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Overseas stake in Meridian increased

Stuff,

4 November, 2013

A London-based New York-owned fund manager has built a stake of almost 6.5 per cent of Meridian Energy within days of the company floating.

Today Bank of New York Mellon disclosed that last Thursday it acquired 27,534,053 shares in Meridian, increasing its stake from 5.41 per cent to 6.49 per cent.

The shares were purchased by its subsidiary, Newton Investment Management.

As well as acquiring shares in the initial book build, the bank has announced major purchases were made on the first three days that Meridian began trading on the NZX.

No shareholder apart from the Crown, can own more than 10 per cent of the companies floated under the mixed-ownership model programme.

Attempts to contact Bank of New York Mellon and Newton Investment Management have so far been unsuccessful

Meridian shares rated a 'buy'

The London-based fund manager which emerged as a major holder of Meridian Energy shares has bought another substantial stake.

Stuff,

1 November, 2013

It comes as new research from brokerage UBS rates Meridian Energy securities a 'buy' with an expected price in 12 months of $1.27.

Today, Bank of New York Mellon revealed that its London subsidiary, Newton Investment Management, bought another 36 million shares in New Zealand’s largest electricity company on Wednesday, increasing its stake to 138,765,947 shares. That saw its stake climb from just under 4 per cent to 5.41 per cent of the company.

No shareholder, aside from the Crown, can own more than 10 per cent of Meridian or any of the other companies in the mixed