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

 


Massive uncertainty hangs over MRP sale

Clayton Cosgrove
SOE Spokesperson

5 April 2013

Massive uncertainty hangs over MRP sale

The Government is flouting the golden rule of public offerings with Mighty River – clear up the uncertainty before listing, says Labour’s SOEs spokesperson Clayton Cosgrove.

“With Rio Tinto threatening to walk away from Tiwai Point the electricity market potentially faces major turmoil. The Government has admitted that risk in today’s offer documents, but somehow National still thinks it is a good time to list an electricity company.

“Almost 15 per cent of the electricity market is in flux and power stations may be closed. To list Mighty River now is financial mismanagement on an epic scale.

“The May deadline for the sale plays right into the hands of Rio Tinto. National must cancel the sale so the time pressure is removed and a cool-headed approach to negotiations can be taken. Otherwise investors will expect a discount, and taxpayers will lose out.

“John Key knows it is a bad time to sell these assets. That’s why he is bribing his much-vaunted ‘Mum and Dad investors’ with a loyalty scheme – a scheme that conveniently expires a few months after next year’s election.

“The loyalty scheme unveiled today will cost taxpayers tens of millions of dollars, maybe as much as $50-million. If the Government’s got to spend that much money to convince Kiwis to keep these shares then it must be worried.

“I urge New Zealanders thinking of investing in Mighty River to take a long hard look at this offer document,” says Clayton Cosgrove.

ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell:
On Anne Tolley’s
Callous Folly

Years ago, I remember someone in the Heath Ministry telling me off the record that regulatory oversight in this country largely consisted in ‘waiting for something to turn green or fall off somebody’ before the authorities would swing into action...

Last week’s conflict between Social Development Minister Anne Tolley and District Court judge Carolyn Henwood illustrated quite a few of the flaws in the system. More>>

 

Members’ Bills: Greens' Domestic Violence And Loans Bills Pulled From Ballot

Jan Logie’s Domestic Violence-Victims' Protection Bill introduces workplace protections for victims of domestic violence, including allowing victims to request paid domestic violence leave for up to 10 days... Gareth Hughes’ Bill allows Kiwis with student loans to defer their student loan repayments into a first home savings scheme. More>>

ALSO:

IPCA: Police Did Not 'Deliberately' Use Pepper Spray On 10-Year-Old

"When spraying the man, the officer did not properly consider the necessity of using pepper spray in a confined space, the likelihood that it would affect the other innocent passengers or the fact that he was using a more powerful spray." More>>

ALSO:

Donor Bill Passes: Full Income Compensation For Live Organ Donors

Unanimous cross-party support for the Compensation for Live Organ Donors Bill represents a critical step in reducing the burgeoning waiting list for kidney donations, according to Kidney Health New Zealand chief executive Max Reid. More>>

ALSO:

Earthquake Response: Emergency Legislation Prepared

Three new Bills have been drafted in the wake of the magnitude 7.8 earthquake on November 14 to ensure the government can enable affected communities to respond quickly and efficiently. More>>

ALSO:

Housing MPs: New Building(s) For Parliament

A new building will be erected on Parliament grounds to house Members of Parliament and their staff who currently work in leased accommodation in Bowen House. The plan has cross-Party support, apart from NZ First, said Parliament’s Speaker, Rt Hon David Carter. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news