NZ government scales back larger scale applications in Genesis Energy float

Wed, 16 Apr 2014

April 16 (BusinessDesk) - The government will progressively scale down applications for large shareholdings in Genesis Energy ahead of tomorrow’s listing after the final partial privatisation in the current programme attracted 68,000 investors. The scaling policy will cap general applications at $5,000, or 3,226 shares, and the government cut the broker allocations by 20 percent to meet the demand, Finance Minister Bill English and State Owned Enterprise Minister Tony Ryall said in a statement. Investors seeking up to 1,613 shares will get t...

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