Wednesday, February 27, 2013

Mighty River Power shares for sale!

The Supreme Court has just ruled that the Maori Council's appeal against the decision of the High Court has been dismissed.

The Mixed Ownership Model can now proceed.

UPDATE: The Herald reports:

The Supreme Court has dismissed the appeal by the New Zealand Maori Council to block the Mighty River Power partial privatisation.
The full court of five Supreme Court judges was unanimous in its findings.
The decision lets the government proceed with the sale of up to 49 per cent of Mighty River Power.
The Maori Council bypassed the Court of Appeal and took its case directly to the Supreme Court after losing in the High Court in December last year.
It argued that the sale of Mighty River Power and other power companies before issues around what ownership rights Maori may have over freshwater and geothermal resources was a breach of the Treaty of Waitangi.
Prime Minister John Key said last week that as long as the court delivered its decision this month, and it was favourable to the Crown, the Mighty River Power sale, the first under his Government's flagship ``mixed ownership model" legislation would proceed as planned during the second quarter of this year.
That would allow another power company, either Meridian or Genesis to be partially sold in the second half of this year.
Lawyers for the Crown had hoped the decision would be delivered last Monday to allow the sale of up to 49 per cent of Mighty River to go ahead according to the Government's "preferred timetable''. However the court which heard the case over two days on January 31 and February 1 informed the Maori Council and Crown lawyers it could not meet that timeframe. The delay in delivering the decision has fuelled speculation the five judges hearing the case had differing views.
Bill English, in a speech delivered this afternoon, reiterated his commitment to the programme of power company floats .
The float would be a "shot in the arm" for capital markets and was expected to remain 80-90 per cent owned by New Zealanders, English said in a lunchtime speech to the Auckland Chamber of Commerce today.
"New Zealanders will be at the front of the queue for shares," he said. "Including the Government's majority stakes, ministers expect 85 per cent to 90 per cent of the shares across the programme to be held by New Zealanders, after the IPOs."

 Stand by for an outpouring of angst from those who still don't get it that they lost the last election...

UPDATE #2: The Supreme Court decision can be viewed here, and the media notes (the Court's reasoning, with less legalese) can be viewed here.


Bill Elder said...

When do the Solid Energy shares go on the block?

Adolf Fiinkensein said...

When the price of coal recovers, Dumbo!

Edward the Confessor said...

Yes, Dumbo, the genius of this government is that it sells SOEs when they're making money, using the proceeds to make its friends richer, and gets you to bail them out when its mismanagement leads them to near bankruptcy. And its shills call you dumb...

Keeping Stock said...

On your bike Edward; you stuffed it up for yourself. Come back in a couple of weeks.

Anonymous said...

Bring on the market. IO a a modest but enthusiastic buyer of shares. Great news for all!


Dick Tater said...

Adolf calls Bill, "Dumbo".
Edward calls Adolf, "Dumbo".
Edward gets banned.

Keeping Stock said...

I hate to dismantle a good conspiracy theory Dick, but that's not what Edward was banned for:

See 3# above:

3. Please don't defame people; our budget doesn't run to defending legal actions as a party to defamation.

Dick Tater said...

I see.
So who did Edward defame?

Dick Tater said...


Dick Tater said...

So who did Edward defame, Keeping Stock?
I've searched for the defamation, but need your help in locating it. Maybe it didn't happen at all???

Dick Tater said...

Gee whizz! I've waited all day for a response from you Keeping Stock, but you've ignored me?
What gives?