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

 


Govt admits asset sales program in deep trouble

27 May 2013

Govt admits asset sales program in deep trouble

National has admitted that its asset sales programme is a failure with its decision to consider selling Meridian Energy in blocks, Green Party Co-leader Dr Russel Norman said today.

Media reports suggest Meridian's 49% shareholding may be sold down in blocks by the National Government.

“As shares in Mighty River Power hit a new low, the Key Government knows it cannot sell 49% of Meridian Energy in one hit in the current climate,” Dr Norman said today

“Unfortunately, rather than biting the bullet and calling a complete halt to its asset sales program it is pushing ahead with a foolish plan to sell Meridian Energy in chunks.

“The Mighty River Power sale was a mighty flop and the Key Government knows that pushing ahead with another sale will result in even fewer shares going to ‘mum and dad investors’.

“Despite spending millions on advertising the truth is that 98 percent of New Zealanders bought no shares in Mighty River Power at all.

“The Government simply can’t get the numbers of ordinary New Zealanders to buy shares in its asset sales program.”

According to Milford Asset Management, at least 170,000 retail investors will have to buy Meridian shares to match Mighty River's retail ownership. Only 113,000 participated in Mighty River’s sale, despite 440,000 people pre-registering their interest.

“Mighty River Power shares have for the most part gone to a small group of wealthy New Zealanders, companies, trusts, and overseas investors,” Dr Norman said.

“Most New Zealanders do not want to buy shares in companies they currently all own.

“It is time for the Key Government to listen to the concerns of commentators, the business community and ordinary New Zealanders and cancel its economically disastrous asset sales program.”

ENDS


© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell:
On The Team Behind Trump's Throne

Forget the Putin factor. Daily, the team of charlatans, bigots and stunningly ignorant crackpots that Trump is appointing to head key federal agencies is just as alarming. These are positions with vast power and budgetary discretion over policies that stand to affect tens of millions of vulnerable Americans. Sad! More>>

 

Gordon Campbell: On Bill English, Abroad

If David Cameron was the closest thing John Key had to a political mentor, their successors also share a whole lot in common. Theresa May and Bill English were both propelled into the top jobs as the result of unexpected resignations, and without much in the way of credible competition from their colleagues... More>>

ALSO:

Pike River: Labour Bill To Override Safety Act For Mine Entry

“Bill English has been hiding behind the legal excuse that any attempt to re-enter the mine to recover the bodies might place the mine’s owner, Solid Energy Limited, and its directors in breach of the Health and Safety at Work Act 2015." More>>

ALSO:

Gordon Campbell: On Populism And Labour 2017

For many people on the centre-left, populism is a dirty word, and a shorthand for the politics of bigotry. In this country, it has tended to be equated with the angry legions of New Zealand First. Who knew they were not just a reactionary spasm, but the wave of the future? More>>

Oxfam: 30% Of NZ Owns Less Wealth Than Our Two Richest Men

The research also reveals that the richest one per cent have 20 per cent of the wealth in New Zealand, while 90 per cent of the population owns less than half of the nation’s wealth. The research forms part of a global report released to coincide with this week’s annual meeting of political and business leaders at the World Economic Forum in Davos, Switzerland. More>>

ALSO:

Hospitals: Resident Doctors Set To Strike Again

Despite discussions between the DHBs and NZRDA over safer hours for resident doctors progressing during the last week, the strike planned for next week appears set to proceed. More>>

ALSO:

Not So Super Fund: More Burning Ethical Questions For Steven Joyce

Greens: Radio New Zealand reported this morning that the New Zealand Superfund has $77 million invested in 47 coal companies that the Norwegian Government’s Pension Fund – the largest sovereign fund in the world – has blacklisted. More>>

Activism: Greenpeace Intercepts World’s Biggest Seismic Oil Ship

Greenpeace crew have made contact with the world’s biggest seismic oil ship after travelling 50 nautical miles on two rigid-hulled inflatables off the coast of Wairarapa... Greenpeace radioed the master of the Amazon Warrior to deliver an open letter of protest signed by over 60,000 New Zealanders. More>>

ALSO:

Gordon Campbell: Why Tax Cuts In 2017 Would Be A (Proven) Bad Idea

Ever since the world fell prey to the mullahs of the free market in the 1980s, no amount of real world evidence has managed dispel one key tenet of their economic faith. Namely, the idea that if you cut income taxes and taxes on small business, a wave of individual enterprise and entrepreneurial energy will thus be unleashed, profits will rise and – hey bingo! – the tax cuts will soon be paying for themselves ... More>>

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news