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Air NZ investors eligible for 1-for-3 rights issue

By Phil Boeyen, ShareChat Business News Editor

Friday 22nd September 2000

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Air New Zealand has announced details of its renounceable rights issue which will raise around $284 million.

The airline says shareholders will be entitled to apply for one new A ordinary share for every three A ordinary shares currently held and one new B ordinary share for every three B ordinary shares currently held.

The issue price for both classes is $1.50 per share and is payable in full on application.

Air NZ says the new shares will rank equally with all other shares on issue of the same class, except that the new shares will not get the 2000 final dividend which is expected to be paid on October 27.

The offer will close on November 3rd, and will be underwritten J B Were & Son.

Major Air NZ shareholders Brierley Investments and Singapore Airlines say they intend to take up their entitlements.

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