❓ A parliamentary question regarding the $35 million cost of selling AlintaGas, with the Minister providing a breakdown of expenditure categories and defending the decision to pursue wide public ownership despite higher costs. The opposition questions the costs associated with privatisation.
AnsweredQoN 272Legislative Assembly
QuestionView source ↗
On ABC Perth news this morning the Opposition made reference to the cost of $35m to sell AlintaGas. Can the minister advise the House of the types of expenditure that are included in the $35m? Mr BARNETT
AnswerView source ↗
I thank the member for some notice of this question. The sale process for AlintaGas was long and exhaustive. It is true that opting for cornerstone and wide public ownership incurred extra costs. It would have been cheaper to hold a trade sale and to sell AlintaGas to one buyer. The Government deliberately chose not to do that so that Western Australians would have an opportunity to own a share of AlintaGas. A fully detailed report will be given to the Parliament outlining the composition of the $35m. Expenditure would include fees to financial, legal and other consultancies for expert advice and assistance. Mr Ripper: The minister knows roughly what the breakdown is. Mr BARNETT: It totals $35m but all the legal work is not yet completed. Share registry operations are still being put in place. Payments relating to the conduct of the tender process will have to be made. They will include the preparation and printing of an information memorandum and arranging a due diligence process for the three short-listed bidders. Payments will be made in respect of the public offer, including the preparation, printing and distribution of the public offer document, the processing of pre-registration applications and brokers’ commissions. Costs for the AlintaGas sale steering committee include rent, personnel, telecommunications, computing and other administrative charges. Employees will receive transitional incentive payments. Such payments will include refunds to employees of the discount of 1.7 per cent charged by the Government Employees Superannuation Board when employees transfer funds from the Gold State scheme. The cost of refinancing and creating a new debt facility for AlintaGas is also to be taken into account. Mr Ripper: How much is that? Mr Barnett: I will give full details later. Additional costs include the paying out of the Harriet gas field contract. Costs came to an anticipated 3.7 per cent of the sales proceeds. They include not only what may be thought of as conventional sale costs but also the refinancing and renegotiation of gas contracts, superannuation entitlements, and transfer incentives. Members of Parliament will acknowledge that they are things that should happen as a matter of course. Mr Ripper: There would have been no costs if it had not been privatised. Mr Barnett: There would not be $971m in the bank, either.
Mr BARNETT replied: I thank the member for some notice of this question. The sale process for AlintaGas was long and exhaustive. It is true that opting for cornerstone and wide public ownership incurred extra costs. It would have been cheaper to hold a trade sale and to sell AlintaGas to one buyer. The Government deliberately chose not to do that so that Western Australians would have an opportunity to own a share of AlintaGas. A fully detailed report will be given to the Parliament outlining the composition of the $35m. Expenditure would include fees to financial, legal and other consultancies for expert advice and assistance. Mr Ripper: The minister knows roughly what the breakdown is. Mr BARNETT: It totals $35m but all the legal work is not yet completed. Share registry operations are still being put in place. Payments relating to the conduct of the tender process will have to be made. They will include the preparation and printing of an information memorandum and arranging a due diligence process for the three short-listed bidders. Payments will be made in respect of the public offer, including the preparation, printing and distribution of the public offer document, the processing of pre-registration applications and brokers’ commissions. Costs for the AlintaGas sale steering committee include rent, personnel, telecommunications, computing and other administrative charges. Employees will receive transitional incentive payments. Such payments will include refunds to employees of the discount of 1.7 per cent charged by the Government Employees Superannuation Board when employees transfer funds from the Gold State scheme. The cost of refinancing and creating a new debt facility for AlintaGas is also to be taken into account. Mr Ripper: How much is that? Mr Barnett: I will give full details later. Additional costs include the paying out of the Harriet gas field contract. Costs came to an anticipated 3.7 per cent of the sales proceeds. They include not only what may be thought of as conventional sale costs but also the refinancing and renegotiation of gas contracts, superannuation entitlements, and transfer incentives. Members of Parliament will acknowledge that they are things that should happen as a matter of course. Mr Ripper: There would have been no costs if it had not been privatised. Mr Barnett: There would not be $971m in the bank, either.
