Thursday, March 6, 2008

Electoral Finance Act Protest: Auckland, 9 March, 2.00 pm, 2008

Email sent to Political Animal 4.00pm today


Silent Protest March against the Electoral Finance Act - This Sunday 9 March, meet outside the Auckland Town Hall from 2.00pm.

To my friends, family, business colleagues and supporters


In a democracy one of our most precious rights should be our right to speak out, criticize and campaign against the government – any government.


In passing the Electoral Finance Act parliament severely restricted our freedom to do so. This sets a dangerous precedent. The Human Rights Commissioner spoke out on behalf of all New Zealanders and called on the Government to withdraw the bill and start again. She was ignored.


We now have a law restricting what we can spend campaigning against the government that is less than half of what the Human Rights Commission and the Electoral Commission thought was fair.


What is worse, this new law will apply for over three times longer than the Human Rights Commissioner thought was reasonable.

For many decades New Zealanders have gone to war to protect our precious freedoms. We should not give them up lightly.

You now have a choice, you can simply accept that your freedoms have been restricted or you can stand up and protest and let the parliamentarians know that this is not on.

I am not prepared to sit back and do nothing. I am organising a SILENT protest march against the Electoral Finance Act this Sunday 9 March and I invite you to join me.

I would be very grateful if you could help me promote this march by bringing it to the attention of your family, friends and colleagues. I have attached a copy of the ad that appeared in The New Zealand Herald yesterday.

If we don’t stand up for our rights now we do not know what freedoms we may lose next.

Regards


John Boscawen, Trustee, Freedom of Speech Trust.

Box 42-267, Orakei, Auckland.

john@boscawen.co.nz


Related Political Animal Reading

Historical day as New Zealand loses democratic freedom

Auckland EFB protest lures 5000
Day of protest: Auckland NZ, Nov 2007
Electoral Finance Bill: The Purpose is clear
Cartoon & Comment, Emmerson: Winston Churchill Clark
List of MP's who voted for EFB
Extending middle finger in 2008


Links c Political Animal 2008

Bruce Sheppard: Another Asset Theft



Bruce Sheppard is a non-politically correct agent
provocateur and founder of the New Zealand
Shareholders' Association. An accountant by
profession, he is passionate about New Zealand
but has no hesitation in exposing its shortcomings.
He is regularly sighted tackling Auckland's traffic
armed only with a bicycle.




Bruce Sheppard in Stirring the Pot from Stuff.co.nz| 1:26 pm 4 March 2008

This government thinks it is OK to interfere in the private property rights of its citizens, and dresses this up as the protection of the national interest. Last year Telecom got dealt to, this year it is Auckland Airport, next year who will it be?

While I had little empathy with the Canadian bid and was not going to vote in favour of it with my shares, I will now support a yes vote and an acceptance. Then I will let the Government tell 10’s of thousands of New Zealanders that they can’t have their money.

As far as the NZ control/ ownership issue is concerned the horse bolted years ago. Auckland International Airport is already over 40 per cent foreign owned. Who cares if it is a selection of hedge funds or a Canadian pension fund if it is just about ownership? Frankly a pension fund is better as at least they will take a long-term view , hedge funds just look for the next quick profit fix.

If it is control, then not much changes. The Canadians have guaranteed that the board will have enough independent directors to remain an independently governed company still listed in NZ.

What is more important here is the crown interference. What this does is undermine the effectiveness of our capital markets and it also increases the risk of investing in NZ if you are a foreigner. Obviously the repricing of risk internationally is having an effect on our sharemarket and this sort of short sighted nonsense from our politicians will simply make matters worse.

If you want to fix foreign ownership of NZ Inc, you have to encourage Kiwis to own NZ instead. To do this our people have to stop spending $1.14 for every dollar they earn. It is not rocket science, the 14c is funded with debt or asset sales. Now why would a New Zealander who is saving, invest in NZ when the Government appropriates economic advantages on one ill-conceived whim or another? Much easier to invest offshore out of Michael Cullen’s sticky, thieving hands.


