Mammoth Air NZ capital raise offers giant share discount

Mammoth Air NZ capital raise offers giant share discount
Air NZ chair Therese Walsh said the offer had been structured to be fair for its broad set of investors. (Photo: Dan Brunskill)
Dan Brunskill
Air New Zealand's long-awaited capital raise is finally here, but at a deep discount that will take some investors by surprise.  The national carrier is offering $1.2 billion to investors in a pro-rata renounceable share offer at 53 cents per share, a more than 60% discount to the market price.Mark Lister, head of private wealth research at Craigs Investment Partners, said the price was cheaper than some had expected, perhaps with the Ukraine crisis and other risks forcing it lower.“They needed to make the price a ‘knock-ou...

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