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

 

PARLIAMENT TODAY:

Shifting Goalposts: New 2030 Emissions Target Is Weaker - Expert

Minister Tim Groser said the new climate change target is a significant increase on the current target of 5 percent below 1990 emissions levels by 2020... the 2030 target gives New Zealand “10 extra years to produce very little extra reduction”. More>>

ALSO:

Education: Government Continues To Fail Students With Special Needs

Children with special needs are continuing to miss out on inclusive education because of an under-resourced and underfunded system, says NZEI Te Riu Roa President Louise Green. More>>

ALSO:

Gordon Campbell: On Where Greece Goes From Here

As one candid British commentator tried to come to grips with why his confident prediction of a “Yes” vote in Greece has failed so resoundingly, he said that he’d made that prediction from his own viewpoint – as someone with savings to protect. But most Greek people, he suddenly realised, didn’t have that concern anymore after five years of austerity. Duh. More>>

ALSO:

Post-Cabinet Presser: EQC Reform, Greece & Surplus Stimulation

Prime Minister John key discussed proposals for reform of the EQC act and the Greek economic crisis at a press conference in Wellington. More>>

ALSO:

GCSB/NZSIS: Intelligence And Security Reviewers Seek Public’s Views

“We are seeking public submissions to help us determine what issues to focus on during the review,” says Sir Michael Cullen. “We want to hear your views on what the GCSB and NZSIS should be doing to protect New Zealand and how they should do it.” More>>

Education: Schools Funded To Trial Innovative Approaches

Education Minister Hekia Parata has announced the successful applicants for a new $10 million fund to encourage innovative teaching practices. “I’m delighted with the quality of the 39 projects that have won funding in the first round of the Teacher-led Innovation Fund worth a total of about $2.6 million,” says Ms Parata. More>>

ALSO:

Generation Zero: Skypath Granted Resource Consent

Generation Zero is delighted and relieved that the ‘Skypath’ walking and cycling addition to the Harbour Bridge has been granted resource consent. More>>

ALSO:

Housing: Two New Auckland Special Housing Areas

Two new greenfield Special Housing Areas (SHAs) that will provide up to 1800 new homes in Auckland have been announced today by Building and Housing Minister Dr Nick Smith and Mayor Len Brown. More>>

ALSO:

Royals: The Prince Of Wales And Duchess Of Cornwall To Visit

Prime Minister John Key welcomes today’s announcement that the Prince of Wales and The Duchess of Cornwall will visit New Zealand in November. This will be the second joint visit for Their Royal Highnesses to New Zealand. More>>

ALSO:

Tracey Martin Replaced: Ron Mark Is New New Zealand First Deputy Leader

Clayton Mitchell was the successful candidate for the Associate Whip position. Winston Peters was re-elected as Leader by the Caucus. Ron Mark was elected as the Deputy Leader with effect from 10am, Friday, 3rd July. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
More RSS  RSS
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news