Related Share Investor reading

Cullen's move on Airport has far reaching effects

Fran O'Sullivan: Cullen's shock move hinders Airport bid
Cullen's move on AIA tax plan Anti-Business
NZ Herald: Airport Deal not so sweet after tax break blocked
NZX Press Release: AIA directors recommend shareholders sell
AIA profit stays grounded
Softening opposition to CPPIB bid for AIA
Directors of AIA bribe brokers not to sell
What is Auckland Airport worth to you?
Second bite at AIA by CPPIB might just fly
AIA new directors must focus on shareholders
Auckland Airport merger deal nosedives
The Canadians have landed
AIA incentive scheme must fly out the window
Government market manipulation over AIA/DAE deal
DAE move on AIA: Will it fly?


Disclosure: I own AIA shares

Links c Share Investor 2008

Tuesday, March 4, 2008

Cullen's move on Auckland Airport has far reaching effects

http://www.portfolio.com/images/feeds/news-markets/national-news/reuters/2008-02-25T042807Z_01_NOOTR_RTRIDSP_2_BUSINESS-AUCKLANDAIRPORT-OFFER-DC.jpg
A cynical move by Michael Cullen to gain votes in the 2008 Election by
blocking an Auckland Airport sale will have far reaching effects.




Michael Cullen's move today to put a stop to a partial sale of Auckland International Airport(AIA) to the Canadian Pension Plan Investment Board(CPPIB) has more far reaching effects than putting the brakes on this deal.

Below is the piece of legislation that has been changed, in relation to the airport merger, and it is sufficiently vague enough to cause major uncertainty, for investors, domestic and international, and business in New Zealand.

"Whether the overseas investment will, or is likely to, assist New Zealand to maintain New Zealand control of strategically important infrastructure on sensitive land."


Who decides what is "strategically important" and on what basis do they apply the new legislation?

Is the Warehouse(WHS) a strategic asset?

Business and investors need certainty, you only have to look at current market conditions to figure that out, and the new legislation leaves everyone guessing.

This uncertainty, apart from the retrospective legislation passed today, and mooted tax changes, means that foreign investors will be thinking twice before looking at putting their capital in a country that treats foreign investors like Putin's communist Russia treated foreign oil companies over the last few years.

It also means that private property rights don't mean anything in this country anymore(just like in Putin's Russia) and with the stroke of a retrospective pen your property isn't really yours anymore.

I own Auckland Airport shares, they belong to me and nobody else and in a free country I should be able to do what the hell I want to do with them.

Contrary to Labour party spin the Airport isn't a state asset, it is privately owned, by many individual Kiwis and and some bigger institutions and the playing of the "we cant sell such a "strategic asset to a foreign buyer" card makes no sense because it is already owned by 40% of off shore investors.

It seems to me that Labour playing this card in election year will be appealing to the paranoia of those people who think the National party are going to sell "strategic assets" and Labour will try to get votes from it.

Cullen mentioned that other countries have similar laws to prevent strategic assets from "going overseas"-although you would have to have pretty big container to fit the Airport into it and ship it off- they may well do or not but their laws were in in place before any important deals were being negotiated and to change conditions of a deal as it is being done is like playing the shell game with a blindfold while on crack.

The immediate affects of Cullen's finger in your pie has been enormous. Billions of dollars have been lost from the capital value of Auckland Airport and therefore shareholder's pockets. The NZX's other companies plunged in value today because of the uncertainty that Cullen's pen stroke brought to the market.

Other companies who may be deemed "strategic" by Cullen and his communist misfits will be wringing their hands in the hope they wont be next. The listed power companies, ports and others will clearly be affected.

The interest still in the wings by Australia's Origin Energy for its sister company Contact Energy(CEN) would seriously be in doubt under the new criteria. Similarly other foreign companies will consider our country's barriers too hard to negotiate. Takeovers and mergers, an essential part of successful capitalism, will prove too cumbersome to consider.

As I have canvassed before in previous articles, Cullen's move now appears to be arrogant in the extreme. His party and lapdogs in crime, Winston "Baubles" Peter's NZ First, made their feelings clear when takeover talks were mooted with Dubai Aerospace Enterprise almost 9 months ago and they were staunchly against any sale.

To move now is unlawful(it was but they will change that law) immoral and is a clumsy attempt at gaining votes from voters who think capitalism is a dangerous thing.

The cost to CPPIB and Auckland Airport shareholders has been many millions-on top of the couple of billion in lost capital for Auckland Airport shareholders.

