❓ A parliamentary question regarding the AlintaGas public share offer oversubscription, allocation scaling, advantages for underwriting broker clients, and potential undervaluation of shares.
AnsweredQoN 295Legislative Council
QuestionView source ↗
I refer to the early closure and oversubscription of the AlintaGas public share offer. (1) To what extent will applicants for AlintaGas shares have their share allocations scaled back as a result of the oversubscription? (2) Is it true that clients of the six underwriting brokers have received firm allocations of shares and will not have their allocations scaled back? (3) Why have established share traders been given this advantage over other members of the public? (4) Does the oversubscription not indicate that the Government has sold out the interests of the 1.8 million taxpayer owners of AlintaGas by undervaluing the shares? Hon N.F. MOORE
AnswerView source ↗
I thank the member for some notice of this question. (1) (a) The allocation to applicants in the institutional bookbuild for 22 million, or 25 per cent, of stapled securities in AlintaGas will be advised to each applicant into that pool on Wednesday, 11 October. (b) The allocation of applicants to the three joint lead managers and the three co-managers of the initial public offering for 22 million, or 25 per cent, of stapled securities available on a firm basis from those brokers to their clients is being handled by those brokers within the general constraints set by the State of not more than 10 000 securities to an individual client. (c) The allocations to both priority and general applicants in the retail offer to the public for 44 million, or 50 per cent, of stapled securities will be announced by the Minister for Energy once the allocation process is complete. (2) The joint lead managers and co-managers have each placed their full firm allocation with clients and any scaling back of requests by those clients has been a matter for the individual broker in line with the general constraints given in part (1)(b). (3) The establishment of a balanced register of security holders in AlintaGas is important to the ongoing performance of the company and to proper functioning of the market in securities on listing. (4) No.
(1) To what extent will applicants for AlintaGas shares have their share allocations scaled back as a result of the oversubscription? (2) Is it true that clients of the six underwriting brokers have received firm allocations of shares and will not have their allocations scaled back? (3) Why have established share traders been given this advantage over other members of the public? (4) Does the oversubscription not indicate that the Government has sold out the interests of the 1.8 million taxpayer owners of AlintaGas by undervaluing the shares? Hon N.F. MOORE replied: I thank the member for some notice of this question. (1) (a) The allocation to applicants in the institutional bookbuild for 22 million, or 25 per cent, of stapled securities in AlintaGas will be advised to each applicant into that pool on Wednesday, 11 October. (b) The allocation of applicants to the three joint lead managers and the three co-managers of the initial public offering for 22 million, or 25 per cent, of stapled securities available on a firm basis from those brokers to their clients is being handled by those brokers within the general constraints set by the State of not more than 10 000 securities to an individual client. (c) The allocations to both priority and general applicants in the retail offer to the public for 44 million, or 50 per cent, of stapled securities will be announced by the Minister for Energy once the allocation process is complete. (2) The joint lead managers and co-managers have each placed their full firm allocation with clients and any scaling back of requests by those clients has been a matter for the individual broker in line with the general constraints given in part (1)(b). (3) The establishment of a balanced register of security holders in AlintaGas is important to the ongoing performance of the company and to proper functioning of the market in securities on listing. (4) No.
(2) Is it true that clients of the six underwriting brokers have received firm allocations of shares and will not have their allocations scaled back? (3) Why have established share traders been given this advantage over other members of the public? (4) Does the oversubscription not indicate that the Government has sold out the interests of the 1.8 million taxpayer owners of AlintaGas by undervaluing the shares? Hon N.F. MOORE replied: I thank the member for some notice of this question. (1) (a) The allocation to applicants in the institutional bookbuild for 22 million, or 25 per cent, of stapled securities in AlintaGas will be advised to each applicant into that pool on Wednesday, 11 October. (b) The allocation of applicants to the three joint lead managers and the three co-managers of the initial public offering for 22 million, or 25 per cent, of stapled securities available on a firm basis from those brokers to their clients is being handled by those brokers within the general constraints set by the State of not more than 10 000 securities to an individual client. (c) The allocations to both priority and general applicants in the retail offer to the public for 44 million, or 50 per cent, of stapled securities will be announced by the Minister for Energy once the allocation process is complete. (2) The joint lead managers and co-managers have each placed their full firm allocation with clients and any scaling back of requests by those clients has been a matter for the individual broker in line with the general constraints given in part (1)(b). (3) The establishment of a balanced register of security holders in AlintaGas is important to the ongoing performance of the company and to proper functioning of the market in securities on listing. (4) No.
