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

 

Max Rashbrooke: A Failure Of Measurement: Inside The Budget Lock-Up

Shortly after the embargo lifted at 2pm news organisations started filing reports claiming that health, and to a lesser extent housing and education, were the ‘big winners’ out of the Budget. It failed to take into account the fact that in most cases the apparent increases were in fact cuts. Because of the twin effects of inflation and population. More>>

ALSO:

DOCtored Figures: Minister Clarifies DOC Budget

“Commentators have overlooked the fact $20.7m of that perceived shortfall is new funding for Battle for our Birds 2016, provided for in last week’s Budget...” DOC also has approval in principle to carry over a further $20m to 16/17 due to unexpected delays in a number of projects. More>>

ALSO:

For The Birds: Gordon Campbell On The Budget

Budgies, so their Wikipedia page says, are popular pets around the world due to their small size, low cost, and ability to mimic human speech. Which is a reasonably good description of Finance Minister Bill English eighth Budget. . More>>

Max Rashbrooke On The 2016 Budget

The best label for this year’s announcement by Bill English might be the ‘Bare Minimum Budget’. It does the bare minimum to defuse potential political damage in a range of areas – homelessness and health are prime among them – but almost nothing to address the country’s most deep-rooted, systemic social problems. Indeed the Budget hints that these problems may get worse. More>>

ALSO:

Gordon Campbell: On Bank Scandals (And Air Crashes)

Last month, the Australian Securities and Investment Commission (ASIC) filed proceedings against Westpac over activities that have some distinct echoes of the Libor scandal. More>>

Budget: Health Funding Must Keep Up With Need

NZNO: “The nursing team has been doing more with less for years. It’s getting to the point that we’re really worried about our colleagues, our patients, our jobs and the level of health care available for people in our country." More>>

ALSO:

Emissions Inventory: Time For The Government To Do The Right Thing

It’s time for the National Government to step up and do the right thing to reduce climate pollution as data shows New Zealand’s greenhouse gas emissions are higher than ever, the Green Party said today. More>>

ALSO:

Budget 2016: More Partnership Schools To Open

Seven new schools will join the eight Partnership Schools already open, along with further new schools opening in 2017. “The growth of this policy is a reflection of the high level of interest from educators and community leaders,” Mr Seymour says. More>>

ALSO:

No Correspondence With English: Did Brownlee Make Up Sale Of Navy Ships ‘On The Hoof?’

Having revealed that several Royal New Zealand Navy vessels have not left port in years, New Zealand First is now asking the Minister of Defence to prove he did not come up with the idea of selling HMNZS Taupo and Pukaki until the media asked him. More>>

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news