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

 


MRP brokers get commission doubled if shares sold offshore

Clayton Cosgrove
Spokesperson for SOEs

9 April 2013

MRP brokers get commission doubled if shares sold offshore

The Government’s three major brokers will get their commission doubled if they sell shares to overseas investment companies rather than New Zealand institutions, says Labour’s SOE spokesperson Clayton Cosgrove.

The Mighty River Power share offer document says the joint lead managers, Goldman Sachs, Macquarie and First NZ Capital, will get 0.4 per cent commission for selling shares to New Zealand institutional investors but get 0.8 per cent commission for share sales to overseas institutional investors.

Clayton Cosgrove says: “National keeps telling us they’re putting New Zealanders at the head of the queue. As usual it looks like they’re being economical with the truth.

“The three priority brokers will get twice the commission if they sell shares to overseas investors rather than New Zealand institutions.

“The brokers at Goldman Sachs, Macquarie and First NZ Capital aren’t stupid. They will put all their effort into selling the shares offshore so they can double their return.

“John Key has assured New Zealanders that 70 per cent of Mighty River Power shares will remain in New Zealand hands. But we now find out he’s providing double the incentive for brokers to sell shares offshore.

“With the massive risks surrounding the sale becoming apparent with Tiwai Point, the Government is worried that Kiwis will run scared. National’s sole concern is getting a good price for the sale, that’s why they’re encouraging brokers to sell more shares overseas to keep the price up. That puts more shares in foreign hands.

“We all know that eventually most of these shares will end up overseas. The Government’s nonsensical policy appears designed to hasten that outcome,” says Clayton Cosgrove.


Click for big version.

ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Two Dead, One Injured: Suspect Charged After Ashburton Shooting

Russell John Tully has appeared in Christchurch District Court. Tully has been remanded in custody on charges of murder of Peg Noble and Leigh Cleveland and attempted murder of Lindy Curtis.

The victim’s families and the victim have requested that their privacy be respected and will not be making a statement at this time.

Police have formed a picture of what has occurred yesterday and are appealing for further information and sightings .... More

 

Parliament Today:

John Key Press Conference: Ashburton Shootings, Judith Collins Inquiry

Prime Minister John Key has delayed the release of Nationals’ fiscal policy in light of this morning’s shooting at a Work and Income office in Ashburton... Key also answered questions about Judith Collins, and confirmed that independent inquiry will be held with regard to allegations made against Collins. More>>

ALSO:

Internet MANA: Georgina Beyer Rocks The Waka

“There is now, and always will be, a range of views about many issues within our movement and members are free to express them, but Georgina’s views on Kim Dotcom are not shared by the MANA Movement leadership or the vast majority of MANA members and supporters around the country” states MANA Candidate for Waiariki, Annette Sykes. More>>

ALSO:

IGIS Update: Inquiry Into Release Of NZSIS Information

The Inquiry would be conducted in private and individuals would appear before her separately over a period of more than a week. She does not intend to name those summoned to give evidence until her report is published. “I can confirm that all persons summoned will be required to appear under oath...” More>>

ALSO:

Gordon Campbell:
On John Key’s ‘Blame It On Judith’ Strategy

Right now, Prime Minister John Key seems intent on limiting the scope of any inquiry into his government’s dealings with Cameron Slater. The declared aim is to make that inquiry solely about Judith Collins’ behavior with respect to the Serious Fraud Office. More>>

ALSO:

Maori Council Lawyers' Statement: Supreme Court Decision On Maori Water Rights

“…the Supreme Court refused to give Pouakani people what they asked for, but may have given them something much, much better instead… the Supreme Court has questioned whether the Crown owns the River at all.” More>>

ALSO:

Gordon Campbell: On The Debate, And The Collins Accusation

Debating is a peculiar discipline in that what you say is less important than how you’re saying it. Looking poised, being articulate and staying on topic generally wins the day – and on that score, Labour leader David Cunliffe won what turned out to be a bruising encounter with Prime Minister John Key last night on TVNZ. More>>

ALSO:

Gordon Campbell: On Winston Peters' Latest Bout Of Immigrant Bashing

It is only one poll, but rather than cannibalising each other's vote, Colin Craig and Winston Peters do seem to be managing to find the room to co-exist... Few are questioning how Peters got to this happy place, and what it says about the mood of the electorate. More>>

ALSO:

More Immigration News: First People Trafficking Charges

The first people trafficking charges in New Zealand have been brought by Immigration New Zealand (INZ)... The defendants have been charged under the Crimes Act 1961 for arranging by deception the entry of 18 Indian nationals into New Zealand. More>>

Collins 'Misinterprets Media Reports': "Too Compromised To Remain Justice Minister"

Bizarre claims by Judith Collins this morning that she had been cleared of inappropriate behaviour by the Privacy Commissioner demonstrates she is too compromised to remain Justice Minister, Labour MP Grant Robertson says. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news