Thursday 31st October 2013 |
Text too small? |
Bank of New York Mellon Corp, which has US$1.5 trillion of assets under management, has bought 8.1 percent of Meridian Energy after New Zealand's government sold 49 percent of the nation's largest energy electricity retailer and generator in an initial public offering this month.
New York-based BNY Mellon, which is also the world's largest custody bank with US$27.4 trillion in assets under custody, bought the shares in the days following the stock listing on Tuesday, according to a substantial security holder notice posted on the NZX today.
Meridian Energy's instalment receipts debuted at $1.08 on Tuesday after tepid demand in the initial public offering saw the stock sold at $1.50 a share, the bottom of the indicative range of $1.50 to $1.80, with a smaller-than-expected pool of investors. The stock slipped 0.9 percent to $1.09 today.
The government offered the Meridian shares in instalment receipts to sweeten the offer, with $1 upfront and the promise of full entitlement to dividends, and the remaining 50 cents in May 2015.
BusinessDesk.co.nz
No comments yet
2025 Annual Shareholders' Meeting and Director Nominations
Meridian Energy monthly operating report for July 2025
August 15th Morning Report
VGL upgrades aspirations, accelerates to meet client demand
August 14th Morning Report
VHP - Focus on Fundamentals: Driving Operational Performance
August 13th Morning Report
Devon Funds Morning Note - 12 August 2025
Spark announces sale of 75% of data centre business
Blackpearl Announces $15M Capital Raise & Market Update