Publishing

On December 17, 1987 the Government announced a fiscal strategy which included government business sales, with the aim of substantially reducing public debt. This announcement was made against the background of New Zealand’s public debt to the gross domestic product ratio being one of the highest amongst OECD countries. Included within the assets to be sold was the Government Printing Office valued at between $70 – $100 million.
Following a report by a Steering Committee headed by Rob Campbell and commissioned by the Minister of State Owned Enterprises, Richard Prebble, their recommendation that the business be sold was announced on June 9, 1988.

But over the following two years the sale process, that was poorly conceived, never achieved anywhere near the expected return for the Crown and the largest and most profitable printing, publishing and stationery business in the country was sold for less than its asset value.
And to make matters worse the cost of the sale was more than the actual profit the Crown received.
This book revisits the GPO in the 1980s of change and looks at what went wrong with the sale process and the effects and aftermath the sale created for the business that years later triggered a Commission of Inquiry.

ISBN No. 978-0-646-81383-7

124 pages plus cover

Sample Page from the Book …

Takeaway –
The Sale of the Government Printing Office

Available now for purchase and download as an eBook that you can read comfortably on your phone, tablet or computer.

Printed paperback version available soon.

Whangarei and Districts’ Early Reminiscences

We have reprinted a book written by A. M. Rust titled: Whangarei and Districts’ Early Reminiscences.

This historical account of the lives of New Zealand pioneers was written and first published in the early 1930s and tells of realities and events, both famous and infamous, that were faced by the early settlers as well as paying tribute to the families that settled in this region, many of whose descendants still reside today.

Whangarei and Districts’ Early Reminiscences is a book that will preserve an important part of New Zealand’s history generation after generation.

Available from our Online Store in Paperback or Digital version

New eBook Launched

dande1st.com have published the ebook version of Takeaway – the Sale of the Government Printing Office which coincides with the 30th anniversary of the first Government Asset Sale in New Zealand when on January 24, 1990, the Crown and Graeme Hart of the Rank Group signed a Sale and Purchase Agreement for the Government Printing Office that was to come into effect on January 31, 1990.

The signing of the Sale and Purchase Agreement was the beginning of the end of a poorly conceived sale process that was drawn out over two years. But even following the signing of the agreement it took a further 10 months before the Crown were able to fully complete their obligations which would allow Rank full management of the business. But the Agreement signed on January 24 allowed for the Rank Group to take all the profits of the business even though they had only paid a small deposit and during that time the GPO sales turnover was more than the profit the Government made on the sale of this business asset.

To make matters worse for the Crown, Rank managed to get out of paying any interest on the balance of the money owing when they offered to help finalise issues that the government departments and consultants responsible were having. This amounted to Rank saving a further $1.5 million. Rank also were able to save over $2 million off their original bid for the business following an audit after the sale. The purchase of this Government asset was the springboard that was to launch Rank into the country’s wealthiest investment business that 30 years on is worth more than the national debt reduction the assets sales programme was supposed to achieve.

Takeaway – The sale of The Government Printing Office revisits the GPO in the 1980s of change and looks at what went wrong with the sale process and the effects and aftermath the sale created for the business, that years later triggered a Commission of Inquiry due to the very poor sale result that was less than the cost of the sale process itself and led to a profitable printing, publishing and stationery business being sold for much less than it was worth.

Available now as an ebook.

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