Tasman Shares To Stay In N.Z.

Press, Volume CIX, Issue 32116, 11 October 1969, Page 21

Tasman Shares To Stay In N.Z.

(N.Z. Press Association) WELLINGTON, October 10. Any arrangements to sell shares held by the Government in the Tasman Pulp and Paper Company would be designed to ensure that they remained with New Zealand residents, Parliament was assured today. Replying to a question from Mr P. Blanchfield (Lab., Westland), the Minister of Customs (Mr Shelton), on behalf of the Minister of Finance (Mr Muldoon) said

that some discussions had been held with the directors of the company on the disposal of the shares. The discussions had centred on procedure and not on such questions as the amount of shares to be disposed of, nor the price at which they might be offered, he said. Mr Blanchfield had asked why the shares were to be sold, and whether the Government intended to seek the “open market” value for the shares or “does it intend to give them away cheaply as it did with the public’s shares in the BP Company?” Mr Shelton said it would be inappropriate to comment on these questions in any way.

He said that the National Party’s 1966 election policy had announced the Government’s intention to gradually dispose of its shares in Tasman Pulp and Paper Company.

The objectives of such disI posal, as set out in that policy, were to preserve the I balance of voting strength of i New Zealand shares in rela- : tion to overseas shares, and to ensure that the shares ■ were sold only to New Zea- : land citizens. I Also, to. provide that the I shares could not be acquired : by overseas interests, and to dispose of the shares over a > period of years to avoid de- • pressing the market value of I shares already held by other ■ shareholders and to ensure I the widest possible spread of ownership.