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 National Leadership “Contest”

Key’s endorsement of English has turned this “contest” into a race for second place.

This succession was well planned. Lets not forget that English was told by Key in September of his intention to resign, and English was the only member of Cabinet entrusted with that information before it was sprung on everyone else on Monday morning. More>>

Latest: Judith Collins and Jonathan Coleman have withdrawn from the leadership race, leaving Bill English the only candidate to replace John Key as Prime Minister.

 

Education, Marketing, Taxes: Health Groups Call For Actions For Sugary Drinks

The New Zealand Dental Association is launching a new consensus statement on Sugary Drinks endorsed by key health organisations. The actions seek to reduce harm caused by sugary drinks consumption. More>>

ALSO:

More Departures? David Shearer Proposed For UN Peacekeeping Role

Mt Albert MP David Shearer is being proposed for a demanding and exciting role heading the United Nations peacekeeping force in South Sudan, says Labour Leader Andrew Little. More>>

ALSO:

Security Agencies' Reports: GCSB Wants To Give ISPs More Power To Block Threats

The Government Communications Security Bureau wants to give internet service providers more information and power to block cyber threats which are increasing, its director told the intelligence and security select committee yesterday.. More>>

ALSO:

Education: Charter Schools Misleading Pass Rates

Labour: NCEA results for charter schools have been massively overstated... In one case a school reported a 93.3 per cent pass rate when the facts show only 6.7 per cent of leavers achieved NCEA level two. More>>

ALSO:

Rebstock Report Resolution: SSC Apologises To Derek Leask And Nigel Fyfe

Following a complaint by Mr Leask, the Ombudsman found that the State Services Commission acted unreasonably in relation to Mr Leask and identified numerous deficiencies in the investigation process and in the publication of the final report and in the criticisms it contained of Mr Leask... More>>

ALSO:

International Rankings: Student Results 'Show More Resourcing Needed'

NZEI: New Zealand had only held relatively steady in international rankings in some areas because the average achievement for several other OECD countries had lowered the OECD average -- not because our student achievement has improved. More>>

ALSO:

Earlier:

Salvation Army Report: Beyond The Prison Gate Report

A new Salvation Army report says changes must be made to how prisoners re-enter society for New Zealanders to feel safe and secure in their homes and communities. More>>

ALSO:

Surprise Exit: Gordon Campbell On The Key Resignation

The resignation of John Key is one thing. The way that Key and his deputy Bill English have screwed the scrum on the leadership succession vote (due on December 12) is something else again. It remains to be seen whether the party caucus – ie, the ambitious likes of Steven Joyce, Judith Collins, Paula Bennett, and Amy Adams – will simply roll over... More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news