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

 


Latest Mighty River Power Share Buyback Financial Roulette

Latest Mighty River Power Share Buyback Financial Roulette

New Zealand First leader Rt Hon Winston Peters says that the latest move by Mighty River Power is nothing short of playing financial roulette with the taxpayers interests.

This follows the announcement that the Mighty River Power Board will be buying back up to $50 million worth of its own shares.

“This commercial device smacks of deceit and desperation because Mighty River Power’s forecast show that it could sell the shares to pay for dividends quickly, if need be to shore up investor confidence if they suspect Mighty River Power will not perform that well.

“Effectively the taxpayer, in the form of 51% ownership of Mighty River Power, is buying back shares to artificially prop up the company’s value and it is probably prompted by their concerns about the effect of the Meridian share float.

“But it’s a very high risk move, especially if a drought hits this summer.

“To the average New Zealander, this is a commercial plan where one and one makes four”, says Mr Peters.

ENDS


© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 

PARLIAMENT TODAY:

Mt Eden Prison: Serco Inquiry Extended

A two month delay to the Government investigation into prison fight clubs shows the extent of problems within the Serco circus, says Labour’s Corrections spokesperson Kelvin Davis. More>>

ALSO:

Health And Safety: Late Addition Of National Security Provisions A Concern

The New Zealand Law Society has expressed its significant concerns at the last-minute addition to the Health and Safety Reform Bill of provisions for a closed material procedure for court proceedings where national security is involved. More>>

ALSO:

Rugby And Beer: World Cup Alcohol Bill Passes

ACT MP David Seymour’s Sale and Supply of Alcohol (Extended licensing hours during Rugby World Cup) Bill completed its third reading by 99 to 21... More>>

ALSO:

Gordon Campbell: On The Flag Campaign

So far, the public has treated the government’s flag campaign with something between disinterest and disdain. Most New Zealanders have instinctively seen through the marketing hype involved. More>>

Change For 2017: Local Govt To Decide On Easter Sunday Trading

The Government is to enable local communities, through councils, to decide whether retailers can open on Easter Sunday, Workplace Relations and Safety Minister Michael Woodhouse announced. More>>

ALSO:

(And Targets Worse Than Australia's): Foresters Abandoning Emissions Trading Scheme

The Government’s gutting of the Emissions Trading Scheme has caused foresters to leave and emissions to rise, says Labour’s Climate Change spokesperson Megan Woods. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news