I have been a very impassioned advocate for not selling my shares over the last 9 months, because I could see the investment as a good long term one.

I was tempted, when news first broke of a sale all those months ago, to sell at the market price that day of around NZ$3.65 but decided not to. Now I think those people who sold were wise beyond any education one could buy.

Given the interference over the last few weeks I am now going to give two ticks for the deal, it may send a message to Labour what the real owners of this asset want to do with their property but I doubt whether Cullen will listen or care.

I know this deal isn't going to happen and have said so for many months now but the interference by politicians in private property issues has me questioning my holding in such a company mired in political dead weight and sticky fingers.

I sold my Port of Tauranga shares a few years back because I couldn't contend with local Auckland politicians and Winston Peters(again) interfering in merger proposals with Ports of Auckland. That deal was ended after months of expense for Port of Tauranga.

Business needs certainty in New Zealand, especially now as the proverbial is hitting the fan hard.

That means overseas investment is needed. Today's approach by by the extreme left wing business haters in Labour and NZ First has been another nail in the coffin for NZ INC because that much needed capital is going to dry up.

The move today is reminiscent of a much troubled National Government, led by Robert Muldoon, who in its final months, regulated and nationalised the life out of our economy and then went on to lose an election in 1984 in spectacular fashion.

Ironically it was Labour who then swept into power and with the wise direction from Roger Douglas transformed the economy into a far more sustainable one.

Sadly Douglas was stopped before he was finished, by the very same people who have foisted the current heavy burden on our economy today.

Only fools don't learn from history and surely Cullen, a Dr of History himself(not in business or economics) shouldn't be as foolish as he has been over the last few weeks.

We surely cant afford a repeat.

Related Share Investor reading

Fran O'Sullivan: Cullen's shock move hinders Airport bid
Cullen's move on AIA tax plan Anti-Business
NZ Herald: Airport Deal not so sweet after tax break blocked
NZX Press Release: AIA directors recommend shareholders sell
AIA profit stays grounded
Softening opposition to CPPIB bid for AIA
Directors of AIA bribe brokers not to sell
What is Auckland Airport worth to you?
Second bite at AIA by CPPIB might just fly
AIA new directors must focus on shareholders
Auckland Airport merger deal nosedives
The Canadians have landed
AIA incentive scheme must fly out the window
Government market manipulation over AIA/DAE deal
DAE move on AIA: Will it fly?


Disclosure: I own AIA shares

c Share Investor & Political Animal 2008

Cullen's move on Auckland Airport has far reaching effects

http://www.portfolio.com/images/feeds/news-markets/national-news/reuters/2008-02-25T042807Z_01_NOOTR_RTRIDSP_2_BUSINESS-AUCKLANDAIRPORT-OFFER-DC.jpg
A cynical move by Michael Cullen to gain votes in the 2008 Election by
blocking an Auckland Airport sale will have far reaching effects.




Michael Cullen's move today to put a stop to a partial sale of Auckland International Airport(AIA) to the Canadian Pension Plan Investment Board(CPPIB) has more far reaching effects than putting the brakes on this deal.

Below is the piece of legislation that has been changed, in relation to the airport merger, and it is sufficiently vague enough to cause major uncertainty, for investors, domestic and international, and business in New Zealand.

"Whether the overseas investment will, or is likely to, assist New Zealand to maintain New Zealand control of strategically important infrastructure on sensitive land."


Who decides what is "strategically important" and on what basis do they apply the new legislation?

Is the Warehouse(WHS) a strategic asset?

Business and investors need certainty, you only have to look at current market conditions to figure that out, and the new legislation leaves everyone guessing.

This uncertainty, apart from the retrospective legislation passed today, and mooted tax changes, means that foreign investors will be thinking twice before looking at putting their capital in a country that treats foreign investors like Putin's communist Russia treated foreign oil companies over the last few years.

It also means that private property rights don't mean anything in this country anymore(just like in Putin's Russia) and with the stroke of a retrospective pen your property isn't really yours anymore.

I own Auckland Airport shares, they belong to me and nobody else and in a free country I should be able to do what the hell I want to do with them.

Contrary to Labour party spin the Airport isn't a state asset, it is privately owned, by many individual Kiwis and and some bigger institutions and the playing of the "we cant sell such a "strategic asset to a foreign buyer" card makes no sense because it is already owned by 40% of off shore investors.

