Clayton
COSGROVE
SOE Spokesperson
01 March 2013 MEDIA STATEMENT
Mighty River Power looks set for Aussie listing

The worst kept secret of the Government’s privatisation programme has been all but confirmed, with the Australian media reporting that Mighty River Power will be on sale to Australian investors, says Clayton Cosgrove, Labour’s State Owned Enterprises spokesperson.

The Australian Financial Review, Australia’s most respected business news source, has reported today that Mighty River Power will be listed on both the New Zealand and Australian stock exchanges.

“Bill English needs to tell to New Zealanders whether he is planning to flog off their assets on the Australian share market, and if he is, why he thinks it is a good idea.

“The Finance Minister keeps promising that Kiwis will be at the front of the queue to buy shares in the power companies that they already own as taxpayers. And he has insisted that the first share float is likely to be oversubscribed. So if Kiwis get first dibs and demand is going to exceed supply, why list the company in Australia too?

“National’s asset sales are economic vandalism. These assets will ultimately end owned by foreign investors, and rather than the dividends and profits staying in the hands of New Zealanders they will head offshore.

“Bill English might not care if foreign investors own our assets, but New Zealanders do. The Government should give Kiwis a chance to have their say in a referendum, rather than rush to list Mighty River Power on the Aussie stock market, says Clayton Cosgrove.

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