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The wheels are falling off

Written By: - Date published: 8:32 am, May 28th, 2013 - 60 comments
Categories: energy, national, Privatisation - Tags: , ,

Interesting news yesterday:

Mighty River’s ‘mum and dad’ investors included companies

The 113,000 so called “mum and dad” investors who bought Mighty River shares earlier this month included companies, trusts and investment institutions, Treasury has confirmed. …

Treasury also confirmed that all investors who bought shares in the General Offer including trusts, companies and investment institutions were eligible for the loyalty bonus share scheme.

So “Mum & Dad” turn out to be Freddie Mac and Fannie Mae – what a twist. And another hole shot in the Nats’ rationalisations about privatisation. In fact, the wheels are rapidly falling off the whole endeavour.

The uptake of Mighty River Power shares was much less than expected.

Mighty River Power shares were down to $2.36 last night, 14c down from the offer price of $2.50, and falling.

In this context you’d be a mug to invest in the Meridian sell off. The Nats (who know there’s decent odds that they won’t be in power after the next election) have tried to do too much too soon. Treasury advised against it, but the Nats ignored them. But by now even The Herald can see the folly, and National has had to bow to the inevitable:

Meridian could be sold in chunks – Key

The Government has hinted at selling 49 percent of Meridian Energy in two or three separate parts, in a bid to keep New Zealand ownership at 85 percent.

The Greens spell it out:

Govt admits asset sales program in deep trouble

National has admitted that its asset sales programme is a failure with its decision to consider selling Meridian Energy in blocks, Green Party Co-leader Dr Russel Norman said today.

Media reports suggest Meridian’s 49% shareholding may be sold down in blocks by the National Government.

“As shares in Mighty River Power hit a new low, the Key Government knows it cannot sell 49% of Meridian Energy in one hit in the current climate,” Dr Norman said today

“Unfortunately, rather than biting the bullet and calling a complete halt to its asset sales program it is pushing ahead with a foolish plan to sell Meridian Energy in chunks.

“The Mighty River Power sale was a mighty flop and the Key Government knows that pushing ahead with another sale will result in even fewer shares going to ‘mum and dad investors’.

“Despite spending millions on advertising the truth is that 98 percent of New Zealanders bought no shares in Mighty River Power at all. …

“It is time for the Key Government to listen to the concerns of commentators, the business community and ordinary New Zealanders and cancel its economically disastrous asset sales program.”

What a mess.

60 comments on “The wheels are falling off ”

  1. One Anonymous Knucklehead 1

    You see, Righties? The opposition to your fantasies isn’t based on ideology – it’s based on the fact that you’re so miserably incompetent.

    • infused 1.1

      Keep frothing.

      • One Anonymous Knucklehead 1.1.1

        Keep failing.

        • Colonial Viper 1.1.1.1

          Stock price free falling

          • The Gormless Fool formerly known as Oleolebiscuitbarrell 1.1.1.1.1

            Stock price free falling

            Looks like the government got out just in time. Maybe we should quickly sell the rest.

            • Colonial Viper 1.1.1.1.1.1

              If the government is only interested in liquidating the country and packing up the proceeds to live in a Caribbean tax haven, they should.

              But I think Government should show some long term commitment to the country instead of cashing out, treating NZ like a casino, and making off like bandits.

              • ghostrider888

                “little by little by little by little by little
                losing all their pride
                It’s getting really bad…”

            • Draco T Bastard 1.1.1.1.1.2

              Which is really what you seem to think the government should do.

  2. paul andersen 2

    miserably incompetent, yes that about covers it. english will go down as one of the worst most damaging finance ministers we have ever had the misfortune to be saddled with. the amount of debt that the next couple of governments are going to be left with is huge,and growing. the shonky accounting that he has been getting away with would see him prosecuted in the real world.

    • Lanthanide 2.1

      With the irony being that they got into government by saying Labour had driven up a huge pile of debt that they were now saddled with, when actually they’re going to be leaving the next government with an even bigger pile themselves and it was only Labour’s good management of the economy (and repeated rebuffs to tax cuts) that let us weather the GFC as well as we did.

      Also S&P putting multiple banks, including Kiwibank, onto negative watch the day after the budget was a pretty stinging indictment that the government wasn’t doing enough, after the budgets of 2009-2011 were specifically focused around keeping S&P et all on-side.

    • David H 2.2

      Tis a pity they cant call in the SFO to look over the books and prosecute the thieving shits.

  3. Winston Smith 3

    “The wheels are falling off”

    You mean the announcement of lower unemployment, net immigration gain, business confidence up and a raise in the polls for National mean the wheels are falling off…

    Did you mean the wheels are falling off for the Greens?

    • Lanthanide 3.1

      No, the wheels are falling off the asset sales programme.

