Asset sales

Labour says it will buy back assets, but they’ve already spent the cash

It looks like we are going to get yet another “show me the money” moment in this election as Labour spends like drunken sailors.

Labour would look at buying back state assets on a “case-by-case” basis, says the party’s leader David Cunliffe.

“We may well, and we would like to,” Mr Cunliffe told TVNZ’s Q+A this morning.

“And we will take opportunities as they arise and there’ll be more to say about that issue between now and the election I promise you,” he added.

The National-led Government has sold shares in several state owned enterprises including Air New Zealand, Mighty River Power and Meridian Energy.

There is a problem with that glib, uncosted, pulled out of his arse comment.

Read more »

The left LOVE asset sales. What?

It seems asset sales, partial ones at that, are to be resisted at all cost.

Except, of course, if you are a leftie trying to sell them.  Then it is JUST FINE.  Catherine Harris reports

Cutting rights to a large Wellington forestry estate have been sold to US company Resource Management Service (RMS).

Described as one of the largest forestry transactions to hit the open market in recent years, the rights give access to Greater Wellington Regional Council’s 5430-hectare forestry estate near Wellington and in the Wairarapa.

The sale price was undisclosed but LJ Hooker agent Warwick Searle, who handled the sale, said the valuation on the cutting rights was $28.5 million.

He was “very happy” with the figure which exceeded the $31m debt that the council had incurred over the years managing the forests.

The tender process also showed there was “plenty of offshore interest” for forestry assets.
“We’re definitely seeing buyer demand from the US and Europe matching or even surpassing the high level of interest coming from Asia.” Read more »

Cunliffe promises to buy the assets back


Amazing – at the end of his interview on Firstline on Wednesday morning.

David Cunliffe promises that Labour will buy some assets back.

This is new policy, and has gone unreported anywhere else. I came across it as I was reviewing video after my day in court.¬† Read more »

Genesis sale no longer a political hot potato

Remember asset sales?  Remember how the Green-led Labour movement wanted your signatures for a referendum?  Remember how this was all going to end in tears?

With Genesis’ share sales starting today, you would be excused for wondering why this sale isn’t being opposed.

Analysts are picking demand will be high for shares in the country’s biggest electricity retailer, Genesis Energy, when its public offer opens today.

The price for shares in the state-owned energy company was announced at $1.55 last night after a bookbuild with institutional investors. The sale would raise up to $736 million for the Crown.

Finance Minister Bill English said already $620 million had been committed through the bookbuild, which was the first stage of the share offer.

At that price the shares will yield a gross dividend of 14.3 per cent, he said.

State-Owned Assets Minister Tony Ryall said the sale would take them to within the Treasury’s target range for the asset sales, with the sale of all four assets earning $4.7 billion, he said.

I’m sure it has nothing to do with the fact we are close to an election, and the Greens and Labour know the voters are sick and tired of two decades worth of manufactured asset sale outrage. ¬† Read more »

Cartoon of the Day


Credit: SonofaMin

The Green Party Data scammers: Look at their Guidelines

Via the Tipline

An interesting post scanned and captured from an over-excited contributor to the [Standard made] earlier.  Is this what the Greens plan to do with information stolen from their petition harvesting?


The Green Party hid behind the old fools in Grey Power for the Assets petition, then sent out paid touts on taxpayers’ money to scoop up data. Like Greenpeace, they love a petition. Do you think it is only because they are wound up about this issue? No, it is because they want to capture your personal details to create a data base. ¬† Read more »

Sell. Sell. Sell.

Headline?   John Key saying the Referendum was a waste of time, proves there is no mandate for change, and was just a political stunt.

Hands up who’s surprised?

Prime Minister John Key says the contentious partial asset sales programme will continue despite the provisional results of the share offer referendum.

More than 1.3 million New Zealanders cast votes in the non-binding citizens initiated referendum; with the preliminary result released on Friday night showing 67.2 per cent did not support the Government’s partial sell-off of Air New Zealand, Mighty River Power, Genesis Power and Meridian Energy.

Only 32.5 per cent of those who cast a vote backed the share floats.

All-up, just 44 per cent of eligible voters took part in the referendum.

Key, speaking this afternoon at the former Hobsonville Airbase north-west of Auckland, described the referendum as a “publicity stunt” which had cost the tax-payer up to $9m.

“Around about a quarter of New Zealanders voted against asset sales,” Key said. ¬† Read more »

Key to ignore referendum result

The whole Referendum was a farce from start to end. ¬†Signatures harvested through paying collectors with tax payers’ money, missing the mark, having to do it again, Labour and their Green Taliban leaders managed to piss away $9M of your money on yet another pointless exercise.

Prime Minister John Key has indicated his Government will take little notice of the result of the referendum, describing it as a political stunt by Labour and the Greens which has cost the taxpayer $9 million.

Mr Key has said the result would be “interesting” if it showed voters who opposed the asset sales programme totalled more than a million – the number of votes National got at the last election which was largely fought on the issue. The Electoral Commission figures issued last night show that 895,322 voters opposed the asset sales.

Mr Key and Mr English have said in recent weeks that the Genesis sale remains on track in spite of market chatter the sale is now unlikely to proceed as planned.

Read more »

Provisional Referendum Result

Credit:  Laura McQuillan @mcquillanatorz

Referendum provisional results: 1,333,402 votes.

Yes (sell): 432,950,

No (don’t sell) 895,322.


Turnout: 43.9%




Remember this?

On November 23 I wrote:

I’ve received a rather concerning email from one of our readers. If this is anything but a misguided local initiative, it needs to be exposed

Had a phone call this morning from a mate who works for NZ Post in a provincial city (not here). The word going around his smoko room was that someone from the union suggested it could be a good idea if some referendum papers were ‚Äúnot delivered‚ÄĚ. These of course could then be opened, voted on, sent back, and the ‚ÄúNo‚ÄĚ vote fattened. They are banking on people not bothering to ask for replacement papers if theirs do not turn up.

He suggested that I get the word out to my mates that if anyone doesn’t receive their voting papers they should contact the office of the Chief Electoral Officer. All deliveries should be complete by the end of next week (mine arrived in the PO box this morning).

Given the amount of resource that Labour, the Greens and the unions have poured into this referendum, it sounds as though they are pretty worried about getting enough of a ‚ÄúNo‚ÄĚ vote to attack the Government with. Pulling a stunt like this rates right up there with the KFC election in 2005, but it‚Äôs hardly surprising given the current climate.

[name withheld]¬† Read more »