The Prime Minister has said the float of Genesis Energy is
likely to go ahead sooner rather than later confirming
investment industry expectations.
On Monday the Business Herald reported that Genesis could be
listed on the stock exchange in April, sooner than previously
Past indications had put the float on track for a May listing
on a timetable similar to Mighty River Power, which listed on
May 10, 2013.
But Treasury officials are believed to have already begun
visits to institutional investors in preparation for the
float and industry expectations are that it is likely to
Yesterday John Key confirmed the Government's plans to float
its third energy company and said it would happen sooner
rather than later.
"I am very much of the view it is going to take place. I
certainly haven't seen any contrary advice," Key told Radio
He said advice received from Treasury this week was that a
sale was "definitely a possibility".
"Treasury were confident we could do it."
The Government has always reserved the right to change its
mind if market conditions are not favourable for the asset
The Herald understands a final call on the sale is likely to
be made by early March.
Genesis is due to release its half year result next
Wednesday. The financial information must be included as part
of an investment prospectus for potential investors.
An offer document could be out as soon as the end of March
based on a six-week turnaround.
- Tamsyn Parker of the New Zealand Herald