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Another win for private investors over ordinary Kiwis

David
SHEARER
Labour Leader
Clayton
COSGROVE
SOEs spokesperson

5 March 2013 MEDIA ADVISORY
Another win for private investors over ordinary Kiwis

Hard-working Kiwis lose out again under John Key’s offer to give an extra 25 per cent of Mighty River shares only to those who can spend over $2,000, said Labour Leader David Shearer and SOEs spokesperson Clayton Cosgrove.

David Shearer said: “This is just another lure dangled in front of Kiwis in a desperate attempt to get them to pre-register for Mighty River shares so the Government can claim massive interest. The truth is taxpayers are being asked to buy shares in what they already own.

“The extra 25 per cent of shares only goes to those who can afford to spend over $2,000 if the float is oversubscribed. In this economy very few Kiwi families have a spare two grand. Those who can scrape together $1,000 to invest don’t get a chance at the extra quarter of shares.

“Those without the money to buy shares will pay for the extra 25 per cent given to those who can afford them. Yet again ordinary Kiwis miss out and private investors cash in.

“Rather than trying to lure New Zealanders into a dubious deal to buy what they already own John Key should hold the referendum before proceeding with the sales and listen to the people,” said David Shearer.

Clayton Cosgrove said: “Over 80 per cent of Kiwis have consistently voiced their opposition to the sales and this is another blow to them. Not only will they lose the assets they already own, they have to stand by and watch while more shares line the pockets of private investors.

“No matter how many ways John Key tries to dress this up, it still makes no sense for New Zealanders to have to buy back assets they already own. This wasn’t part of a pre-election promise, this is just a straight bribe,” said Clayton Cosgrove.

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