Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 


90 percent of Kiwis not interested in Key’s asset sales

22 March 2013

90 percent of Kiwis not interested in Key’s asset sales

The overwhelming majority of New Zealanders have not registered any interest in buying shares in companies that already belong to them, Green Party Co-leader Dr Russel Norman said today.

The Government is claiming that over 425,000 people have pre-registered for the Mighty River Power float. Even ignoring the fact that many fake registrations have been lodged, that means 90% of Kiwis have not registered.

“Despite a multi-million dollar taxpayer-funded ad campaign by the National Government and its sharebrokers, 90 percent of New Zealanders have shown that we have no interest in taking part in John Key’s asset sales,” said Dr Norman.

“The overwhelming majority of Kiwis won’t be buying shares in Mighty River Power. What happens to our shares in these companies now? They’ll be sold off to foreign investors, corporates, and the small number of Kiwis who have spare money for investing.

“Many Kiwis have rung my office to say they oppose the sales but intend to buy shares to keep them in New Zealand hands. That’s a legitimate choice but history shows it won’t stop the shares going overseas.

“In the Contact Energy sale, 250,000 people pre-registered, 225,000 bought shares, and only 80,000 ‘mum and dad’ investors are left today. Contact Energy is now in majority overseas ownership. Only a quarter of the shares sold in Contact were allocated to retail investors and, now, less than 10% likely remains in the hands of Kiwi ‘mums and dads’.

“It was the same story with Queensland’s QR National sale. Only a third of the shares sold were allocated to ‘mum and dad’ investors. Today, only 30,000 retail shareholders own only around 7% of the company. The bulk of the company is owned by corporates.

“We already own Mighty River. If it’s sold, our ownership will be diluted. If National really wanted Kiwi mums and dads to own these shares, they would stop the asset sales process now,” said Dr Norman.

ENDS


© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

'Tea Break Bill' Passes: Gordon Campbell On Bad Labour Laws And Poor Safety

By co-incidence, one of the prime dangers of the government’s new employment relations law has been underlined by the release of the death and injury statistics among workers at New Zealand ports. These are highly profitable enterprises for the port owners.

The Port of Tauranga for instance, is expecting its current full-year profit to be between $78 million and $83 million and other ports are enjoying similar boom times – but they are also highly dangerous places for the people who work on or around the port premises. At the Port of Tauranga, there have been 26 serious accidents since 2011, and two deaths. More>>

 

Parliament Today:

No Charges: Outcome Of Operation Clover Investigation

Police have completed a multi-agency investigation, Operation Clover, into the activities of a group calling themselves “The Roast Busters”. The 12 month enquiry focused on incidents involving allegations of sexual offending against a number of girls in the Waitemata Police district and wider Auckland area... More>>

ALSO:

UNICEF Report: NZ Cautioned On "Stagnating" Child Poverty

An international report by UNICEF has found that child poverty rates in New Zealand have barely changed since 2008, despite similar sized countries significantly reducing child poverty during the recent recession. More>>

ALSO:

Funding Report: Two Pathways For Transport In Auckland

Commissioned by Auckland Council, the group was asked to investigate two possible pathways for raising $300 million per year ($12 billion over 30 years) to pay for the improvements needed to help fix Auckland’s transport system. More>>

ALSO:

Pay Equity: Equal Pay Win In Court Of Appeal

CTU: The Court of Appeal has made a historic decision paving the way for a substantial equal pay claim for aged care workers. More>>

ALSO:

Gordon Campbell: On The TPP Finishing Line, And Amazon’s Woes

If the Trans Pacific Partnership trade deal wasn’t such a serious matter, this would be pretty funny… More>>

ALSO:

TV3 Video: Three Die On Roads Over Labour Weekend

The official holiday period ended at 6am Tuesday, with three deaths on the roads during the Labour Day weekend. More>>

Employment Relations Bill: Govt Strains To Get Tea Break Law Through

The Government has been left with egg on its face - failing to get its much-vaunted, but hugely unpopular, meal break law passed in the first week of its new term, Labour spokesperson on Labour Issues Andrew Little says. More>>

ALSO:

Guns: Police Association Call To Arm Police Full Time

"The new minister gave his view, that Police do not need to be armed, while standing on the forecourt of parliament. The dark irony was that the interview followed immediately after breaking news of a gunman running amok in the Canadian parliament in Ottawa..." More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news