State Owned Enterprises Minister Tony Ryall has released more details for retail investors in the Mighty River Power float, including that those who pre-register for the float will receive 25% more shares than those who do not pre-register for the float.
The government kicked off its NZ$1 million advertising campaign for the NZ$1.8 billion float today, including launching a website called mightyrivershares.govt.nz website and opening its 0800 number (0800 90 30 90). The website was not operating as of 10.20 am for my on my Telecom Wi-fi hot spot. It continued to be spotty for me in the following hour.
Respondents on my twitter feed also experienced problems with getting into the website to register. After 5 attempts to get in, I eventually got this response when trying to register: "Ajax error: 0 : Error: NETWORK_ERR: XMLHttpRequest Exception 101".
What experience are others seeing? Leave a comment below with your experiences.
Officials said the website would only be available to those on New Zealand IP addresses, although others from overseas reported on Twitter they could get through.
Elsewhere, Ryall told a news conference the NZ$2,000 threshold set yesterday beyond which retail investors would be scaled back was only a minimum.
That threshold could rise, depending on demand in the offer, Ryall said.
Asked why the threshold was not higher to start with, Finance Minister Bill English said the involvement of international institutional investors was needed to create the tension in the sale process to get the best price for the taxpayer for the sale of the 49% stake in the company worth NZ$3.6 billion at its last balance date.
(Updated to include mightyriver.govt.nz URL. )