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

Gordon Campbell: On Last Night’s 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.

Cunliffe marshalled his points better, kept Key off balance and – more often than not – was in control of the general tenor of the contest. Labour supporters would have been heartened, and given some belated reassurance that maybe the change of leadership last year had been the right decision. More>>

 

Parliament Today:

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:

Labour On Climate Change: Focus On The Now For The Future

A Labour Government will put in place a comprehensive climate change strategy focusing on both mitigation and adaptation, establish an independent Climate Commission and implement carbon budgeting, says Labour Climate Change spokesperson Moana Mackey. More>>

ALSO:

Gordon Campbell: On National’s Housing Assistance Plan

So, as many as 90,000 people could derive some benefit from National’s housing assistance plans for low and middle-income earners... Yet in reality, the benefits seem likely to be insignificant, and they will be skewed towards those at the top end of the income group that’s supposedly the target. More>>

ALSO:

Election Data Consortium: National’s Worst Case Scenario At Stage One?

A month out from the general election and ipredict traders are still forecasting National’s vote to slip below current polling levels and there is potential for it to fall further. More>>

ALSO:

From The Scoop Video Archive: PM Says SIS "Told Me" About OIA Release

In a press conference immediately following an controversial OIA release of notes on an SIS briefing to then Labour leader Phil Goff, Key said "at that point [Tucker] told me he'd release it ...". Since the release of Nicky Hager's 'Dirty Politics' Key has denied being personally informed and said references by officials to 'the PM' being told briefed referred to his office. He now says the same about his own statement. More>>

ALSO:

  • Scoop Video in the news - New questions over Key claims | NZ Herald News - Stuff.co.nz
  • Earlier - Felix Marwick: Laying out facts over SIS documents - Newstalk ZB
  • Labour - Director’s letter contradicts Key’s claims
  • ACT - The Letter - 26 days to go
  • TV3 Video - Housing issue nudges Dirty Politics aside - David Cunliffe: Key's SIS explanation 'defies belief' - SIS leak came from Key's Office - Goff - Key 'categorically denies' Slater OIA discussion - Video: Key faces more Dirty Politics questions

  • TVNZ - Winston Peters: ‘Dirty Politics' is a new low
  • The Nation - Debate Between Grant Robertson And Russel Norman
  • NZ First - “The Words Mean What I Say They Mean”
  • Get More From Scoop

     

    LATEST HEADLINES

     
     
     
     
     
     
     
     
    Parliament
    Search Scoop  
     
     
    Powered by Vodafone
    NZ independent news