GUARANTEE OF SHARES MORE THAN PREBBLE EVER GAVE KIWIS

The Government's guarantee of shares in Auckland International Airport Limited to all New Zealanders who apply is much more than Richard Prebble ever offered Kiwi families, Finance Minister Bill Birch and State Owned Enterprises Minister Tony Ryall said today.

"Prebble never gave Kiwi mums and dads a look in.

"Mr Prebble's pique comes from the fact that ordinary New Zealanders never got the chance to participate in any asset sale under his stewardship. And his criticism indicates that Act remains out of touch with mainstream Kiwi families.

"The Government guarantees that every New Zealander who applies for shares in Auckland International Airport Limited will get shares.

For obvious reasons we don't guarantee that those who apply for 20 million shares will get all they request. But we fully expect Kiwi mums and dads will get most, if not all, they're looking for.

"Our goal is widespread ownership by as many of these people as possible. That's why we have the guaranteed allocation.

"The public pool in this offering is one of the biggest in the history of New Zealand sharefloats. While some sharebrokers may not have all the shares they want for their clients, the public pool is sufficient to ensure that all who apply who will get shares.

"The Government has taken legal advice throughout this process. The Securities Commission has approved the prospectus. All advertising and promotion complies with securities legislation.

"The Government has two objectives in this sale: to receive the best price possible for New Zealand taxpayers, and to gain a wide public shareholding. Seeking interest from overseas creates the price tension to ensure that the first objective is met."