(3) Why have established share traders been given this advantage over other members of the public? (4) Does the oversubscription not indicate that the Government has sold out the interests of the 1.8 million taxpayer owners of AlintaGas by undervaluing the shares? Hon N.F. MOORE replied: I thank the member for some notice of this question. (1) (a) The allocation to applicants in the institutional bookbuild for 22 million, or 25 per cent, of stapled securities in AlintaGas will be advised to each applicant into that pool on Wednesday, 11 October. (b) The allocation of applicants to the three joint lead managers and the three co-managers of the initial public offering for 22 million, or 25 per cent, of stapled securities available on a firm basis from those brokers to their clients is being handled by those brokers within the general constraints set by the State of not more than 10 000 securities to an individual client. (c) The allocations to both priority and general applicants in the retail offer to the public for 44 million, or 50 per cent, of stapled securities will be announced by the Minister for Energy once the allocation process is complete. (2) The joint lead managers and co-managers have each placed their full firm allocation with clients and any scaling back of requests by those clients has been a matter for the individual broker in line with the general constraints given in part (1)(b). (3) The establishment of a balanced register of security holders in AlintaGas is important to the ongoing performance of the company and to proper functioning of the market in securities on listing. (4) No.
(4) Does the oversubscription not indicate that the Government has sold out the interests of the 1.8 million taxpayer owners of AlintaGas by undervaluing the shares? Hon N.F. MOORE replied: I thank the member for some notice of this question. (1) (a) The allocation to applicants in the institutional bookbuild for 22 million, or 25 per cent, of stapled securities in AlintaGas will be advised to each applicant into that pool on Wednesday, 11 October. (b) The allocation of applicants to the three joint lead managers and the three co-managers of the initial public offering for 22 million, or 25 per cent, of stapled securities available on a firm basis from those brokers to their clients is being handled by those brokers within the general constraints set by the State of not more than 10 000 securities to an individual client. (c) The allocations to both priority and general applicants in the retail offer to the public for 44 million, or 50 per cent, of stapled securities will be announced by the Minister for Energy once the allocation process is complete. (2) The joint lead managers and co-managers have each placed their full firm allocation with clients and any scaling back of requests by those clients has been a matter for the individual broker in line with the general constraints given in part (1)(b). (3) The establishment of a balanced register of security holders in AlintaGas is important to the ongoing performance of the company and to proper functioning of the market in securities on listing. (4) No.
Hon N.F. MOORE replied: I thank the member for some notice of this question. (1) (a) The allocation to applicants in the institutional bookbuild for 22 million, or 25 per cent, of stapled securities in AlintaGas will be advised to each applicant into that pool on Wednesday, 11 October. (b) The allocation of applicants to the three joint lead managers and the three co-managers of the initial public offering for 22 million, or 25 per cent, of stapled securities available on a firm basis from those brokers to their clients is being handled by those brokers within the general constraints set by the State of not more than 10 000 securities to an individual client. (c) The allocations to both priority and general applicants in the retail offer to the public for 44 million, or 50 per cent, of stapled securities will be announced by the Minister for Energy once the allocation process is complete. (2) The joint lead managers and co-managers have each placed their full firm allocation with clients and any scaling back of requests by those clients has been a matter for the individual broker in line with the general constraints given in part (1)(b). (3) The establishment of a balanced register of security holders in AlintaGas is important to the ongoing performance of the company and to proper functioning of the market in securities on listing. (4) No.
I thank the member for some notice of this question. (1) (a) The allocation to applicants in the institutional bookbuild for 22 million, or 25 per cent, of stapled securities in AlintaGas will be advised to each applicant into that pool on Wednesday, 11 October. (b) The allocation of applicants to the three joint lead managers and the three co-managers of the initial public offering for 22 million, or 25 per cent, of stapled securities available on a firm basis from those brokers to their clients is being handled by those brokers within the general constraints set by the State of not more than 10 000 securities to an individual client. (c) The allocations to both priority and general applicants in the retail offer to the public for 44 million, or 50 per cent, of stapled securities will be announced by the Minister for Energy once the allocation process is complete. (2) The joint lead managers and co-managers have each placed their full firm allocation with clients and any scaling back of requests by those clients has been a matter for the individual broker in line with the general constraints given in part (1)(b). (3) The establishment of a balanced register of security holders in AlintaGas is important to the ongoing performance of the company and to proper functioning of the market in securities on listing. (4) No.
