impact on children of… ...
    GreensBy Jan Logie MP
    1 week ago
  • Single Use Plastic Bags campaign – Some wins and some green-washing
    As we near the end of Plastic Free July I’m nearing the conclusion of my Say No To Plastic Bag tour when I will have completed all 30 of my public meetings. The campaign was designed to work with community… ...
    GreensBy Denise Roche MP
    1 week ago
  • Single Use Plastic Bags campaign – Some wins and some green-washing
    As we near the end of Plastic Free July I’m nearing the conclusion of my Say No To Plastic Bag tour when I will have completed all 30 of my public meetings. The campaign was designed to work with community… ...
    GreensBy Denise Roche MP
    1 week ago
  • Minister must take responsibility for problem gambling debacle
    The Government’s handling of the Problem Gambling Foundation’s axing in a cost-cutting exercise has been ham-fisted and harmful to some of the most vulnerable people in society, Associate Health Labour spokesperson David Clark says.“Today’s court ruling overturning the axing of… ...
    1 week ago
  • Labour will not support TPP if it undermines NZ sovereignty
    The Labour Party will not support the Trans Pacific Partnership Agreement unless key protections for New Zealanders are met, Opposition leader Andrew Little says.“Labour supports free trade. However, we will not support a TPP agreement that undermines New Zealand’s sovereignty. ...
    1 week ago
  • Coleman can’t ignore latest warnings
    Resident doctors have advised that a severe staffing shortage at North Shore Hospital is putting patients’ lives at risk, Labour’s Health spokesperson Annette King says. “They say a mismatch between staffing levels and patient workloads at North Shore has… ...
    1 week ago
  • ACC must remove barriers to appeals
    The Government must prioritise removing barriers to justice for ACC claimants following a damning report by Acclaim Otago, Labour’s ACC spokesperson Sue Moroney says. “ACC Minister Nikki Kaye must urgently scrap her flawed plan to remove claimant’s right to redress… ...
    1 week ago
  • Six months’ paid parental leave back on the agenda
    Six months’ paid parental leave is back on the agenda and a step closer to reality for Kiwi parents after Labour’s new Member’s Bill was pulled from today’s ballot, the Bill’s sponsor and Labour MP Sue Moroney says. “My Bill… ...
    1 week ago
  • Sole parents at risk of having no income
    New requirements for sole parents to undertake a reapplication process after a year is likely to mean a large number will face benefit cancellations, but not because they have obtained work, Labour’s Social Development spokesperson Carmel Sepuloni says. “Increasing numbers… ...
    1 week ago
  • Juking the Welfare Stats Again
    Last week the government’s major initiative to combat child poverty (a paltry $25 increase) was exposed for what it is, a lie. The Government, through the Budget this year, claims to be engaging in the child poverty debate, but instead,… ...
    GreensBy Jan Logie MP
    1 week ago
  • OCR rate cut a result of flagging economy
    The Reserve Bank's decision to cut the Official Cash Rate to 3 per cent shows there is no encore for the so-called 'rock star' economy, says Labour's Finance Spokesperson Grant Robertson.   "Today's interest rate cut comes off the back… ...
    1 week ago
  • Reboot to an innovation economy, an Internet economy and a clean economy
    In my short 33 years on this planet we’ve seen phenomenal technological, economic and social change, and it’s realistic to expect the next 33 will see even more, even faster change. You can see it in the non-descript warehouse near… ...
    GreensBy Gareth Hughes MP
    1 week ago
  • Bill that puts the environment into the EPA passes first hurdle
    A Bill that puts the environment squarely into legislation governing the Environmental Protection Authority passed its first reading today, says Meka Whaitiri.  “I introduced this member’s bill as the current law doesn’t actually make protecting the environment a goal of… ...
    1 week ago
  • Key’s KiwiSaver deception exposed
    KiwiSaver statistics released today expose John Key's claim that the cutting of the kickstart payment "will not make a blind bit of difference to the number of people who join KiwiSaver” to be duplicitous, says Labour Finance Spokesperson Grant Robertson.  “Official… ...
    1 week ago
  • Minimum Wage Amendment Bill to protect contractors
    All New Zealanders should be treated fairly at work. Currently, the law allows non-employment relationships to be used to get around the minimum wage. This is unfair, says Labour MP David Parker. “The Minimum Wage (Contractor Remuneration) Amendment Bill, a… ...
    1 week ago
  • Bill raises bar to protect Kiwi farmland
    The Government’s rubber-stamping of every one of the nearly 400 applications from overseas investors to buy New Zealand farm land over the last three years proves tougher laws are needed, Labour MP Phil Goff says. “In the last term of… ...
    1 week ago
  • Costly flag referendum should be dumped
    John Key must ditch the flag referendum before any more taxpayer money is wasted, Opposition Leader Andrew Little says. “Millions of dollars could be saved if the Prime Minister called a halt to this hugely expensive, and highly unpopular, vanity… ...
    1 week ago
  • Nats letting Serco off scot free
    Government members have prevented Parliament’s Law and Order select committee from getting answers out of a senior Serco director about the fight clubs being run at Mt Eden prisons, says Labour’s Corrections Spokesperson Kelvin Davis. “At today’s Law and Order… ...
    1 week ago
  • Charter school experiment turns into shambles
    The National Government’s charter school experiment has descended into chaos and it’s time for Hekia Parata to stop trying to cover up the full extent of the problems, Labour’s Education spokesperson Chris Hipkins says. “The Education Minister must release all… ...
    1 week ago

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