I thank the member for some notice of this question. The sale process for AlintaGas was long and exhaustive. It is true that opting for cornerstone and wide public ownership incurred extra costs. It would have been cheaper to hold a trade sale and to sell AlintaGas to one buyer. The Government deliberately chose not to do that so that Western Australians would have an opportunity to own a share of AlintaGas. A fully detailed report will be given to the Parliament outlining the composition of the $35m. Expenditure would include fees to financial, legal and other consultancies for expert advice and assistance. Mr Ripper: The minister knows roughly what the breakdown is. Mr BARNETT: It totals $35m but all the legal work is not yet completed. Share registry operations are still being put in place. Payments relating to the conduct of the tender process will have to be made. They will include the preparation and printing of an information memorandum and arranging a due diligence process for the three short-listed bidders. Payments will be made in respect of the public offer, including the preparation, printing and distribution of the public offer document, the processing of pre-registration applications and brokers’ commissions. Costs for the AlintaGas sale steering committee include rent, personnel, telecommunications, computing and other administrative charges. Employees will receive transitional incentive payments. Such payments will include refunds to employees of the discount of 1.7 per cent charged by the Government Employees Superannuation Board when employees transfer funds from the Gold State scheme. The cost of refinancing and creating a new debt facility for AlintaGas is also to be taken into account. Mr Ripper: How much is that? Mr Barnett: I will give full details later. Additional costs include the paying out of the Harriet gas field contract. Costs came to an anticipated 3.7 per cent of the sales proceeds. They include not only what may be thought of as conventional sale costs but also the refinancing and renegotiation of gas contracts, superannuation entitlements, and transfer incentives. Members of Parliament will acknowledge that they are things that should happen as a matter of course. Mr Ripper: There would have been no costs if it had not been privatised. Mr Barnett: There would not be $971m in the bank, either.
The sale process for AlintaGas was long and exhaustive. It is true that opting for cornerstone and wide public ownership incurred extra costs. It would have been cheaper to hold a trade sale and to sell AlintaGas to one buyer. The Government deliberately chose not to do that so that Western Australians would have an opportunity to own a share of AlintaGas. A fully detailed report will be given to the Parliament outlining the composition of the $35m. Expenditure would include fees to financial, legal and other consultancies for expert advice and assistance. Mr Ripper: The minister knows roughly what the breakdown is. Mr BARNETT: It totals $35m but all the legal work is not yet completed. Share registry operations are still being put in place. Payments relating to the conduct of the tender process will have to be made. They will include the preparation and printing of an information memorandum and arranging a due diligence process for the three short-listed bidders. Payments will be made in respect of the public offer, including the preparation, printing and distribution of the public offer document, the processing of pre-registration applications and brokers’ commissions. Costs for the AlintaGas sale steering committee include rent, personnel, telecommunications, computing and other administrative charges. Employees will receive transitional incentive payments. Such payments will include refunds to employees of the discount of 1.7 per cent charged by the Government Employees Superannuation Board when employees transfer funds from the Gold State scheme. The cost of refinancing and creating a new debt facility for AlintaGas is also to be taken into account. Mr Ripper: How much is that? Mr Barnett: I will give full details later. Additional costs include the paying out of the Harriet gas field contract. Costs came to an anticipated 3.7 per cent of the sales proceeds. They include not only what may be thought of as conventional sale costs but also the refinancing and renegotiation of gas contracts, superannuation entitlements, and transfer incentives. Members of Parliament will acknowledge that they are things that should happen as a matter of course. Mr Ripper: There would have been no costs if it had not been privatised. Mr Barnett: There would not be $971m in the bank, either.
