Auckland-headquartered Vector told the New Zealand Stock Exchange last night - after its takeover offer to NGC shareholders closed at 5pm – that as a result of the successful offer, it had brought forward its plans to list its shares from late August to next Monday.

Vector chairman Michael Stiassny said the company had had “an excellent response” to its offers and was looking forward to its debut on the NZSX.

Institutions have been snapping up NGC shares and Vector bonds in anticipation of the partial float that will see Vector become one of the largest NZSX-listed companies and a prime “defensive” stock.

Stiassny said NZ$380 million of the NZ$592 million IPO shares being issued would be allocated to buy out NGC shareholders. Vector capital bondholder entitlements had taken up a further NZ$140 million, leaving NZ$72 million available for allocation to beneficiaries of the Auckland Energy Consumer Trust that owns Vector.

Stiassny added that the AECT beneficiary offer was significantly over-subscribed and the general offer was now closed. The institutional and primary market participant offers, which also formed part of the total Vector bid, would not proceed.

Last year Vector bought majority NGC owner Australia Gas Light’s 66.05% shareholding for NZ$2.91 per share and in July announced a full takeover bid for the 32.8% of NGC it did not yet own, saying it would pay NZ$3.40 for each share – NZ$0.78 in cash and the rest in new Vector shares that would have an issue price of NZ$2.62.

NGC will now be fully merged into Vector and delisted from the stock exchange.

Stiassny also confirmed Vector’s annual AECT dividend payout would be NZ$53.6 million, up from NZ$49.1 million a year earlier. The trust is floating 24.9% of Vector and keeping the rest of the shares under its ownership.

Vector will be the only significant remaining listed New Zealand-owned energy utility, following last year’s acquisition of Powerco by Brisbane-based Prime Infrastructure, now Babock & Brown Infrastructure. Vector has assets worth more than NZ$3 billion and annual revenue of about NZ $550 million.