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Privatisation & IPO

One of the first government trading departments in New Zealand to undergo the commercialisation process, this business was set up as a State Owned Enterprise in 1990, subsequently progressed to privatisation (1993) and an Initial Public Offering on sharemarkets in the USA and New Zealand (1996).

Murray King and Francis Small were involved with all significant phases of set up, commercialisation and privatisation activity, including business planning, negotiation with the NZ Treasury over capital structure and legislation, developing Articles of Association for the new company, managing the due diligence process, establishment of the new board, preparation of float documents and pre-float international marketing.

Murray King: "A skilful juggling act was required - we couldn't afford to let drop any of the critical tasks. These included careful positioning of the company with key audiences, all the legal checking and re-checking.

"Successful privatisations and IPOs require clear heads and, if possible, experienced guides..."


  • Successful float.

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