Mr Ripper: The minister knows roughly what the breakdown is. Mr BARNETT: It totals $35m but all the legal work is not yet completed. Share registry operations are still being put in place. Payments relating to the conduct of the tender process will have to be made. They will include the preparation and printing of an information memorandum and arranging a due diligence process for the three short-listed bidders. Payments will be made in respect of the public offer, including the preparation, printing and distribution of the public offer document, the processing of pre-registration applications and brokers’ commissions. Costs for the AlintaGas sale steering committee include rent, personnel, telecommunications, computing and other administrative charges. Employees will receive transitional incentive payments. Such payments will include refunds to employees of the discount of 1.7 per cent charged by the Government Employees Superannuation Board when employees transfer funds from the Gold State scheme. The cost of refinancing and creating a new debt facility for AlintaGas is also to be taken into account. Mr Ripper: How much is that? Mr Barnett: I will give full details later. Additional costs include the paying out of the Harriet gas field contract. Costs came to an anticipated 3.7 per cent of the sales proceeds. They include not only what may be thought of as conventional sale costs but also the refinancing and renegotiation of gas contracts, superannuation entitlements, and transfer incentives. Members of Parliament will acknowledge that they are things that should happen as a matter of course. Mr Ripper: There would have been no costs if it had not been privatised. Mr Barnett: There would not be $971m in the bank, either.
Mr BARNETT: It totals $35m but all the legal work is not yet completed. Share registry operations are still being put in place. Payments relating to the conduct of the tender process will have to be made. They will include the preparation and printing of an information memorandum and arranging a due diligence process for the three short-listed bidders. Payments will be made in respect of the public offer, including the preparation, printing and distribution of the public offer document, the processing of pre-registration applications and brokers’ commissions. Costs for the AlintaGas sale steering committee include rent, personnel, telecommunications, computing and other administrative charges. Employees will receive transitional incentive payments. Such payments will include refunds to employees of the discount of 1.7 per cent charged by the Government Employees Superannuation Board when employees transfer funds from the Gold State scheme. The cost of refinancing and creating a new debt facility for AlintaGas is also to be taken into account. Mr Ripper: How much is that? Mr Barnett: I will give full details later. Additional costs include the paying out of the Harriet gas field contract. Costs came to an anticipated 3.7 per cent of the sales proceeds. They include not only what may be thought of as conventional sale costs but also the refinancing and renegotiation of gas contracts, superannuation entitlements, and transfer incentives. Members of Parliament will acknowledge that they are things that should happen as a matter of course. Mr Ripper: There would have been no costs if it had not been privatised. Mr Barnett: There would not be $971m in the bank, either.
Mr Ripper: How much is that? Mr Barnett: I will give full details later. Additional costs include the paying out of the Harriet gas field contract. Costs came to an anticipated 3.7 per cent of the sales proceeds. They include not only what may be thought of as conventional sale costs but also the refinancing and renegotiation of gas contracts, superannuation entitlements, and transfer incentives. Members of Parliament will acknowledge that they are things that should happen as a matter of course. Mr Ripper: There would have been no costs if it had not been privatised. Mr Barnett: There would not be $971m in the bank, either.
Mr Barnett: I will give full details later. Additional costs include the paying out of the Harriet gas field contract. Costs came to an anticipated 3.7 per cent of the sales proceeds. They include not only what may be thought of as conventional sale costs but also the refinancing and renegotiation of gas contracts, superannuation entitlements, and transfer incentives. Members of Parliament will acknowledge that they are things that should happen as a matter of course. Mr Ripper: There would have been no costs if it had not been privatised. Mr Barnett: There would not be $971m in the bank, either.
Mr Ripper: There would have been no costs if it had not been privatised. Mr Barnett: There would not be $971m in the bank, either.
Mr Barnett: There would not be $971m in the bank, either.
