So who is going to buy some shares in Mighty River Power?

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Forums › Finance and wealth management › So who is going to buy some shares in Mighty River Power?

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#774958 5-Mar-2013 13:29

The website didn't work well in IE10, just an infinte loop on the second page.

Just to pull up the OP on the following statements

>> I understand people don't want assets sold and I agree with this sentiment, but if they are going to be sold without our consent, will you buy them? <<

Actually the national government was voted in based on these asset sales, so they have a full mandate to sell 49% of them off. 51% will still be owned by the government so NZers still have a majority ownership of them. This is unlike the asset sales of the 80's and 90's which sold 100% of them.

>> It is an interesting conundrum. I don't want to support the assets sales, but think that if I don't buy some then they are more likely to go to overseas buyer<<

As NZers have first right to these shares, selling them could still mean that 100% of these comapnies are 100% NZ owned. Also they are being used for kiwisaver to invest in. IT is then up to the individual investors if they want to sell them overseas, but there are rules regarding how much overseas companies can own anyway. So they will remain NZ majority owned anyway. Kiwisaver had a limited number of things to invest in in NZ, so this could be very good for kiwisaver, depending on how well the shares do.

My concern though is that apparently NZ currently has an oversupply of electricity, so not sure how well the shares will do.

networkn

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#774960 5-Mar-2013 13:31

If we have an oversupply, why aren't prices dropping?

ubergeeknz

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Vocus

#774961 5-Mar-2013 13:33

networkn: If we have an oversupply, why aren't prices dropping?

Take a look at profits for the power companies for 2012 vs 2011 and you might see the answer to that...

mattwnz

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#774965 5-Mar-2013 13:37

networkn: If we have an oversupply, why aren't prices dropping?

Possibly also because there isn't much real competition. But I don't think they are rising as much as they once were. Also possibly they want larger margins.

Dingbatt

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#774966 5-Mar-2013 13:43

In answer to the original post.

Yes, probably 2 x $2000.

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mrphil

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#774972 5-Mar-2013 13:55

grant_k:
mrphil: I'm thinking to buy some as a investment but this is all new to me.

If purchased do I need some type of share broker or do I just buy and sell via the mightyrivershares.govt.nz website?

Plus how do you pay for them? Is it linked to your bank account and they will have the rights to take the funds out themselfs?

You don't need to have a share broker unless you want to. Both options are catered for via the online form.

When I filled in the name of my broker (ASB Securities) it asked me for my client number, which I guess is another way they can verify your credentials, and maybe save some extra paperwork later.

To trade the shares after issue, you will need to use a broker. Several of the banks offer this service, and so do some third parties, but after I very nearly lost some money when Access Brokerage went under, I decided to only use a registered bank for share trading from that time onwards. I have been very pleased with the speed and ease of use offered by the ASB Securities website.

I expect that you will be able to pay for the shares either by cheque, or by internet banking into the organising broker's trust account, or possibly Direct Debit via Computershare. Those are the ways most of the recent share offers have been paid for.

Thanks will look into asb securities

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floydbloke

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#774992 5-Mar-2013 14:28

Klipspringer: I'm not a New Zealander. (Not a NZ citizen). So does that mean I can't buy?

Don't have to be a citizen but do need to be a permanent resident (like myself).
It asks you to confirm this during the pre-registration but doesn't really verify it other than asking what country and city you live in.

Incidentally, someone needs to educate the mob running this show that Porirua is indeed a city in New Zealand. It wouldn't accept my entry until I entered Wellington.

Sometimes I use big words I don't always fully understand in an effort to make myself sound more photosynthesis.

Klathman

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#774996 5-Mar-2013 14:32

floydbloke:

Incidentally, someone needs to educate the mob running this show that Porirua is indeed a city in New Zealand. It wouldn't accept my entry until I entered Wellington.

That's brilliant!! I entered our little village and it was fine. I know there's less than 150 households on the telephone exchange so that should give you an idea of size.

floydbloke

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#775001 5-Mar-2013 14:37

Klathman:
floydbloke:

Incidentally, someone needs to educate the mob running this show that Porirua is indeed a city in New Zealand. It wouldn't accept my entry until I entered Wellington.

That's brilliant!! I entered our little village and it was fine. I know there's less than 150 households on the telephone exchange so that should give you an idea of size.

Oops, could be DFU error on my behalf actually because I just tried again to be sure and it went through. Maybe I'd forgotten to check the 'accept T&C's or the website was still playing up because of load.

Sometimes I use big words I don't always fully understand in an effort to make myself sound more photosynthesis.

scuwp

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#775029 5-Mar-2013 15:35

All signed up. Website worked perfectly in Chrome.

Lazy is such an ugly word, I prefer to call it selective participation

billgates

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#775048 5-Mar-2013 15:53

Received an email from mightyriver.

The general public offer will only be open to New Zealand Applicants. Pre-registration is not an application for shares. To apply for Mighty River Power shares you will need to supply the following with your application when the Share Offer opens:
?A valid IRD number; and
?A valid New Zealand bank account; and
?A New Zealand address; and
?A declaration that you are a New Zealand citizen or permanent resident in New Zealand; and
?A confirmation that you are in New Zealand and are not acting for the account or benefit of, a person in the United States.

Do whatever you want to do man.

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#775077 5-Mar-2013 16:24

registered fine here on the website with IE10

lchiu7

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#775101 5-Mar-2013 16:44

Worked fine for on Chrome (beta) for Android. Brought up the mobile version.

Staying in Wellington. Check out my AirBnB in the Wellington CBD. https://www.airbnb.co.nz/h/wellycbd PM me and mention GZ to get a 15% discount and no AirBnB charges.

mattwnz

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#775114 5-Mar-2013 17:00

This is possibily a good way for the IRD to find out who is buying and selling shares quickly and not declaring the income from the profit they make.

turnin

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#775134 5-Mar-2013 17:48

As a share they will do well for investors in the medium term.
but No, I wont buy them, the strategy will harm the country.

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