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The Standard

Mighty River is go!

Written By: - Date published: 5:24 pm, March 4th, 2013 - 41 comments
Categories: privatisation, Privatisation - Tags: , ,

National have issued the Order in Council to start the sale of Mighty River Power today.

So now we get the $1 million dollar advertising campaign starting tomorrow – the only announced progress towards keeping shares in NZ hands.

There’s still no details about the looters’ bonus “loyalty scheme”, or how it will be compatible with the budget (not count as additional spending).

The Herald have the government’s graphic of the timetable of sale here.

In the meantime, enjoy the ads your taxes are being wasted on, in the cause of wasting your assets…

41 comments on “Mighty River is go!”

  1. tamati 1

    Gutted to hear that most Kiwisaver providers will be in on the action, would hate to see my retirement savings used to rip off the New Zealand taxpayer. Does anyone know of a provider that will rule out buying these shares?

    • James 1.1

      Unless you invested in a plan that specifically excluded this at the outset – I think that they would be negligent if they did not invest.

      Most people remember are OK with this (thus voted National) – and to prove it – I bet they get more people signing up for shares than signed the “no asset sales” campaign.

      • Bunji 1.1.1

        You think more than 400,000 will be buying shares?

        You have no idea how much most Kiwis live on, do you?

        That said, I intend to pre-register to buy shares… with no intention to buy. Just want to see the Government’s snow job…

        (and you have no idea how elections/people work, do you? People don’t agree with everything National said just because they voted for them…)

      • Lightly 1.1.2

        most people didn’t vote National (they didn’t get a majority). In fact, the majority of people voted for parties opposed to asset sales. It squeaked through Parliament by a single vote due to National’s rorts in Epsom and Ohariu giving them two zombie parties with a vote each.

        • Tim 1.1.2.1

          Yep …. and IF it came to pass sometime in the future that a government bought back the 49%, prepare yourself for the screams and howls of how unfair it would be from the minority that were in favour of its sale.
          Buyer beware I reckon. Still, the way things are its more likely that the thing will go broke and expect to be bailed out.

      • freedom 1.1.3

        ” Most people remember are OK with this (thus voted National )”
        Perhaps you missed this post, but 35% is not most people
        http://thestandard.org.nz/the-biggest-party-are-non-voters/

      • Murray Olsen 1.1.4

        You bet more than 400,000 Kiwis will sign up to buy shares? How much do you bet? $100?

    • djp 1.2

      >Does anyone know of a provider that will give me worse returns then my current provider?

      ftfy

    • Joe 1.3

      No none of them are stupid of course they will buy them its a good deal!

  2. James 2

    I wonder how many of your “No Asset sales” signatures register to buy shares.

    Im guessing plenty.

  3. Financially literate 3

    Great. Looking forward to the prospectus.

  4. James 4

    ^ Sorry by “Your” I mean “the combined Left” – not the Standard etc.

    • Andy-Roo 4.1

      I collected signatures for the petition against asset sales.

      I am also considering registering for and buying shares.

      I hate this policy, and I believe that the people forcing it on us are morally bankrupt.

      But I want these assets to remain owned by New Zelanders. And given that the bastards are going to sell them no matter what I do, should I stand by and let these critical strategic assets move in to foreign ownership and control, without even trying to do my part to hang on to a slightly bigger piece?

      But of course by buying I am in effect giving aid and comfort to the enemy, and allowing a pack of jackals in suits to claim “a successful asset sales program, well supported by Mum and Dad investors”.

      This is going to be a tough call

  5. quartz 5

    I’m with mercury (one of Mighty’s retail brands). Won’t be by tomorrow.

  6. pollywog 6

    Betcha there won’t be many Pasifikans lining up to buy shares.

    Be interesting to break down gender, race, age and income stats to see who these kiwi mum and dads are?

  7. logie97 7

    Boy this has to be another State handout.
    A million dollar advertising campaign.
    So let’s see, who will be the beneficiary of this slush fund.
    The state broadcaster – nope there ain’t one.
    So who is going to put their hand up for this money?
    Commercial Television, Newspapers, Radio Stations…
    Any conflicts of interest here?

