genesis

Photo Of The Day

Photo/Storm Thorgerson Burning Man is literally burning, but is wearing an asbestos suit and asbestos wig. Pink Floyd:  Wish You Were Here/vinyl front, 1975. EMI.

Photo/Storm Thorgerson
Burning Man is literally burning, but is wearing an asbestos suit and asbestos wig.
Pink Floyd: Wish You Were Here/vinyl front, 1975. EMI.

Storm Thorgerson, Pink Floyd Album Art Designer

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Genesis sale no longer a political hot potato

Remember asset sales? ?Remember how the Green-led Labour movement wanted your signatures for a referendum? ?Remember how this was all going to end in tears?

With Genesis’ share sales starting today, you would be excused for wondering why this sale isn’t being opposed.

Analysts are picking demand will be high for shares in the country?s biggest electricity retailer, Genesis Energy, when its public offer opens today.

The price for shares in the state-owned energy company was announced at $1.55 last night after a bookbuild with institutional investors. The sale would raise up to $736 million for the Crown.

Finance Minister Bill English said already $620 million had been committed through the bookbuild, which was the first stage of the share offer.

At that price the shares will yield a gross dividend of 14.3 per cent, he said.

State-Owned Assets Minister Tony Ryall said the sale would take them to within the Treasury’s target range for the asset sales, with the sale of all four assets earning $4.7 billion, he said.

I’m sure it has nothing to do with the fact we are close to an election, and the Greens and Labour know the voters are sick and tired of two decades worth of manufactured asset sale outrage. ? Read more »

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