MRP share registration site crashes under heavy demand

Strong interest in the partial privatisation of MightyRiverPower was apparent today, with some 35,000 people pre-registering their interest in buying shares in the state-owned power company.

Despite State-Owned Enterprises Minister Tony Ryall’s saying yesterday he’d sought assurances the website could handle heavy traffic, it crashed briefly in the course of the day.

The website provides information to New Zealand investors keen to register their interest in the share offer.

Pre-registration also offers would-be shareholders the prospect of a larger allocation in the float than for investors who don’t pre-register.

While participation in the float requires a minimum investment of $1,000, focus so far has not been on whether some New Zealanders will be excluded because of that threshold, but on the likelihood that demand will be so heavy as to require allocations be scaled back.

The government is promising no New Zealand individual shareholder will be scaled to below a $2,000 investment.

Pre-registration ends on March 22.

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