Forum Archive Index - September 2001

["Ben Dutton" <bendutton@sharechat.co.nz>]

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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