Air NZ shares holding up, investors ready to pounce

The shares were down 8% in mid-day trading. (Image: Getty)

Thu, 31 Mar 2022

Air New Zealand shares were only down 8% in midday trading despite a heavily discounted $2.2 billion recapitalisation plan as some investors looked to get in on the action. The company plans to raise $1.2b in a 2-for-1 renounceable rights offer priced at 53 cents per share. The stock had been trading at $1.38 before going into a trading halt for the announcement. That was a hefty 61% discount to the market price but only a 35% discount to a theoretical share price of 81 cents that factors in the dilution of the capital raise.The stock...

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