Cosgrove Clayton: Questions for Oral Answer — Questions to MinistersText is incorporated into the Bound VolumeCosgrove Clayton: Questions for Oral Answer — Questions to Ministers[Sitting date: 29 May 2013. Volume:690;Page:10490. Text is incorporated into the Bound Volume.]9.Hon CLAYTON COSGROVE (Labour) to theMinister for State Owned Enterprises: How many of the 113000 “mum and dad” investors in Mighty River Power at float were companies trusts or New Zealand investment institutions and what proportion of shares were they allocated?Hon TONY RYALL (Minister for State Owned Enterprises): I am advised that the share register does not differentiate retail investors in the categories that the member’s question requests. New Zealanders could choose whether they purchased their shares through their family trust family company or as individuals. In the case of companies and family trusts they have to be based in New Zealand and the majority of their ultimate beneficial owners must be New Zealand citizens or permanent residents. But the member is welcome to look through the 113458 names on the publicly available register if he wants to. I have to say that anyone thinking that mum and dad investors cannot own a company or have a family trust is a bit behind the eight ball.Hon Clayton Cosgrove: Why did he mislead the public by referring to the initial 113000 retail shareholders in Mighty River Power as “New Zealanders” and “Kiwi mums and dads” when yesterday Treasury publicly defined retail investors as including companies trusts and New Zealand investment institutions?Hon TONY RYALL: There is nothing new in what the member is saying in respect of who is being classified as part of the general offer. What is quite clear here is that New Zealanders could choose how they bought their shares through their family company or their family trust and that was always very clear at the beginning of the offer.Hon Clayton Cosgrove: Given the near collapse of Solid Energy can he confirm that $6 billion the amount allocated to the so-called Future Investment Fund in Budget 2013 will be raised from his asset sales programme?Hon TONY RYALL: The Government’s expectation is that the proceeds of the partial asset sales will be within the range that the Government has set previously. What I have to say to the member is that on this side of the House we think it is fantastic that 77000 first-time investors have taken a stake directly in Mighty River Power joining with the 51 percent owned by the Government.Hon Clayton Cosgrove: Does he believe that the hundreds of thousands of dollars of quick profit made from a few trades of Mighty River Power within 2 minutes of the float including three transactions making a total profit of $185000 in those 120 seconds align with his commitment to long-term New Zealand ownership for so-called mum and dad Kiwi investors?Hon TONY RYALL: This Government trusts everyday New Zealanders to make investment decisions that are good for them. We have got over 113000 everyday New Zealanders who have bought shares in Mighty River Power—Hon Clayton Cosgrove: I raise a point of order Mr Speaker. Despite that the question asked about some facts and whether they aligned with his policy. He has not even got there yet. He did not even start to address the—Mr SPEAKER: Order! I found it a complicated question. Can the member please ask it again? I think that is the best way forward.Hon Clayton Cosgrove: Does he believe that the hundreds of thousands of dollars of quick profit made from a few trades of Mighty River Power within 2 minutes of the float including three transactions making a total profit of $185000 align with his commitment to long-term New Zealand ownership the so-called Kiwi mum and dad investors?Hon TONY RYALL: Well clearly the shape of the offer is such that it is to provide every incentive for New Zealanders to have long-term stakes in these businesses. That is the reason why we have got the loyalty share. That is why we have got 113000 everyday New Zealanders having a stake in Mighty River Power directly. I have to say that that member is well and truly behind the eight ball. He has spent an election campaign trying to stop this policy—Hon Clayton Cosgrove: I raise a point of order Mr Speaker. I think we had the answer about 40 seconds ago. We do not need the diatribe.Mr SPEAKER: I am delighted that the member on this occasion is happy with the answer.Hon Clayton Cosgrove: I seek leave to table the screenshots of the NZX trading board that show that within the first 2 minutes of the float three single transactions made $185000.Mr SPEAKER: Leave is sought to table that. Is there any objection? There is none. It can be tabled.Document by leave laid on the Table of the House.