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Ministers Welcome Supreme Court Decision

Hon Bill English
Minister of Finance

Hon Tony Ryall

Minister of State Owned Enterprises

27 February 2013 Media Statement
Ministers Welcome Supreme Court Decision

Finance Minister Bill English and State Owned Enterprises Minister Tony Ryall today welcomed the Supreme Court’s decision in favour of the Crown regarding the sale of shares in Mighty River Power.

“This confirms the Government can proceed to sell up to 49 per cent of shares in Mighty River Power in the second quarter of this year, in line with legislation passed by Parliament last year,” Mr English says.

“Cabinet will next Monday consider a timetable and other details of the Mighty River offer – including how New Zealanders will be at the front of the queue for shares. We expect to be in a position to confirm those details soon afterwards.

“We are pleased to be getting on with what we were elected to do.”

Mr Ryall says the Government’s share offer programme remains on track, following the Supreme Court decision.

“The Government has always been firmly of the view that the partial sale of shares does not in any way affect the Crown’s ability to recognise rights and interests in water, or to provide redress for genuine Treaty claims.

“The Government’s partial sale of shares in state-owned enterprises is good for taxpayers because we expect to generate between $5 billion and $7 billion in proceeds which we will use to control debt.

“It is also good for New Zealand’s capital markets and it will improve the performance of the companies in the share offer programme.

“The Government will invest these proceeds in new public assets like modern schools and hospitals – and that’s money we don’t have to borrow from overseas lenders.”

Pre-Prospectus Disclaimer
The Crown is considering offering shares to the public in one or more of Genesis Power Limited, Meridian Energy Limited, Mighty River Power Limited, Solid Energy New Zealand Limited and Air New Zealand Limited. No money is currently being sought and no applications for shares will be accepted or money received until after an investment statement containing information about the relevant offer of shares is available.

ENDS

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