AUCKLAND CITY COUNCIL

MEDIA RELEASE

7 June 2007

Council congratulates yachties on white wash win of Louis Vuitton Cup

Auckland City Council congratulates Emirates Team New Zealand on their 5-0 win of the Louis Vuitton Cup over Luna Rossa.

“We are right behind Emirates Team New Zealand in their quest to bring the Auld Mug home,” says Mayor of Auckland City, Dick Hubbard.

“All that stands in their way now is a rematch with Alinghi, and we’re confident the boys can secure a victory,” he says.

Auckland City Council will look into options to give Aucklanders the opportunity to share America’s Cup fever and watch the action together. Details will be publicised once confirmed.

“We are ready to host the next America’s Cup in Auckland, and we hope Aucklanders show their support as it comes down to crunch time,” says Mr Hubbard.

The 32nd America’s Cup regatta kicks off on 23 June, weather depending.

ENDS

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Mighty River: 'Mum And Dad’ Investors Myth Busted

Green Party research, confirmed by Treasury, shows that half of the shares in Mighty River Power that National sold to retail investors went to just 13,000 people and that 10 percent of the retail shares went to just 400 wealthy people and organisations, Green Party Co-leader Dr Russel Norman said today.

The sale of Mighty River Power saw 113,000 retail investors, referred to as ‘mum and dad’ investors by the National Government, buy 26.9 percent of the company. Analysis by the Greens and Treasury shows that half of those shares were, in fact, purchased by fewer than 13,000 people who bought an average of nearly $35,000 worth of shares...

“The truth is that 98 percent of New Zealanders bought no shares at all. Half the retail shares went to just 0.3 percent of the population, and a tiny group of just 400 wealthy individuals and organisations got 10 percent of the retail shares. More>>