Income from State Asset Sales as at May 2014
Published 14 May 2014
Historical information on the sale price and background to New Zealand Government asset sales as at May 2014.
|New Zealand Steel||327.224||22.03.88||Equiticorp|
|Petrocorp||801.059||31.03.88||Rossport Investments Ltd|
|Health Computing Service||4.250||07.11.88||Paxus Information Services|
|DFC||111.280||18.11.88||National Provident Fund (80%) & Salomon Brothers (20%)|
|Post Office Bank||665.400||28.02.89||Australia and New Zealand Banking Group Limited|
|Shipping Corporation||18.500||03.04.89||ACT (NZ) Limited|
|Air New Zealand||660.000||17.04.89|||
|Landcorp Financial Instruments||15.740||20.03.89||Mortgagors|
|550.000||31.10.89||Magneton Holdings Limited|
|Government Printing Office||20.000||1989/90||Various||[4a]|
|National Film Unit||1.500||23.03.90||TVNZ|
|Communicate NZ||0.064||08.12.90||DAC Group Limited|
|State Insurance Office||735.000||28.06.90||Norwich Union|
|Tourist Hotel Corporation (THC of NZ Ltd)||71.850||15.06.90||Southern Pacific Hotel Corporation NZ Ltd|||
|New Zealand Liquid Fuel Investment Ltd||-203.000||06.07.90||Fletcher Challenge Canadian Investments Ltd|
|Maui Gas||240.000||06.07.90||Generate Development Ltd|||
|14.000||06.07.90||Benhar Holding Ltd|||
|Synfuels Stocks & Current Assets||29.158||06.07.90||Fletcher Challenge Ltd|
|- Clawbacks 1991/92||91.847||Fletcher Challenge Ltd|||
|Forestry Cutting Rights||102.000||24.07.90||Ernslaw One Ltd|||
|262.000||24.07.90||Fletcher Challenge Ltd|||
|382.900||30.08.90||Carter Holt Harvey|||
|0.305||30.08.90||Consortium of NZ Investors|||
|115.000||18.09.90||Wenita Forestry Ltd|||
|26.800||19.09.90||Baigents/Shell (NZ) Ltd|||
|0.150||19.09.90||Golden Bay Forest|||
|41.500||19.09.90||Juken Nissho Ltd|||
|43.500||24.10.90||Juken Nissho Ltd|||
|NZ Timberlands Ltd||366.000||15.05.92||ITT Rayonier|||
|Export Guarantee Office Ltd||17.781||24.06.93||State Insurance Office|
|Government Supply Brokerage Corporation (NZ) Ltd||3.200||30.01.92||Professional Services Ltd|
|Housing Corporation Mortgages||29.684||25.11.91||TSB Bank Limited|
|12.877||Oct - Nov 92|
|4.000||29.02.95||ANZ Banking Group|
|10.900||30.03.95||ANZ Banking Group|
|185.500||30.4.95||ANZ Banking Group|
|44.500||01.07.95||ANZ Banking Group|
|80.000||11.09.95||ANZ Banking Group|
|5.900||03.05.96||ANZ Banking Group|
|74.100||17.06.96||ANZ Banking Group|
|5.900||28.07.96||ANZ Banking Group|
|17.300||23.09.96||ANZ Banking Group|
|Taranaki Petroleum Mining Licences||118.840||06.04.92||Petrocorp/Southern Petroleum|||
|- Clawback 1992/93||2.296||31.08.92||Nomeco|
|Bank of New Zealand||849.946||09.11.92||National Australia Bank|||
|New Zealand Rail||328.191||30.09.93||Wisconsin Central, Berkshire Partners, III L.P., Fay Richwhite|| , |
|Wrightsons Rights||3.449||25.11.93||Domestic and International Institutions|
|Fletcher Challenge Limited Ordinary Division and Forest Division Shares||418.059||23.12.93||Domestic and International Institutions|
|GCS Limited||46.991||18.11.94||EDS Holdings (NZ) Limited|
|Waikato Regional Airport Limited||2.125||29.3.96||Hamilton City Council, Matamata/Piako District Council, Otorohanga District Council, Waikato District Council, and Waipa District Council|
|Oamaru Airport||0.040||30.06.96||Waitaki District Council|
|Te Kuiti Airport||nominal||30.09.96||Waitomo District Council|
|Timaru Airport||nominal||1.05.97||Timaru District Council|
|Masterton Airport||nominal||1/05/98||Masterton District Council|
|Tauranga Airport||1.061||1/05/98||Tauranga District Council|
|Hokitika Airport||nominal||1/07/98||Westland District Council|
|Rotorua Regional Airport Limited & Palmerston North Airport Limited||2.500||1/02/99||Central Avion Holdings Limited|
|Auckland International Airport Limited (incl a special dividend of $69.66ml)||459.832||28/07/98||Public Share Float|
|Wellington international Airport Limited||96.380||14/08/98||Consortium led by Infratil NZ Ltd|||
|Māori Development Corporation||20.930||17.6.96||Māori Development Corporation|
|The Radio Company Limited||89.000||10.7.96||New Zealand Radio Network Limited|
|Forestry Corporation of New Zealand Ltd||1,600.000||27.9.96||Fletcher Challenge Forests (37.5%), Brierley Investments Ltd (25%) and Citifor Inc (37.5%)|||
|Works and Development Services Corporation (NZ) Limited||108.000||8.11.96||Civil Construction to Downer and Co Ltd, and Consultancy Services to Kinta Kellas PLC|||
|Capital Properties New Zealand Limited (CPNZ) First instalment||59.700||27.11.98||Public Share Float|
|Contact Energy Limited - 40% cornerstone||1,208.000||14.5.99||Edison Mission Taupo Limited|
|Contact Energy Limited - 60% float||1,123.000||14.5.99||Public Share Float|
|VTNZ||19.200||21.9.99||Motor Trade Association Investments Limited|
|Mighty River Power||1,686.105||14.5.13||Public Share Float for 49% of the company|||
|Meridian Energy||1,883.805||30.10.13||Public Share Float for 49% of the company|||
|Air New Zealand||365.205||19.11.13||New Zealand sharebrokers (on behalf of their clients) and New Zealand and some offshore institutions|||
|Genesis Energy||733.480||16.4.14||Public Share Float for 49% of the company|||
-  The Crown paid a total $1.825 million to SCNZ over 1993 to finalise the Conference Pool Accounts.
