Air New Zealand shares slip after brokers, instos pile into ‘strongly priced’ selldown

Tue, 19 Nov 2013

By Jonathan Underhill Nov. 20 (BusinessDesk) – Air New Zealand shares fell when they resumed trading, after many brokers and institutional investors piled into the government’s sale of a 20 percent stake at what some market participants say was a surprisingly strong price. The book was about twice covered at the sale price of $1.65 a share and the broker, New Zealand and overseas institutional pools were all scaled back, people familiar with the process said. Overseas institutions were scaled the most as the government insisted on a threshol...

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