Mr BARNETT replied: I thank the member for some notice of this question. The sale process for AlintaGas was long and exhaustive. It is true that opting for cornerstone and wide public ownership incurred extra costs. It would have been cheaper to hold a trade sale and to sell AlintaGas to one buyer. The Government deliberately chose not to do that so that Western Australians would have an opportunity to own a share of AlintaGas. A fully detailed report will be given to the Parliament outlining the composition of the $35m. Expenditure would include fees to financial, legal and other consultancies for expert advice and assistance. Mr Ripper: The minister knows roughly what the breakdown is. Mr BARNETT: It totals $35m but all the legal work is not yet completed. Share registry operations are still being put in place. Payments relating to the conduct of the tender process will have to be made. They will include the preparation and printing of an information memorandum and arranging a due diligence process for the three short-listed bidders. Payments will be made in respect of the public offer, including the preparation, printing and distribution of the public offer document, the processing of pre-registration applications and brokers’ commissions. Costs for the AlintaGas sale steering committee include rent, personnel, telecommunications, computing and other administrative charges. Employees will receive transitional incentive payments. Such payments will include refunds to employees of the discount of 1.7 per cent charged by the Government Employees Superannuation Board when employees transfer funds from the Gold State scheme. The cost of refinancing and creating a new debt facility for AlintaGas is also to be taken into account. Mr Ripper: How much is that? Mr Barnett: I will give full details later. Additional costs include the paying out of the Harriet gas field contract. Costs came to an anticipated 3.7 per cent of the sales proceeds. They include not only what may be thought of as conventional sale costs but also the refinancing and renegotiation of gas contracts, superannuation entitlements, and transfer incentives. Members of Parliament will acknowledge that they are things that should happen as a matter of course. Mr Ripper: There would have been no costs if it had not been privatised. Mr Barnett: There would not be $971m in the bank, either.
I thank the member for some notice of this question. The sale process for AlintaGas was long and exhaustive. It is true that opting for cornerstone and wide public ownership incurred extra costs. It would have been cheaper to hold a trade sale and to sell AlintaGas to one buyer. The Government deliberately chose not to do that so that Western Australians would have an opportunity to own a share of AlintaGas. A fully detailed report will be given to the Parliament outlining the composition of the $35m. Expenditure would include fees to financial, legal and other consultancies for expert advice and assistance. Mr Ripper: The minister knows roughly what the breakdown is. Mr BARNETT: It totals $35m but all the legal work is not yet completed. Share registry operations are still being put in place. Payments relating to the conduct of the tender process will have to be made. They will include the preparation and printing of an information memorandum and arranging a due diligence process for the three short-listed bidders. Payments will be made in respect of the public offer, including the preparation, printing and distribution of the public offer document, the processing of pre-registration applications and brokers’ commissions. Costs for the AlintaGas sale steering committee include rent, personnel, telecommunications, computing and other administrative charges. Employees will receive transitional incentive payments. Such payments will include refunds to employees of the discount of 1.7 per cent charged by the Government Employees Superannuation Board when employees transfer funds from the Gold State scheme. The cost of refinancing and creating a new debt facility for AlintaGas is also to be taken into account. Mr Ripper: How much is that? Mr Barnett: I will give full details later. Additional costs include the paying out of the Harriet gas field contract. Costs came to an anticipated 3.7 per cent of the sales proceeds. They include not only what may be thought of as conventional sale costs but also the refinancing and renegotiation of gas contracts, superannuation entitlements, and transfer incentives. Members of Parliament will acknowledge that they are things that should happen as a matter of course. Mr Ripper: There would have been no costs if it had not been privatised. Mr Barnett: There would not be $971m in the bank, either.
The sale process for AlintaGas was long and exhaustive. It is true that opting for cornerstone and wide public ownership incurred extra costs. It would have been cheaper to hold a trade sale and to sell AlintaGas to one buyer. The Government deliberately chose not to do that so that Western Australians would have an opportunity to own a share of AlintaGas. A fully detailed report will be given to the Parliament outlining the composition of the $35m. Expenditure would include fees to financial, legal and other consultancies for expert advice and assistance. Mr Ripper: The minister knows roughly what the breakdown is. Mr BARNETT: It totals $35m but all the legal work is not yet completed. Share registry operations are still being put in place. Payments relating to the conduct of the tender process will have to be made. They will include the preparation and printing of an information memorandum and arranging a due diligence process for the three short-listed bidders. Payments will be made in respect of the public offer, including the preparation, printing and distribution of the public offer document, the processing of pre-registration applications and brokers’ commissions. Costs for the AlintaGas sale steering committee include rent, personnel, telecommunications, computing and other administrative charges. Employees will receive transitional incentive payments. Such payments will include refunds to employees of the discount of 1.7 per cent charged by the Government Employees Superannuation Board when employees transfer funds from the Gold State scheme. The cost of refinancing and creating a new debt facility for AlintaGas is also to be taken into account. Mr Ripper: How much is that? Mr Barnett: I will give full details later. Additional costs include the paying out of the Harriet gas field contract. Costs came to an anticipated 3.7 per cent of the sales proceeds. They include not only what may be thought of as conventional sale costs but also the refinancing and renegotiation of gas contracts, superannuation entitlements, and transfer incentives. Members of Parliament will acknowledge that they are things that should happen as a matter of course. Mr Ripper: There would have been no costs if it had not been privatised. Mr Barnett: There would not be $971m in the bank, either.
