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

 


Nats’ offer document misleads on Mighty River risks

5 April 2013

Nats’ offer document misleads on Mighty River risks

The Mighty River Power offer document release by the National Government today fails to adequately spell out the risks for Kiwi mums and dads of investing in Mighty River, Green Party Co-leader Dr Russel Norman said today.

The offer document lists risks including the Tiwai Point smelter closing, regulatory changes, and Treaty claims but makes no attempt to quantify these risks or assess their likelihood.

“National has been pushing Kiwis to invest their savings in Mighty River, so it has a duty to properly inform them of the risks,” said Dr Norman.

“There is a very real danger that the closure of Tiwai Point, Treaty claims, and reforms by a future government will reduce the value of these shares significantly but National has failed to give potential investors an estimate of the size of those risks.

“A bland summary of risks that leaves it up to the investor to gauge their size might be adequate for professional investors but it is not good enough when National is trying to lure thousands of ordinary Kiwi families into the sharemarket for the first time.

“Bill English has been telling Parliament that these assets are risky for the Government to own but he seems to have no qualms about asking Kiwi families to invest in them blindly.

“This is a another bungle in an asset sales process that National has mishandled from start to finish,” said Dr Norman.

National also announced a 1 for 25 bonus share giveaway for retail investors who hold on to their shares for two years. If all shares were bought by retail investors, the maximum cost of that giveaway is $77 million at the top issue price of $2.80. In the sale of QR National by the Queensland Government, the bonus share giveaway cost $30 million.

“The National Government is promising to giveaway up to $77 million worth of shares to the few people who can afford to buy and hold them. That’s a straight transfer of wealth from the vast majority of Kiwis who can’t afford to or don’t want to buy shares in Mighty River to the small percentage of people who will,” said Dr Norman.

“It’s another instance of National splashing taxpayer cash around to try to increase the popularity of a policy that Kiwis don’t want and that our country doesn’t need,” said Dr Norman.

ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell:
On War Crimes And The Afghan Insurgency

Truly, with friends like former defence Minster Wayne Mapp, the SAS does not need enemies. At the very least, the Hit and Run book has raised the possibility that the New Zealand SAS committed war crimes in the attack they led in Afghnistan upon the villages of Naik and Khak Khuday Dad...

Mapp’s attempted defence of the SAS on RNZ this morning unintentionally indicated that collective punishment was baked into the planning exercise for the raid, and also into how the raid proceeded on the ground. More>>

 

Biscuit Tin Of Democracy: World Heritage Site Protection, Ombudsman and Equal Pay Bills Drawn

On Thursday, 23 March 2017 three places are available on the Order Paper for the first reading of a Member’s bill. The ballot was held, and resulted in the following bills being drawn... More>>

ALSO:

Emissions Plan: NZ Needs More Science, More Trees, Fewer Beasts

A combination of technology breakthroughs, much more plantation forestry, and a big switch away from pastoral, particularly dairy farming, are identified as the key elements of any approach New Zealand takes to reducing its carbon emissions to a net zero level, according to a new report sponsored by the New Zealand chapter of GLOBE, a multi-party, global parliamentary grouping. More>>

ALSO:

"Backed To Win Seats": Labour Māori Seat MPs Won't Stand On List

The Labour Party is backing a request from its Māori seat MPs to stand as electorate MPs only, says Labour Leader Andrew Little. More>>

Productivity Commission: New Models Of Tertiary Education Are Coming

The report is a broad-ranging inquiry into how well New Zealand’s tertiary education system is set up to respond to emerging trends in technology and the internationalisation of education, and changes in the structure of the population, and the skills needed in the economy and society... More>>

ALSO:

PM's Press Conference: Water Everywhere

Monday's Post-Cabinet press conference focused on water, with the Prime Minister fielding questions about the possibility pricing water taken for export. Mr English said the government was directing their water allocation technical advisory group to include export water in considerations. More>>

ALSO:

Kim Workman: Reality Check Needed For Public Service Reoffending Target

Reducing the prison population results in a reduction in re-offending. Shortening sentences reduces reoffending... More>>

ALSO:

PSA: Minister Should Stop Dodging On Salisbury School

"The decision around the future of Salisbury School has been overdue for months, and the ambiguity is leaving parents, staff and students in limbo. It’s time the Minister stopped hiding, muddying the waters and being dishonest about her Ministry’s intentions," says Erin Polaczuk, PSA national secretary. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news