Sharechat Logo

Bank of New York Mellon emerges with 8.1 percent stake in Meridian Energy

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



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

SML - Synlait Milk Limited - Trading Halt of Securities
AIA - Auckland Airport announces board chair changes
AIA - Auckland Airport announces board chair changes
CEN - Tauhara commissioning progress update
FPH initiates voluntary limited recall
March 28th Morning Report
KFL Celebrates 20 Years of Excellence in Investment Mgmt.
SVR - Savor FY24 Earnings Guidance & Change in Banking Partner
NZK - NZ King Salmon Investments Limited FY24 Results
March 27th Morning Report