The Government says it is not admitting defeat with its new approach to the Genesis Energy share float, just responding to market conditions.
It says it will test demand for Genesis shares before deciding what proportion of the shares it will sell. It expects to sell between 30 and 49 percent of the company.
The investor price will be set before the offer opens, and loyalty bonus shares will again be offered.
Opposition parties say the Government is admitting the programme has been a flop, and the market is now saturated.
But Finance Minister Bill English says the Government has achieved its original aims of raising money for capital investment, and ensuring 85 percent New Zealand ownership of the shares sold.
He says the Government has been responsible with taxpayers' money.
However, Labour leader David Cunliffe says the Government is basically going to pay people to take the Genesis shares off its hands "and that is tantamount to taking taxpayers' money and burning it".
Mr English says the moves are not an admission the Government got the previous floats wrong, but New Zealand First leader Winston Peters says that's disingenuous. "They can use all the verbal gymnastic they like," he says, "but what it means is that this is not a good time to sell."
