Parliament

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

 

Meridian sale a failure with 62,000 investors

Clayton COSGROVE

SOE Spokesperson

23 October 2013    MEDIA STATEMENT

Meridian sale a failure with 62,000 investors

John Key and Bill English’s asset sales are officially a farce as Meridian was sold off for $1.2 billion less than they promised and attracted just 62,000 investors, says Labour’s SOEs spokesperson Clayton Cosgrove.

“I don’t know how John Key and Bill English can look the taxpayers of New Zealand in the face. They have they sold half of a valuable long term asset for $1.2 billion less than they told the public they would sell it for in 2011. And just 62,000 retail investors, including institutions, bought shares.

“John Key and Bill English threw everything they could at making this sale a success, even offering a Suzanne Paul-style buy now - pay later scheme. Despite offering everything but a free set of steak knives just 62,000 people wanted to buy in.

“The number of investors in Meridian is half that of Mighty River, which was half that of Contact Energy when the National Government sold it in 1999. At this rate of success they will be paying people to buy Genesis Energy shares.

“This is a $1 billion blow out. It is almost impossible that the asset sales will bring in the $5b to $7b John Key promised New Zealanders.

“New Zealanders have realised they have been sold down the river.

“The only winners are the 62,000 retail investors who can afford to buy these shares. That’s just 1.4 per cent of the population.

“That’s a failure by any definition.

“The Government should use the upcoming referendum on asset sales as a face-saving exercise. The result will give the government the reason it desperately needs to stop the programme,” says Clayton Cosgrove.

ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On The Life And Times Of Peter Dunne

In the end, Mr Pragmatic calmly read the signs of impending defeat and went out on his own terms. You could use any number of clichés to describe Peter Dunne’s exit from Parliament.

The unkind might talk of sinking ships, others could be more reminded of a loaded revolver left on the desk by his Cabinet colleagues as they closed the door behind them, now that the polls in Ohariu had confirmed he was no longer of much use to National. More>>

 

Gordon Campbell: On Labour’s Campaign Launch

One of the key motifs of Ardern’s speech was her repeated use of the phrase – “Now, what?” Cleverly, that looks like being Labour’s response to National’s ‘steady as it goes’ warning against not putting the economic ‘gains’ at risk. More>>

ALSO:

Lyndon Hood: Social Welfare, Explained

Speaking as someone who has seen better times and nowadays mostly operates by being really annoying and humiliating to deal with, I have some fellow feeling with the current system, so I’ll take this chance to set a few things straight.. More>>

ALSO:

Deregistered: Independent Board Decision On Family First

The Board considers that Family First has a purpose to promote its own particular views about marriage and the traditional family that cannot be determined to be for the public benefit in a way previously accepted as charitable... More>>

ALSO:

Transport Policies: Nats' New $10.5bn Roads Of National Significance

National is committing to the next generation of Roads of National Significance, National Party Transport Spokesperson Simon Bridges says. More>>

ALSO:

Gordon Campbell: On Why Labour Isn’t Responsible For Barnaby Joyce

As a desperate Turnbull government tries to treat the Barnaby Joyce affair as a Pauline Hanson fever dream – blame it on the foreigners! We’re the victims of the dastardly New Zealand Labour Party! – our own government has chosen to further that narrative, and make itself an accomplice. More>>

ALSO:

Rail: Greens Back Tauranga – Hamilton – Auckland Service

The Green Party today announced that it will trial a passenger rail service between Auckland, Hamilton and Tauranga starting in 2019, when it is in government. More>>

ALSO:

Housing: Voluntary Rental Warrant Of Fitness For Wellington

Wellington City Council is partnering with the University of Otago, Wellington, to launch a voluntary Rental Warrant of Fitness for minimum housing standards in Wellington, Mayor Justin Lester has announced. More>>

ALSO:

 
 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

Featured InfoPages

Opening the Election