Finance Minister Bill English announced yesterday more details of the partial float of the state-owned energy company, including the loyalty offer.
New Zealand retail investors in the MRP float will receive one loyalty bonus for every 24 shares they hold for two years from the offer - up to a maximum of 200 bonus shares.
''The loyalty bonus scheme I am announcing today is another way to encourage widespread and substantial ownership of shares in MRP. It also recognises the loyalty of those New Zealanders who retain their shares and contribute towards the country's savings culture.''
The loyalty bonus scheme was available only to New Zealand retail investors - not to institutions in New Zealand or overseas, he said.
The MRP share offer document was formally registered yesterday. It will be available for viewing on the www.mightyrivershares.govt.nz website.
A ''consideration period'' has started and is expected to last for five working days. That is a requirement under securities law to allow the Financial Markets Authority the opportunity to review the document before the offer period officially starts.
Mr English repeated the Government expected to see at least 85% New Zealand ownership of the company at the time it listed, including the Government's 51% shareholding.
The maximum cost of the loyalty scheme would not be known until the offer had closed and allocation decisions were made. But a bonus offer of 1 for 25 meant the maximum cost would be 4% of the value of shares allocated to New Zealand retail investors, he said.
Green Party co-leader Russel Norman estimated if the bonus scheme was paid out at the top-of-the-range $2.80 a share, it would cost an additional $77 million.
''That's a straight transfer of wealth from the vast majority of Kiwis who can't afford to or don't want to buy shares in Mighty River to the small percentage of people who will.
''It's another instance of National splashing taxpayer cash around to try to increase the popularity of a policy that Kiwis don't want and that our country doesn't need,'' Dr Norman said.
MRP released its interim report yesterday which showed the operating profit rose 2% to $260.1 million in the six months ended December compared with $254.5 million in the previous corresponding period (pcp).
However, the reported after-tax profit for the period rose significantly to $75 million from $17.6 million after equity accounting earnings of interests in jointly controlled entities of more than $57 million in the period compared with a loss of $21 million in the pcp.
Revenue in the period was down at $706 million compared with $729 million in the pcp.
MRP has total assets of $5.7 billion including $5 billion in property, plant and equipment. The company had positive operating cash flow of $212 million in the period compared with $184 million in the pcp.
