Mighty River Power (Mercury) from 100 percent to 51 percent and to sell off the remaining 49 percent as part of its controversial "mixed-ownership model" plan. Mighty River Power was to be the first company to be partially sold in September 2012, pursuant to legislative changes and market conditions. However, threatened legal action and unfavourable market conditions saw the Government delay any sale until March 2013 at the earliest. On 5 March 2012, the Government began taking registrations of interest from the public in Mighty River Power shares. More than 35,000 people tried to register in the first six hours causing the registration website to crash for much of the day. By midnight, more than 90,000 people had registered. In April 2013, State Owned Enterprises Minister Tony Ryall, in anticipation of the sale, said director fees would be increasing from $49,000 a year to $85,000, and the chair's fees from $98,000 to $150,000, despite still being majority-owned by taxpayers. On 2 April 2013, The Financial Markets Authority approved the sale of Mighty River Power with the IPO (Initial Public Offering) on 15 April. However, the IPO was temporarily suspended on 22 April while a supplementary disclosure was issued, after the Labour and Green parties in opposition announced plans to reform the electricity market if elected to government at the 2014 election. At the close of the IPO on 5 May, there were 113,000 shareholders, and on 8 May the opening share price was set at $2.50, raising $1.7 billion. The Government was slightly disappointed, blaming the Labour-Green policy for putting off many more potential shareholders, with the Finance Minister indicating before the policy was announced that the price would be in the $2.70 to $2.80 range The government retained 51.78 percent of the shareholding, with another 1.02 percent owned by other Crown interests (mainly the New Zealand Superannuation Fund). By September, shares had slumped to $2.16, well below the float price and in October the company announced it would be buying back up to $50 million in shares. In December 2015, the gas fired Southdown Power Station, a 170 MW combined cycle power station in south Auckland was closed. On 29 July 2016, after merging its retail and generation businesses the company changed its name to Mercury NZ Limited. The company also launched a new brand logo, moving from the Roman god Mercury, to a bee. Market research showed New