The listed Brisbane-based company yesterday afternoon said it started trading on the NZX as an Overseas Listed Issuer on Monday with 444.5 million shares on issue, although its market capitalisation was nil.

Prime Infrastructure Management managing director Chris Chapman said the listing was consistent with the commitment PIM had made to acquire a majority shareholding in Powerco and was designed to provide New Zealand residents with an active and informed market for Prime Infrastructure stapled securities.

“The NZX listing is a further indication that Prime Infrastructure remains on track to complete the Powerco acquisition and demonstrates Prime Infrastructure’s long-term commitment to New Zealand."

Combined subscriptions under the A$187.3 million non-renounceable entitlement issue, including oversubscriptions and public subscriptions, totalled approximately A$250 million, or around 133% of the total stapled securities offered. About A$165 million will be used for the Powerco purchase.

About 74% of the existing security holders subscripted to a total of 152,071,813 stapled securities (approximately 89% of the total offered), while the remaining 11% were issued to existing security holders under the oversubscription mechanism.

“We are delighted with the success of the entitlement offer, in particular the excellent response rate from existing security holders. It indicates strong support from our security holders for the Powerco deal and should be interpreted as a strong vote of confidence in the Powerco acquisition and the direction in which Prime Infrastructure is heading,” Chapman added.

Last month PIM announced it was paying NZ$2.15 a share for the acquisition of 53.65% of Powerco from the New Plymouth District Council, Taranaki Electricity Trust and Powerco Wanganui Trust through a mix of cash (62.5%) and perpetual company securities (37.5%).

It has since refused to sweeten its takeover price for all the issued share capital of Powerco and this morning told the NZX that its subsidiary Prime Infrastructure Networks (Australia) had purchased 4,027,838 ordinary shares in Powerco between September 1-14 at prices ranging from NZ$2.05 to NZ$2.07.

PIM also said yesterday that it had also increased its investment in Global Wind Partners, a private investment vehicle designed to invest globally in wind generation projects, maintaining its 50% stake by the additional A$22.6 million investment.