It seems to me that Labour playing this card in election year will be appealing to the paranoia of those people who think the National party are going to sell "strategic assets" and Labour will try to get votes from it.

Cullen mentioned that other countries have similar laws to prevent strategic assets from "going overseas"-although you would have to have pretty big container to fit the Airport into it and ship it off- they may well do or not but their laws were in in place before any important deals were being negotiated and to change conditions of a deal as it is being done is like playing the shell game with a blindfold while on crack.

The immediate affects of Cullen's finger in your pie has been enormous. Billions of dollars have been lost from the capital value of Auckland Airport and therefore shareholder's pockets. The NZX's other companies plunged in value today because of the uncertainty that Cullen's pen stroke brought to the market.

Other companies who may be deemed "strategic" by Cullen and his communist misfits will be wringing their hands in the hope they wont be next. The listed power companies, ports and others will clearly be affected.

The interest still in the wings by Australia's Origin Energy for its sister company Contact Energy(CEN) would seriously be in doubt under the new criteria. Similarly other foreign companies will consider our country's barriers too hard to negotiate. Takeovers and mergers, an essential part of successful capitalism, will prove too cumbersome to consider.

As I have canvassed before in previous articles, Cullen's move now appears to be arrogant in the extreme. His party and lapdogs in crime, Winston "Baubles" Peter's NZ First, made their feelings clear when takeover talks were mooted with Dubai Aerospace Enterprise almost 9 months ago and they were staunchly against any sale.

To move now is unlawful(it was but they will change that law) immoral and is a clumsy attempt at gaining votes from voters who think capitalism is a dangerous thing.

The cost to CPPIB and Auckland Airport shareholders has been many millions-on top of the couple of billion in lost capital for Auckland Airport shareholders.

I have been a very impassioned advocate for not selling my shares over the last 9 months, because I could see the investment as a good long term one.

I was tempted, when news first broke of a sale all those months ago, to sell at the market price that day of around NZ$3.65 but decided not to. Now I think those people who sold were wise beyond any education one could buy.

Given the interference over the last few weeks I am now going to give two ticks for the deal, it may send a message to Labour what the real owners of this asset want to do with their property but I doubt whether Cullen will listen or care.

I know this deal isn't going to happen and have said so for many months now but the interference by politicians in private property issues has me questioning my holding in such a company mired in political dead weight and sticky fingers.

I sold my Port of Tauranga shares a few years back because I couldn't contend with local Auckland politicians and Winston Peters(again) interfering in merger proposals with Ports of Auckland. That deal was ended after months of expense for Port of Tauranga.

Business needs certainty in New Zealand, especially now as the proverbial is hitting the fan hard.

That means overseas investment is needed. Today's approach by by the extreme left wing business haters in Labour and NZ First has been another nail in the coffin for NZ INC because that much needed capital is going to dry up.

The move today is reminiscent of a much troubled National Government, led by Robert Muldoon, who in its final months, regulated and nationalised the life out of our economy and then went on to lose an election in 1984 in spectacular fashion.

Ironically it was Labour who then swept into power and with the wise direction from Roger Douglas transformed the economy into a far more sustainable one.

Sadly Douglas was stopped before he was finished, by the very same people who have foisted the current heavy burden on our economy today.

Only fools don't learn from history and surely Cullen, a Dr of History himself(not in business or economics) shouldn't be as foolish as he has been over the last few weeks.

We surely cant afford a repeat.

Related Share Investor reading

Fran O'Sullivan: Cullen's shock move hinders Airport bid
Cullen's move on AIA tax plan Anti-Business
NZ Herald: Airport Deal not so sweet after tax break blocked
NZX Press Release: AIA directors recommend shareholders sell
AIA profit stays grounded
Softening opposition to CPPIB bid for AIA
Directors of AIA bribe brokers not to sell
What is Auckland Airport worth to you?
Second bite at AIA by CPPIB might just fly
AIA new directors must focus on shareholders
Auckland Airport merger deal nosedives
The Canadians have landed
AIA incentive scheme must fly out the window
Government market manipulation over AIA/DAE deal
DAE move on AIA: Will it fly?


Disclosure: I own AIA shares

Share Investor 2008