Forum Archive Index - September 2001

[<nickkearney@xtra.co.nz>]

Ben

It's a disgrace.

But then what do you expect from the Minister of Everything and master of 
nothing!

Cheers

NK 
> 
> From: "Ben Dutton" <bendutton@sharechat.co.nz>
> Date: Wed, 26 Sep 2001 10:02:03 +1000
> To: <sharechat@sharechat.co.nz>
> Subject: [sharechat] Air New Zealand shares finally suspended
> 
> I am flabbergasted.
> 
> If media reports are correct, on Monday, New Zealand's prime minister Helen
> Clark raised the possibility of statutory management for Air New Zealand.
> The shares fell 40% as investors stampeded for the exit, fearing the worst.
> 
> Then yesterday Helen Clark recommended investors "hang on" to their shares,
> as she is "absolutely convinced that Air New Zealand has a viable future".
> 
> The shares rose by 50% as investors stampeded in.
> 
> Now, the Market Surveillance Panel has *finally* halted trading of Air New
> Zealand's shares, pending "clarification from the company regarding the
> Prime Minister's statements appearing in today's media that shareholders
> "Don't sell" their Air New Zealand shares."
> 
> These comments from our Prime Minister are disturbing.  That she would
> openly talk to the media on such a sensitive matter is unbelievable.  To me,
> this demonstrates her naivety with regards to the sharemarket and business.
> These announcements should a) have not been made at all or b) have been made
> through the appropriate channels - eg. through the exchange.
> 
> I wonder if she will apologise to all of the investors (many of whom where
> overseas holders of the "B" shares) who sold their shares on Monday
> expecting the worst.  I wonder if the overseas investors will ever look
> seriously at NZ as an investment option again, knowing that NZ's very own
> Prime Minister likes to comment on the market, changing her tune from one
> day to the next.
> 
> This situation just seems to go from bad to worse.  Lets hope NZ as a
> country is able to emerge from this scandal with at least some of its
> reputation intact.
> 
> All comments welcome.
> 
> Best Regards
> 
> Ben Dutton
> 
> 
> 
> 
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