Aussies queuing up for 30% of Mighty River shares

Clayton

COSGROVE

SOE Spokesperson

20 March 2013 MEDIA STATEMENT

Aussies queuing up for 30% of Mighty River shares



Australian investors are expecting to snap up 30% of the shares in Mighty River Power when they are floated, says Clayton Cosgrove, Labour’s SOE spokesperson.

Australasia’s premier business newspaper, the Australian Financial Review is today reporting that the marketing of Mighty River shares to Australian buyers is in full swing, and Australian and other overseas investors are set to be offered up to 30% of the shares sold in the $2-billion initial public offering.

“John Key and Bill English have told us time and again that Kiwi investors will be at the front of the queue. What they never mention is that the queue is stretching all the way across the Tasman.

“The truth is that the Government wants offshore investors to push up the share price, so that it can squeeze every last cent from the sale of these assets which every New Zealander currently owns.

“Aussie investors might be eyeing up 30% of the shares in the initial float, but they will quickly hoover up more as the shares start being on-sold. In the end, the majority of the shares - and the dividends that go with them - will end up in foreign ownership.

“National is hell bent on flogging off our assets, and ultimately it doesn’t give a damn who owns them,” says Clayton Cosgrove.

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