    • Tom Gould 7.1

      Paddy Tory Gower ran a party political broadcast on behalf of his preferred party on 3News tonight. Ran his bestie’s key line half a dozen times, just in case anyone missed it. Venal little Tory toad.

    • Plan B 7.2

      the million is a handout to the sharebrokers

      • Tom Gould 7.2.1

        The headline you won’t see: From today, Kiwis get the chance to buy shares in Mighty River Power … that they already own.

        • James 7.2.1.1

          But now I can get dividends and sell if I am unhappy (or happy if I sell at a profit) – at the moment I get – well nada.

          • Arfamo 7.2.1.1.1

            Which is what you should be getting. They’re a publicly owned asset that should be giving you and everybody else electricity at the cheapest possible price, with any surplus being reinvested back into the public purse and in maintaining the energy infrastructure.

            • felixviper 7.2.1.1.1.1

              Exactly. Running them to generate profit from ourselves is fucking retarded, it’s like renting yourself your own house.

              ps James, John Key says you won’t sell them. Are you calling him a liar?

              • James

                Depends on what I can get for them and what the loyalty bonus is to make it worth while.

                Better than leaving $$ in teh bank huh,

                • Colonial Viper

                  The wealth of the nation goes down the tubes as the small minded press “Flush”

              • Simple

                Not exactly, the returns generated match the ‘market’, add to consolidated fund by users … any argument that the generation of returns is ‘retarded’ is asking for all assets that produce income to be owned by the state, surely you are not asking for that?

            • Simple 7.2.1.1.1.2

              Whilst I can see that you are upset, not entirely logical, as to why the government should subsidize power. Should the government be more concerned about encouraging energy efficiency for the long term betterment of us as a country?

              The battle was lost on pricing of power, when Contact Energy was sold off, and others like Trust Power (sold by consumers) was created.

  8. Lanthanide 8

    There are more steps to keep it in NZer’s hands:

    Only people who meet the following requirements can “pre-register” to buy shares:
    1. New Zealand citizen
    2. New Zealand bank account
    3. IRD number
    4. New Zealand address

    • freedom 8.1

      When they actually say what % of shares are going to be put forward for retail stock then those requirements will be great and will no doubt ensure some kiwis get to stay on top of others. As for the rest of the shares, and where they end up, the result will be the same. Increased costs to the domestic consumer, reduced services and profit focused price-fixing passing as self regulated autonomy in a free market. Bottom line, this is not an airline, or a mine, this is the generation and distribution of electricity. This is a fire sale of a Nation’s self-determination.

  9. Benjamin B. 9

    “meanwhile, all Labour does is shake its stick like an impotent old man (http://www.scoop.co.nz/stories/PA1303/S00046/government-selling-us-down-the-mighty-river.htm). They won’t even sabotage the sale by promising to renationalise at a loss to the thieves (http://norightturn.blogspot.co.nz/2012/03/how-to-stop-privatisation.html). Which invites the question: what fucking good are they as an opposition, if when push comes to shove there’s nothing behind their words? They’re useless, utterly useless.”

    http://norightturn.blogspot.co.nz/2013/03/selling-us-down-river.html

  10. Dv 10

    So there are 100 billion dollars in savings

    That means every person in NZ has about $20,000 in savings!!!!

    Does that sound right?

  11. Pascal's bookie 11

    http://tvnz.co.nz/seven-sharp/government-s-ass-et-sales-video-5359711

    And kiwibloggers start googling “Broadcasting standards authority” in faux outrage…

  12. Lloyd 12

    Every potential shareholder needs to realise that the majority of New Zealanders would be happy to have the shares back in government hands with any loses incurred being left to the ‘investors’. The shares WILL be taken back eventually. The politician that does it will probably stay in power considerably longer than the present government.

    • tc 12.1

      yup but such pollies don’t exist currently

    • Ed 12.2

      Future government action is surely much more likely to affect returns than most industries, and the possibility of treaty settlements, requirements to ensure generation is given priority over profits, or a desire to re-purchase or restrict sales to other than New Zealanders are all regulatory risks that shuold be covered in the prospectus. If they are not, then National would be seeking to bind future governments against the best interests of New Zealanders. Will any opposition party make a statement about those risks or will they be complicit with Nat/ACT?

