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Air NZ's wings clipped again

By Phil Boeyen, ShareChat Business News Editor

Friday 28th September 2001

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Trading in Air New Zealand (NZSE: AIRVA) has been halted for the second time this week following media reports that Brierley has been talking up the company's shares.

Answering questions during a briefing on BIL's annual results in Singapore yesterday, the NZ Herald reports that Brierley's boss, Greg Terry, said the airline's shares could go up to 60 cents if there is an announcement that the airline will continue with full support.

The Market Surveillance Panel says it has suspended trading in Air NZ pending clarification of the statements made by Mr Terry.

Earlier this week the airline's shares were suspended after media reports that Prime Minister Helen Clark had effectively told shareholders they should not sell out of the company.

The shares began trading again after Air NZ issued a statement saying the PM's words had been taken out of context.

The NZSE has come under fire from a number of investors who believe Air NZ shares should have been suspended from trading weeks ago and resumed only when the outcome of the company's recapitalisation plans are known.

Since dropping to a low of around 15 cents on Monday the shares have rallied through the week with quotes early Friday at 40 cents.

Air New Zealand staff this morning took out advertisement in major daily newspapers thanking their customers for their continuing support.

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