People wanting a slice of Meridian Energy are being warned of the ramifications of further Waitangi Tribunal hearings.
The state-owned asset is being partially sold by the Government, which claims it could raise between $3.8 and $4.6 billion.
Most of Meridian's operations are in the South Island, where the dominant iwi Ngai Tahu has already completed its treaty settlements.
However, the sales prospectus notes that investors should be aware of the second round of hearings into the National Freshwater and Geothermal Claim. It says the outcome of the claim may yet still affect Meridian in the future.
Elsewhere, a portion of the land that the energy firm's West Wind wind farm sits on in Wellington is subject to what is known as resumption memorials, which means the Waitangi Tribunal could one day direct that the land be returned to Maori.