Investors hold Air NZ shares as trading resumes

Investors hold Air NZ shares as trading resumes
Air New Zealand was trading at $1.38 ahead of an announcement on its capital raise.
Dan Brunskill
Air New Zealand shares opened down less than half a percent at $1.37 this morning after the airline announced a $2.2 billion recapitalisation plan last night.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.While that is a hefty 61% discount to the market price, it is only a 35% discount to a theoretical share price of 81 cents that factors in the dilution of the capital raise.Jarden analyst Andrew...

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