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...

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