Mr Ripper: The minister knows roughly what the breakdown is. Mr BARNETT: It totals $35m but all the legal work is not yet completed. Share registry operations are still being put in place. Payments relating to the conduct of the tender process will have to be made. They will include the preparation and printing of an information memorandum and arranging a due diligence process for the three short-listed bidders. Payments will be made in respect of the public offer, including the preparation, printing and distribution of the public offer document, the processing of pre-registration applications and brokers’ commissions. Costs for the AlintaGas sale steering committee include rent, personnel, telecommunications, computing and other administrative charges. Employees will receive transitional incentive payments. Such payments will include refunds to employees of the discount of 1.7 per cent charged by the Government Employees Superannuation Board when employees transfer funds from the Gold State scheme. The cost of refinancing and creating a new debt facility for AlintaGas is also to be taken into account. Mr Ripper: How much is that? Mr Barnett: I will give full details later. Additional costs include the paying out of the Harriet gas field contract. Costs came to an anticipated 3.7 per cent of the sales proceeds. They include not only what may be thought of as conventional sale costs but also the refinancing and renegotiation of gas contracts, superannuation entitlements, and transfer incentives. Members of Parliament will acknowledge that they are things that should happen as a matter of course. Mr Ripper: There would have been no costs if it had not been privatised. Mr Barnett: There would not be $971m in the bank, either.
Mr BARNETT: It totals $35m but all the legal work is not yet completed. Share registry operations are still being put in place. Payments relating to the conduct of the tender process will have to be made. They will include the preparation and printing of an information memorandum and arranging a due diligence process for the three short-listed bidders. Payments will be made in respect of the public offer, including the preparation, printing and distribution of the public offer document, the processing of pre-registration applications and brokers’ commissions. Costs for the AlintaGas sale steering committee include rent, personnel, telecommunications, computing and other administrative charges. Employees will receive transitional incentive payments. Such payments will include refunds to employees of the discount of 1.7 per cent charged by the Government Employees Superannuation Board when employees transfer funds from the Gold State scheme. The cost of refinancing and creating a new debt facility for AlintaGas is also to be taken into account. Mr Ripper: How much is that? Mr Barnett: I will give full details later. Additional costs include the paying out of the Harriet gas field contract. Costs came to an anticipated 3.7 per cent of the sales proceeds. They include not only what may be thought of as conventional sale costs but also the refinancing and renegotiation of gas contracts, superannuation entitlements, and transfer incentives. Members of Parliament will acknowledge that they are things that should happen as a matter of course. Mr Ripper: There would have been no costs if it had not been privatised. Mr Barnett: There would not be $971m in the bank, either.
Mr Ripper: How much is that? Mr Barnett: I will give full details later. Additional costs include the paying out of the Harriet gas field contract. Costs came to an anticipated 3.7 per cent of the sales proceeds. They include not only what may be thought of as conventional sale costs but also the refinancing and renegotiation of gas contracts, superannuation entitlements, and transfer incentives. Members of Parliament will acknowledge that they are things that should happen as a matter of course. Mr Ripper: There would have been no costs if it had not been privatised. Mr Barnett: There would not be $971m in the bank, either.
Mr Barnett: I will give full details later. Additional costs include the paying out of the Harriet gas field contract. Costs came to an anticipated 3.7 per cent of the sales proceeds. They include not only what may be thought of as conventional sale costs but also the refinancing and renegotiation of gas contracts, superannuation entitlements, and transfer incentives. Members of Parliament will acknowledge that they are things that should happen as a matter of course. Mr Ripper: There would have been no costs if it had not been privatised. Mr Barnett: There would not be $971m in the bank, either.
Mr Ripper: There would have been no costs if it had not been privatised. Mr Barnett: There would not be $971m in the bank, either.
Mr Barnett: There would not be $971m in the bank, either.
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