  13. vto 13

    This government are such muppets when it comes to even basic finances.

    Firstly, they hock their assets up to the eyeballs in debt (Solid Energy) to pay for their consumption and then express surprise at the situation. Ffs, the most average kiwi knows this. This government is thicker than the average – fancy that.

    Secondly, they sell the capital to spend as income (Mighty River). Ffs, that too is the most basic and dumb thing to do.

    This government should get out in the real world and learn some basic lessons.

    When was the last time Bill English was in the real world?

    • Colonial Viper 13.1

      The asset sale seems like it will be a very effective transfer of real wealth to the already rich. I don’t think that this outcome is co-incidental, do you?

      So why are you assuming that National don’t know exactly what they are doing?

    • Simple 13.2

      Could Solid Energy be also be used an example of exactly the opposite, or do only bad things happen when National in government? Surely if you look at facts, like the statement of intent from 2004 onward, Solid Energy has had essentially the same strategy. What you could call the government on, was not reacting fast enough ….

  14. Frank Waters 14

    Copied this from NewZealandjustice.com

    Would Justice effect Mighty share Prices?

    .

    My last Post “Crown proceeding with money laundering” is no longer news but I was registering my concern for the Crowns Illegal activities carried out under the (anything goes) political umbrella…..

    “Crown proceeding with money laundering

    I was wondering if there are others that are concerned about the “Laundering” of the Public’s Interests in their Investments in this Nations Infrastructure (both National and Regional)?

    No I am not talking about Corporations, I am referring to the Infrastructure from which the Corporations derive an income.

    The Public Invested in Infrastructure (not Business Enterprises) and up until the Business Lobby took over Government (1984) those Investments were held under the “Stewardship” (not Ownership) of Ministries- 1984 comes along and by “Hobsons Choice” the Public’s Interests in the various properties were systematically concealed and transferred to become the Property of Corporations in which the “Public” have no Legal Interest.

    [The Crimes Act 1961 Section 243 Money Laundering defines that which is considered to be a Crime and Section 408 refers to this Act shall Bind upon the Crown]

    However a “Legal Challenge” can take many shapes… Perhaps this one will draw a comment … it was copied from another forum and adjusted slightly to fit here

    ………………………………………….. ……….. “LEGAL CHALLENGE”

    “…So the legal challenge to the discussed Laundry, is rather simple and could be started easiest with Electricity (which is Property)….

    Ruff Overview
    “Hit them in the pocket”…..

    Firstly a simple Representative non profit making trust could be formed into which folk (opposed to the laundering of their interests) can pay their power bill having first informed their current supplier they are changing their service provider.

    The trust could refuse to do business with the laundries (corporations) and so any/(if) Court challenge would fall upon the Corporation to initiate (defending is cheaper).

    The trust could provide linesmen to ensure such as pole-fuses were not tampered with by the corporations and this could be funded by metered contributions to the maintenance and improvements of the peoples/their (alienated? but) existing investments in the generation and supply of electricity.

    Meanwhile a funding base to defend (for/in the event of court proceedings) would be growing in the trusts bank account and So the “CROWN”s laundering of public interests can be addressed a lot easier.

    The muffled? corporate media would be compelled then to spread the word consequently- more kiwi’s wanting cheaper electricity would probably join the trust….

    Because gaining access to the property you have invested in would be neither receiving goods or services the cost of electricity or should I say the cost of maintenance and improvements for our investments would be reduced considerably and there would be no need to fund a corporate type structure- (or executive bonuses)

    Effectively such a “trust” would provide for a binding legal vote – for the people and hopefully the issues of ownership of the public investments in this Nations Infrastructure will be secured once and for all- (hopefully)

    I have no problems with the Laundries/Corporations being sold but I do have a problem with the ownership of the Public Investments in Infrastructure being transferred to them without our consent and without us having an interest in them- It was and is “CRIMINAL ACTIVITY”as defined by the Crimes Act 1961
    Those interests were legal interests and were not the property of ANY group elected to serve in positions of trust- they were not Elected to Own or relinquish the Public Investments or the right to the profit a prendre

    Bit messy but sharing the basics is fun and implementation would approach Justice- aye

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