First Air NZ rights trade at a premium

An Air NZ plane taking off at Queenstown airport. (Image: Getty)

Tue, 05 Apr 2022

The first trades in Air New Zealand rights have been made on market, setting the starting price at 86 cents.Each right entitles the holder to buy two ordinary Air NZ shares at 53 cents each, well below the current market price of 94.5 cents.At this market price the theoretical value of the rights would be 83 cents, meaning the buyer may have paid a small premium.Two trades were made at about 11am this morning, with 307,000 rights changing hands for $261,000. Market participants have been thrown by the structure of the capital raise, which...

Subscribe to BusinessDesk

Stay informed on business, government and financial developments across New Zealand.

Deeply researched, twice-edited and fact-checked news
Annual subscribers also receive a complimentary subscription to The Wall Street Journal
Personalised email news alerts, plus gift up to 5 stories a month to non-subscribers

You can cancel anytime with two clicks, an email or a phone call.
Find out more.

We are serious about journalism.

Already a Subscriber ? Sign in here.

Name {{ registerForm.errors.get('name') }}

Email address {{ registerForm.errors.get('email') }}

Phone Number {{ registerForm.errors.get('phone') }}

Job Title {{ registerForm.errors.get('title') }}

Password Minimum password length of 8 characters.
Require at least one upper and lowercase, numeric, and special character. {{ registerForm.errors.get('password') }}

Repeat password {{ registerForm.errors.get('password_confirmation') }}

We had trouble validating your card. It's possible your card provider is preventing us from charging the card. Please contact your card provider or customer support.

Credit Card

Cardholder's name

{{ __(plans[index].name) | capitalize }} {{ plans[index].attributes.old_price | currency }} {{ plans[index].price | currency }}

All subscriptions auto renew but are easy to cancel.

I Accept The Terms Of Service

{{ registerForm.errors.get('terms') }}

Tax: {{ taxAmount(selectedPlan) | currency }}

Total Price Including Tax: {{ priceWithTax(selectedPlan) | currency }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerSeat ? '/ '+ spark.seatName : '' }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerTeam ? '/ '+ __('teams.team') : '' }} / {{ __(selectedPlan.interval) | capitalize }}

Property

RBNZ paying for unused floor space at new office

The Reserve Bank of NZ's plush new Britomart office will be only partially occupied.

Andy Macdonald 3:17pm

Finance

RBNZ cuts number of jobs by 20%

The Reserve Bank claims $11m of cost savings via Project Denby’s 20% job cuts.

Staff reporters 12:01pm

The Quiz Free

QuiznessDesk, Wednesday, Oct 29

Can you beat the quizmaster?

The Quizmaster 9:15am

Sponsored

NZ risks losing edge as Australia takes lead in cleaner jet fuel

Experts warn SAF delay could cost jobs and growth.

Z Energy

Sponsored

Focus on safety of SME vehicle fleets

Vehicle glass repairer’s work enhances road safety.

Smith & Smith

More Markets

Property

RBNZ paying for unused floor space at new office

The Reserve Bank of NZ's plush new Britomart office will be only partially occupied.

Andy Macdonald 3:17pm

Finance

RBNZ cuts number of jobs by 20%

The Reserve Bank claims $11m of cost savings via Project Denby’s 20% job cuts.

Staff reporters 12:01pm

Markets

Sky TV secures exclusive NZ broadcast rights for Olympic Games

Sky TV has secured exclusive New Zealand broadcast rights for the Olympic Games through to 2032.The agreement with the International Olympic Committee means Sky will televise the 2028 Summer Olympics in Los Angeles and 2032 in Brisbane, and the 2026 Winter Olympics in Milano Cort...

Staff reporters 9:28am

Markets

What Nvidia and Tower Insurance have in common

One is the global stock market darling, the other is an NZX star.

Rebecca Stevenson 5:00am

First Air NZ rights trade at a premium

More Markets

Your company has a subscription

Team