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


Buy-back desperate attempt to prop up MRP price

Buy-back desperate attempt to prop up MRP price

Mighty River Power’s $50 million share buyback is an act of absolute desperation and shows the total folly of the Government’s asset sales programme, says Labour’s SOEs spokesperson Clayton Cosgrove.

“The asset sales programme has been a shambles from start to finish. It is the act of a desperate board that is trying to prop up its falling share price, just five months after listing. Clearly the Board could see the writing on the wall and knew the share price would fall even further.

“This is market interference, pure and simple. The Government will be very happy with this act as the falling Mighty River Power share price is scaring prospective Meridian investors away.

“The entire float was a shambles and the Government got it wrong from the beginning. It was clear within a week that the listing price was far too high. National was plain greedy.

“John Key and Bill English have long touted that selling off our SOEs will ‘deepen capital markets’. Surely an SOE spending $50 million to rescue its own falling share price isn’t what they meant. If MRP hadn’t been sold off that money could have used for the benefit of all taxpayers.

“This asset sales programme was a failure from the beginning, this is yet another nail in the coffin of this debacle.

“This shambles shows how important it is that New Zealanders vote in the upcoming referendum and put the asset sales programme out of its misery,” says Clayton Cosgrove.


© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines


Minister of Finance: Plan Shows $100 Billion Infrastructure Projects

Finance Minister Bill English has today launched the Government’s Ten Year Capital Intentions Plan (CIP) which shows a pipeline of $100.9 billion worth of infrastructure projects over the next decade. More>>


Werewolf: Safe Landings Gordon Campbell on the safety challenge to the Wellington runway extension.

The safety-related legal challenge revolves around the size of the 90 metre long Runway End Safety Area (RESA) being proposed for the runway extension. More>>


Environment Commissioner: We Need To Work Together On Climate Change And Farming

“The debate around agricultural emissions and the ETS has been polarised for too long,” said the Commissioner. “But the ETS is not the only way forward – there are other things that can be done.” More>>


NZ Super Fund: Seeking To Put A Market Price On Climate Change

Oct. 19 (BusinessDesk) - The New Zealand Superannuation Fund says it will devise a set of rules to assess investment winners and losers under climate change, a strategy that could rule out fossil fuels or producers such as current portfolio member Exxon ... More>>


Rejuvenation: Parata Will Not Contest 2017 Election

Education Minister and National List MP Hekia Parata has today announced that she will not be contesting the next election. She advised the Prime Minister of her decision earlier this year. More>>

Prisons Grow: Government Approves Plans For Increased Prison Capacity

Despite significant progress in reducing crime the number of prisoners has increased faster than projected. This is because the proportion of offenders charged with serious crimes has risen, meaning more people are being remanded in custody and serving more of their sentences in prison. More>>


Gordon Campbell: On Plastic Bag Activism, And Street Harassment

Amusing to see the Act Party experiencing another outbreak of young fogey-ism. What has aroused the ire of Act Leader David Seymour this time is the introduction of a Greens private members bill to the ballot process, calling for a 15 cents levy on plastic bags to reduce pollution. More>>


Unclear Weapons: US Navy Ship Cleared To Visit NZ For Navy's 75th

United States Navy ship, the USS Sampson, has been given clearance to visit New Zealand next month by Prime Minister John Key... “The process for considering the visit by the USS Sampson is the same as that used for all ships attending the International Naval Review." More>>


Get More From Scoop



Search Scoop  
Powered by Vodafone
NZ independent news