      Really, learn to reading comprehension, eh? Didn’t you go to primary school?

  4. SomeSuch 4

    I’m watching this strategy with interest. It may be that swing voting Kiwis find the cynicism of the NZ power announcement and subsequent positioning by the Greens as more distasteful than the M.O.M programme. After all, anti-M.O.M sentiment has not yet been enough to significantly impact broader National support. Norman may prefer ‘underarm bowling’; Kiwis, as a rule, don’t.

    • toad 4.1

      The only poll so far on NZ Power (commissioned by the Greens) shows greater support than opposition.

      By contrast, every poll that has been done on National’s policy of partial privatisation of state assets shows greater opposition than support.

    • Chrissy 4.2

      Some Such
      What did national do when Labour announced it,s housing policy.Immediately came out with a pathetic little one of it’s own.And they weren’t doing it for the good of the country.It was deliberate targeting of Labour’s policy.Isn’t that the same thing and why is it alright for nats to do it?

    • Murray Olsen 4.3

      Kiwis prefer to play 16 against 15 to win the Rubber Wool Cup. I’d take Norman’s sense of fairness over Key’s any day.

      The truth is that there are fair and unfair people in both countries. The ones who will do anything and tell any lie to win are usually found in the National and Liberal Parties, with some exceptions. Key made his fortune in an area where less than transparent behaviour is expected and rewarded. Another good example is Bennett – use Social Welfare and a free(ish) education system to get ahead, then shit on anyone else who dares to try the same thing. Underarm bowling looks clean by comparison, yet your type of Kiwi admires her for it. Yuck.

    • Clockie 4.4

      You did see and comprehend the bit in the latest tv3 poll which pointed out that 29% of National supporters approved of NZ Power, didn’t you??

  5. infused 5

    It’s been what, 3-4 weeks? If you were after short term gains, your retarded.

    • Zorr 5.1

      Sorry… can’t let this go…

      It’s “you’re”

      If you are going to insult the intelligence of others, it is best to at least get your spelling right

    • Clockie 5.2

      “your retarded.”

      Honestly, did you always miss those lessons where the creation of contractions by use of the apostrophe was explained? Or is this just a hallmark of the intellectual laziness you display in so many other ways?

      Zorr: Snap. 🙂

    • Colonial Viper 5.3

      Actually if you bought at the offer price you were retarded. Best to wait for the price collapse after launch, like right now.

      Same with Meridian. Anyone who buys Meridian at the initial offer price is going to get ripped off. They’ll be able to buy it 20c cheaper after it hits the market skids.

      • infused 5.3.1

        Nope, first day of trading is generally the best day. If I had bought, I would have sold towards the end of the first day. Same thing happens with most ‘darling’ floats.

        That won’t happen with Meridian though.

        Should mine some more bitcoins.

        • Colonial Viper 5.3.1.1

          Nope, first day of trading is generally the best day.

          I don’t know why you are disagreeing with me. After the first week hype you can pick up the shares cheaper now than at the offer price.

          • infused 5.3.1.1.1

            I’m disagreeing about buying it at the first price. You would have made quick, instant cash. While you will make cash now, it will take sometime.

            • One Anonymous Knucklehead 5.3.1.1.1.1

              And the short sellers have made a fast buck in between.

              • Colonial Viper

                above, infused said that if you are after short term gains with these shares you are “retarded”. Yet right here, he is advocating for people to buy up front so that they can make a tiny short term gain on the first day.

                Isn’t that retarded?

  6. scotty 6

    Somesuch says
    ‘I’m watching this strategy with interest.’

    Yeah watching the Greens exposing Nationals BS to a little sunlight , has been interesting

  7. prism 7

    What? Isn’t it that the NACTs have not tried to do enough and now it’s so late they are panicking and just trying to be better than the low ambitions of Richard Prebble ‘I would have been willing to give Kiwi Rail away’.

  8. http://www.extremetech.com/extreme/156393-cold-fusion-reactor-independently-verified-has-10000-times-the-energy-density-of-gas

    Against all probability, a device that purports to use cold fusion to generate vast amounts of power has been verified by a panel of independent scientists. The research paper, which hasn’t yet undergone peer review, seems to confirm both the existence of cold fusion, and its potency: The cold fusion device being tested has roughly 10,000 times the energy density and 1,000 times the power density of gasoline. Even allowing for a massively conservative margin of error, the scientists say that the cold fusion device they tested is 10 times more powerful than gasoline — which is currently the best fuel readily available to mankind.

    • One Anonymous Knucklehead 8.1

      Sigh. Andrea Rossi?

