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[sharechat] Air NZ Statement on PM's Comments

From: "Ben Dutton" <>
Date: Wed, 26 Sep 2001 12:18:38 +1000

Air NZ have released a statement on the PM's comments - here it is:


REL: 1351 HRS Air New Zealand Limited (NS)


Air New Zealand has been requested by the Market Surveillance Panel of the
Stock Exchange to clarify reported comments made by the Prime Minister over
the past 24 hours recommending that shareholders not sell their shares in
Company.  The Exchange has imposed a trading halt on the Company's shares
pending this clarification.

The Company has read the statements made by the Prime Minister, and
considers that the media has made more of them than is warranted or was

On examining the transcript from a TV One interview of the Prime Minister's
comments, it appears that the Prime Minister was asked whether, when she
that people should hold on to their shares, she was saying that the Company
would not go into statutory management, or was implying that it could trade
out if it did go that way.  She responded "I think that whatever path is
chosen, Air New Zealand has a very viable future as a company" While the
Prime Minister's views are reassuring, they do not constitute a statement as
to the Company's future structure."

The situation remains as reported by the Company's Acting Chairman, Dr Jim
Farmer QC late last night.  That statement advised that talks between the
Company, its major shareholders and representatives of the Government on
steps to recapitalise Air New Zealand were continuing to make satisfactory
progress and that the Directors of Air New Zealand remain hopeful that a
successful outcome will be achieved soon.   That remains the position.

The Company has also been asked to comment on alleged calls from the Prime
Minister's office to major sharebroking houses to determine market reaction
to alternative structures under which the Government might contribute
to the Company or underwrite a rights issue.  The Company has no knowledge
of any such calls, and it and the Market Surveillance Panel have been
assured by
the Prime Minister's office that it made no such calls.

The Company believes that statements by its Acting Chairman have kept the
market adequately and properly informed of the correct status of the
recapitalisation talks.


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