So John Key has decided hat there will be a loyalty bonus for Kiwis who hold their privatised SoE shares for a period of time.
I’ve been around politics for a while and capital markets for even longer. And I know a subsidy when I see one.
The loyalty bonus will be paid for through a discounting of the market value of the shares. So the people with the wealth to buy shares (not a high percentage) get them cheaper than they would otherwise be worth. So who pays for that. Either power users if it is an internal company arrangement or more likely taxpayers who end up getting less for the shares than they would otherwise be worth.
Bit like Keys tax cuts really. Wealth transfer from most kiwis to the rich. But then that is why Key is in politics.