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Genesis share offer a last desperate fire sale

Clayton
COSGROVE
SOE Spokesperson

13 March 2014 MEDIA STATEMENT
Genesis share offer a last desperate fire sale

Details announced today on the sale of shares in Genesis Energy prove it is a politically expedient last ditch effort to flog off New Zealand’s silver before the election, Labour’s SOE spokesperson Clayton Cosgrove says.

“The Government offered a taxpayer-funded bonus share offer with Mighty River Power shares and the stock price tanked.

“Yet again, taxpayers will be picking up the tab for this bonus scheme, on top of the hundreds of millions they have already paid in brokers fees, sales gimmicks and marketing for National’s asset sales flop.

“Two-thirds of voters have told the Government they don’t want their assets hocked off.

“But National is so arrogant it refuses to listen to the public.

“The Government said it would get widespread New Zealand ownership from its asset sales. Mighty River Power got 112,000 investors, Meridian got 63,000 and Air New Zealand just 6,500.

“Given the Government’s track record, it will be paying investors to take the shares off their hands.

“National promised at the last election it would get up to $7 billion for its asset sales programme. It will get nothing close to that.

“The Government should call off the Genesis sale now,” Clayton Cosgrove says.

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