      2. Does this source often make similar claims?
      Pseudoscientists have a habit of going well beyond the facts. Flood geologists (creationists who believe that Noah’s flood can account for many of the earth’s geologic formations) consistently make outrageous claims that bear no relation to geological science. Of course, some great thinkers do frequently go beyond the data in their creative speculations. Thomas Gold of Cornell University is notorious for his radical ideas, but he has been right often enough that other scientists listen to what he has to say. Gold proposes, for example, that oil is not a fossil fuel at all but the by-product of a deep, hot biosphere (microorganisms living at unexpected depths within the crust). Hardly any earth scientists with whom I have spoken think Gold is right, yet they do not consider him a crank. Watch out for a pattern of fringe thinking that consistently ignores or distorts data.

      The Baloney Detection Kit.

      • McFlock 8.1.1

        To be fair, at least they are finally doing independent tests on it, and those will be peer-reviewed.

        It could always be the sort thing where a shameless self-promoter actually has something useful.

        But it’s a bit like winning Bonus Bonds – nice if it happens, even life-changing, but it would be foolish to rely on it as part of your financial planning.

        Nice to dream of sky-surfing, though 🙂

    • Colonial Viper 8.2

      I would be very very very surprised if a 10MWe reactor came out of this in the next 20 years.

      • Murray Olsen 8.2.1

        I’d be surprised if anything ever came out of Rossi’s stuff. He’s a conman.

  9. Lionel 9

    knuckleheads they are incompetant

  10. Lionel 10

    correction the tories are incompetant not knucklehead (sorry)

  11. ianmac 11

    A very small percentage of the population are shareholders in MRP. So to whom is the Government rhetoric/spin directed? Constant self-backslapping from Mr Key must be directed at some one. Maybe the message to the other 97% is one of, “look how competent we are. Trust us.” Really?

    • RJL 11.1

      National’s rhetoric is directed to the substantial proportion (but not majority) of the country that desparately wants to be, and / or thinks they are entitled to be, the top 3%.

      That is, it is directed to the deluded fools that vote for National. Who in their desparate need to make the top 3% reveal (amongst other failings) a shakey grasp of statistics.

      • ghostrider888 11.1.1

        and demographics, the old, white fools. (ever seen footage of a National Party conference?)

  12. Roy 12

    Wheels falling off a flagship is something of a mixed metaphor. Perhaps that should be the sail are falling off, or the masts are falling off?

    • Arandar 12.1

      Nah. The keel’s falling off the flagship. With any luck the passengers will mutiny in time to toss the captain and his officers into a rowboat and save the ship of state before these fools sink it.

  13. xtasy 13

    The wobble resulting from too much from the bottle is causing too much wobbling shonkeyness, now carried over onto a vehicle called ‘SOE Partial Sales Project’. The wheels were wobbly from the start, and the whole carriage wash shonky in structure throughout.

    Wobbly, wobbly whoop dee doo, and the wheels come off, yippee dee doo.

    Have another one from the bottle, and the brighter future shines on, that is as long as the drop may last and has the effect.

    Don’t worry about tomorrow, as “Betty Ford’s establisment” will fix me, so I can retire in serenity and peace, off-shore, in sunny Hawaii.

    • kiwicommie 13.1

      off-shore, in sunny Hawaii

      John Key couldn’t do worse the current US ambassador (Mike Moore – or whatever his name is) that has done nothing to promote tourism, and offers $20-50 barbeques; where you have to bring your own food. 😉

  14. mikesh 14

    I think that the fall in MRP’s price is due to a world wide drop in stock prices generally. CNU and TEL have also taken hits. Share investors have appently been spooked by a recent drop in the Nikei.

    • ghostrider888 14.1

      When China sneezes…

    • Colonial Viper 14.2

      Actually the fall in MRP share price is due to the Government’s bas judgement in exposing core NZ economic assets to the volatility of world ponzi scheme financial markets, and their ridiculous and misguided insistence that NZers should “invest” their hard earned savings in a failing roller coaster stock market.

  15. Wisdumb 15

    From public information on the NZX website, readers will be interested to know that directors of MRP have been buying shares at below listing price in the last few days as follows:

    James Miller has bought 6,000 shares at $2.47 average between 24 and 28 May;
    Trevor Janes through his beneficial holding in Selenium Corporation Ltd has bought 41,600 shares at $2.363 each.

    Do they know something we don’t know?

    • kiwicommie 15.1

      That insider trading is a tradition amongst current government and ex government members, and top level public servants? Same shit happened in the 1980s-1990s in NZ, or in the 1990s in Russia under Yeltsin.

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    New Zealand has established links between Chinese state-sponsored actors known as Advanced Persistent Threat 40 (APT40) and malicious cyber activity in New Zealand. “The GCSB has worked through a robust technical attribution process in relation to this activity. New Zealand is today joining other countries in strongly condemning this malicious ...
    BeehiveBy beehive.govt.nz
    2 weeks ago