(1) (a) The allocation to applicants in the institutional bookbuild for 22 million, or 25 per cent, of stapled securities in AlintaGas will be advised to each applicant into that pool on Wednesday, 11 October. (b) The allocation of applicants to the three joint lead managers and the three co-managers of the initial public offering for 22 million, or 25 per cent, of stapled securities available on a firm basis from those brokers to their clients is being handled by those brokers within the general constraints set by the State of not more than 10 000 securities to an individual client. (c) The allocations to both priority and general applicants in the retail offer to the public for 44 million, or 50 per cent, of stapled securities will be announced by the Minister for Energy once the allocation process is complete. (2) The joint lead managers and co-managers have each placed their full firm allocation with clients and any scaling back of requests by those clients has been a matter for the individual broker in line with the general constraints given in part (1)(b). (3) The establishment of a balanced register of security holders in AlintaGas is important to the ongoing performance of the company and to proper functioning of the market in securities on listing. (4) No.
(c) The allocations to both priority and general applicants in the retail offer to the public for 44 million, or 50 per cent, of stapled securities will be announced by the Minister for Energy once the allocation process is complete.
(3) The establishment of a balanced register of security holders in AlintaGas is important to the ongoing performance of the company and to proper functioning of the market in securities on listing. (4) No.
(4) No.
(1) To what extent will applicants for AlintaGas shares have their share allocations scaled back as a result of the oversubscription? (2) Is it true that clients of the six underwriting brokers have received firm allocations of shares and will not have their allocations scaled back? (3) Why have established share traders been given this advantage over other members of the public? (4) Does the oversubscription not indicate that the Government has sold out the interests of the 1.8 million taxpayer owners of AlintaGas by undervaluing the shares? Hon N.F. MOORE replied: I thank the member for some notice of this question. (1) (a) The allocation to applicants in the institutional bookbuild for 22 million, or 25 per cent, of stapled securities in AlintaGas will be advised to each applicant into that pool on Wednesday, 11 October. (b) The allocation of applicants to the three joint lead managers and the three co-managers of the initial public offering for 22 million, or 25 per cent, of stapled securities available on a firm basis from those brokers to their clients is being handled by those brokers within the general constraints set by the State of not more than 10 000 securities to an individual client. (c) The allocations to both priority and general applicants in the retail offer to the public for 44 million, or 50 per cent, of stapled securities will be announced by the Minister for Energy once the allocation process is complete. (2) The joint lead managers and co-managers have each placed their full firm allocation with clients and any scaling back of requests by those clients has been a matter for the individual broker in line with the general constraints given in part (1)(b). (3) The establishment of a balanced register of security holders in AlintaGas is important to the ongoing performance of the company and to proper functioning of the market in securities on listing. (4) No.
(2) Is it true that clients of the six underwriting brokers have received firm allocations of shares and will not have their allocations scaled back? (3) Why have established share traders been given this advantage over other members of the public? (4) Does the oversubscription not indicate that the Government has sold out the interests of the 1.8 million taxpayer owners of AlintaGas by undervaluing the shares? Hon N.F. MOORE replied: I thank the member for some notice of this question. (1) (a) The allocation to applicants in the institutional bookbuild for 22 million, or 25 per cent, of stapled securities in AlintaGas will be advised to each applicant into that pool on Wednesday, 11 October. (b) The allocation of applicants to the three joint lead managers and the three co-managers of the initial public offering for 22 million, or 25 per cent, of stapled securities available on a firm basis from those brokers to their clients is being handled by those brokers within the general constraints set by the State of not more than 10 000 securities to an individual client. (c) The allocations to both priority and general applicants in the retail offer to the public for 44 million, or 50 per cent, of stapled securities will be announced by the Minister for Energy once the allocation process is complete. (2) The joint lead managers and co-managers have each placed their full firm allocation with clients and any scaling back of requests by those clients has been a matter for the individual broker in line with the general constraints given in part (1)(b). (3) The establishment of a balanced register of security holders in AlintaGas is important to the ongoing performance of the company and to proper functioning of the market in securities on listing. (4) No.
(3) Why have established share traders been given this advantage over other members of the public? (4) Does the oversubscription not indicate that the Government has sold out the interests of the 1.8 million taxpayer owners of AlintaGas by undervaluing the shares? Hon N.F. MOORE replied: I thank the member for some notice of this question. (1) (a) The allocation to applicants in the institutional bookbuild for 22 million, or 25 per cent, of stapled securities in AlintaGas will be advised to each applicant into that pool on Wednesday, 11 October. (b) The allocation of applicants to the three joint lead managers and the three co-managers of the initial public offering for 22 million, or 25 per cent, of stapled securities available on a firm basis from those brokers to their clients is being handled by those brokers within the general constraints set by the State of not more than 10 000 securities to an individual client. (c) The allocations to both priority and general applicants in the retail offer to the public for 44 million, or 50 per cent, of stapled securities will be announced by the Minister for Energy once the allocation process is complete. (2) The joint lead managers and co-managers have each placed their full firm allocation with clients and any scaling back of requests by those clients has been a matter for the individual broker in line with the general constraints given in part (1)(b). (3) The establishment of a balanced register of security holders in AlintaGas is important to the ongoing performance of the company and to proper functioning of the market in securities on listing. (4) No.
