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Remember When - Part Three

Hon Tony Ryall
Minister for State Owned Enterprises
20 June 2012 Media Statement
Remember When - Part Three

Remember when Labour sold 49 per cent of state owned Spring Creek Mine for millions of dollars to American multi-national Cargill Coal?

In 2007 Labour was happy to sell state owned businesses to foreign interests, now they even oppose everyday New Zealanders buying a share in these companies”, says State Owned Enterprises Minister Tony Ryall.

According to the Chairman of Solid Energy in a letter to the editor, the 2007 sale of Spring Creek Mine had approval from the Labour Government’s Minister of Finance, and Trevor Mallard, their Minister for State Owned Enterprises.

And, because it was sold to a foreign company, it needed Overseas Investment Office approval.

The National led Government has always been upfront about its minority share offer. We announced it in January 2011.

This Government is offering New Zealanders minority shares in three energy companies (Mighty River Power, Meridian and Genesis ), and Solid Energy and Air New Zealand, as part of an economic package to build a stronger economy.

The Government share offers will reduce debt, increase savings, and get our country through one of the worst economic crisis in 100 years.

It will broaden the pool of investments for New Zealand savers, deepen our capital markets and finance high priority infrastructure like hospitals and schools that we’d have to borrow for otherwise.

We are legislating that the Government will have at least 51 per cent of these companies and prevent any other shareholder from owning more than 10 per cent.

Pre-Prospectus Disclaimer
The Crown is considering offering shares to the public in one or more of Genesis Power Limited, Meridian Energy Limited, Mighty River Power Limited, Solid Energy New Zealand Limited and Air New Zealand Limited. No money is currently being sought and no applications for shares will be accepted or money received until after an investment statement containing information about the relevant offer of shares is available.

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