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..."