-  Air New Zealand's initial ownership after sale was:
Japan Air Lines Limited 7.5%
American Airlines Limited 7.5%
30% of BIL's holding is now held by the public and Air New Zealand staff.
-  The Crown received a further $137.5 million on 30 September 1992 from a clawback on the Rural Bank's surplus loan loss provisions.
- [4a] From sale of sundry assets, including its main building in Mulgrave Street.
- [4b] Part proceeds of sale of the business - $0.425 million was received on 31 March 1993.
-  The Sale and Purchase Agreement referred to a sales price of $73.85 million, however, the resolution of the settlement accounts have resulted in the Crown receiving $2 million less. Prior to the sale and as a condition of the sale, the Crown assumed THC's term liabilities which had a book value of about $73 million at the time.
-  In addition to the Maui Gas sale proceeds, the Government receives profits under the Electricorp gas contract:
1991/92 34.3 million
1992/93 51.0 million
1993/94 34.2 million
1994/95 37.5 million
1995/96 38.6 million
1996/97 38.9 million
1997/98 39.5 million
1998/99 39.1 million
-  There are two clawbacks included in the synfuels sale: gasoline price clawback and withholding tax clawback. The net total of NZLFI, Maui and Synfuels is $257.054 million.
-  Payment was made in lump sum payments of US$ and NZ$ on 12 September 1990 and six monthly installments of NZ$ commencing on that date, to avoid disruption to financial markets. The US$ portion has not been converted to NZ$ as it is being used to offset US$ debt. The NZ$ installments include interest to compensate for deferred payment. The value of the proceeds for debt reduction equates to NZ$4.25 billion.
-  Initial sale of 100% to American Information Technologies Corporation (Ameritech) and Bell Atlantic Corporation, with a requirement to on-sell shares over three years.
- [10a] Contracted sale price.
- [10b] Signing date. Payment terms vary. $1,027 million was received in 1990/91 fiscal year.
-  The Crown has a clawback arrangement whereby the joint venture pays further money to the Crown should oil prices be above benchmark levels or if reserves be above the present midpoint reserve estimate. The Crown does not pay the joint venture if prices or volumes are less than forecast. The Crown received $2.296 million in the 1992/93 financial year and zero in the 1993/94, 1994/95, 1995/96 and 1996/97, 1997/98 financial years.
-  In addition to the amount received for its BNZ shares, the Government received from BNZ an amount of $36.966 million on the unwinding of Adbro Investments Limited (the company established in 1990 to participate in the BNZ's non-performing loans). The Crown has a facility to receive a share of excess Adbro recoveries. Recoveries to date have totalled $29.233 million.
-  The announced sale price of $400 million was the 'enterprise value' of the business. This is the going concern value Wisconsin placed on the business. Once the debt of NZ Rail is deducted from the enterprise value, the final sale proceeds to the Crown are $328.191 million.
-  The Government announced the sale of NZ Rail on 20 July 1993. The settlement period was set at a maximum of 90 days. Wisconsin elected to settle the transaction early by paying the balance of the purchase price on 30 September 1993.
-  NZAL is a consortium controlled by Infratil NZ Ltd. The shares in the consortium at purchase were Infratil NZ Ltd (40%); Foreign Colonial Special Utilities Investment Trust (20%) and Alliance Life Common Fund (40%).
-  The sale proceeds for the Crown's shares in FCNZ were US$1,091.889 million. This equates to $1,600 million based on the exchange rate of 5 August 1996 when the price for the transaction was agreed by Cabinet. Settlement of the $US amount took place on 27 September 1996.
-  Settlement for Works Civil Construction took place on 24 September 1996. Settlement for Works Consultancy Services took place on 8 November 1996.
- [18a] The total records proceeds received from asset sales. The Crown continues to deal with some residual liabilities from the time when assets were owned by the Crown.
- [18b] This total includes the income from the clawbacks on the sale of Synfuels and the Petroleum Mining Licenses.
-  The Crown sold 49% of the shares in Mighty River Power via a public share offer (including loyalty bonus shares to be transferred to eligible investors in May 2015)
-  The Crown sold 49% of the shares in Meridian Energy via a public share offer. The proceeds were payable in two instalments; the first instalment of $1,255.87 million was received in October 2013 and the second instalment of $627.94 million is due in May 2015
-  The Crown sold approximately 20% of the shares in Air New Zealand via an off-market sale to New Zealand sharebrokers (to on-sell to their clients) and to New Zealand and some offshore institutions. The transaction reduced the Crown's ownership of Air New Zealand from approximately 73% to approximately 53%
-  The Crown sold 49% of the shares in Genesis Energy via a public share offer (including loyalty bonus shares to be transferred to eligible investors in April 2015)