(4) Does the oversubscription not indicate that the Government has sold out the interests of the 1.8 million taxpayer owners of AlintaGas by undervaluing the shares? Hon N.F. MOORE replied: I thank the member for some notice of this question. (1) (a) The allocation to applicants in the institutional bookbuild for 22 million, or 25 per cent, of stapled securities in AlintaGas will be advised to each applicant into that pool on Wednesday, 11 October. (b) The allocation of applicants to the three joint lead managers and the three co-managers of the initial public offering for 22 million, or 25 per cent, of stapled securities available on a firm basis from those brokers to their clients is being handled by those brokers within the general constraints set by the State of not more than 10 000 securities to an individual client. (c) The allocations to both priority and general applicants in the retail offer to the public for 44 million, or 50 per cent, of stapled securities will be announced by the Minister for Energy once the allocation process is complete. (2) The joint lead managers and co-managers have each placed their full firm allocation with clients and any scaling back of requests by those clients has been a matter for the individual broker in line with the general constraints given in part (1)(b). (3) The establishment of a balanced register of security holders in AlintaGas is important to the ongoing performance of the company and to proper functioning of the market in securities on listing. (4) No.
Hon N.F. MOORE replied: I thank the member for some notice of this question. (1) (a) The allocation to applicants in the institutional bookbuild for 22 million, or 25 per cent, of stapled securities in AlintaGas will be advised to each applicant into that pool on Wednesday, 11 October. (b) The allocation of applicants to the three joint lead managers and the three co-managers of the initial public offering for 22 million, or 25 per cent, of stapled securities available on a firm basis from those brokers to their clients is being handled by those brokers within the general constraints set by the State of not more than 10 000 securities to an individual client. (c) The allocations to both priority and general applicants in the retail offer to the public for 44 million, or 50 per cent, of stapled securities will be announced by the Minister for Energy once the allocation process is complete. (2) The joint lead managers and co-managers have each placed their full firm allocation with clients and any scaling back of requests by those clients has been a matter for the individual broker in line with the general constraints given in part (1)(b). (3) The establishment of a balanced register of security holders in AlintaGas is important to the ongoing performance of the company and to proper functioning of the market in securities on listing. (4) No.
I thank the member for some notice of this question. (1) (a) The allocation to applicants in the institutional bookbuild for 22 million, or 25 per cent, of stapled securities in AlintaGas will be advised to each applicant into that pool on Wednesday, 11 October. (b) The allocation of applicants to the three joint lead managers and the three co-managers of the initial public offering for 22 million, or 25 per cent, of stapled securities available on a firm basis from those brokers to their clients is being handled by those brokers within the general constraints set by the State of not more than 10 000 securities to an individual client. (c) The allocations to both priority and general applicants in the retail offer to the public for 44 million, or 50 per cent, of stapled securities will be announced by the Minister for Energy once the allocation process is complete. (2) The joint lead managers and co-managers have each placed their full firm allocation with clients and any scaling back of requests by those clients has been a matter for the individual broker in line with the general constraints given in part (1)(b). (3) The establishment of a balanced register of security holders in AlintaGas is important to the ongoing performance of the company and to proper functioning of the market in securities on listing. (4) No.
(1) (a) The allocation to applicants in the institutional bookbuild for 22 million, or 25 per cent, of stapled securities in AlintaGas will be advised to each applicant into that pool on Wednesday, 11 October. (b) The allocation of applicants to the three joint lead managers and the three co-managers of the initial public offering for 22 million, or 25 per cent, of stapled securities available on a firm basis from those brokers to their clients is being handled by those brokers within the general constraints set by the State of not more than 10 000 securities to an individual client. (c) The allocations to both priority and general applicants in the retail offer to the public for 44 million, or 50 per cent, of stapled securities will be announced by the Minister for Energy once the allocation process is complete. (2) The joint lead managers and co-managers have each placed their full firm allocation with clients and any scaling back of requests by those clients has been a matter for the individual broker in line with the general constraints given in part (1)(b). (3) The establishment of a balanced register of security holders in AlintaGas is important to the ongoing performance of the company and to proper functioning of the market in securities on listing. (4) No.
(c) The allocations to both priority and general applicants in the retail offer to the public for 44 million, or 50 per cent, of stapled securities will be announced by the Minister for Energy once the allocation process is complete.
(3) The establishment of a balanced register of security holders in AlintaGas is important to the ongoing performance of the company and to proper functioning of the market in securities on listing. (4) No.
(4) No.
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