John Key says the Government hasn't made a decision over whether shares will be listed on the Australian Stock Exchange.
He says Treasury is providing the Government with advice on it.
Executive director of Milford Asset Management, Brian Gaynor, is taken aback that the Prime Minister can't be more definite.
"He said that he still has an open mind towards it, I would've thought at this stage they would've decided where those shares were going to be listed, whether they were just going to be listed in New Zealand, or they were going to be listed in Australia and New Zealand."
Mr Gaynor says the preference seems to be towards New Zealand-owned share holders, and listing on the ASX would open the SOE up to Australians.
Mr Gaynor says that's not keeping shares in Kiwi hands.
"The preference seems to be to give shares to New Zealand investors and if they lift on the ASX it would mean that they would probably be offering shares, and quite a reasonable amount of shares, to Australian investors."