They got a waiver: https://www.nzx.com/announcements/389771
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They got a waiver: https://www.nzx.com/announcements/389771
Hi dassets and nztx...a quick line from your favourite Shareholders' Association :-)!
It looks like AIR were granted a waiver by NZ RegCo in relation to the 5 days.
Waivers from Listing Rules 4.17.6(a), 5.1 and 5.2 - NZX, New Zealand’s Exchange
See below:
Waiver from Listing Rule 4.17.6(a)Decision4. Subject to the conditions set out in paragraph 5 below, and on the basis that the information provided by AIR is complete and accurate in all material respects, NZX Regulation Limited (NZ RegCo) grants AIR a waiver from NZX Listing Rule (Rule) 4.17.6(a) to the extent this Rule would otherwise require the notice required under Rule 4.17.6(a) to be be released through MAP no later than five Business Days before the Ex Date for the Rights Issue.
Also, note that the 'record date' for the rights is actually tonight - but with T+2 settlement, in effect, was Friday Apr 1st. With the offer announcement on March 30th, they have essentially had 4 business days.
Apologies if this has already been shared.
"Here's the quickest way to achieve efficiency in our skies - stop bailing out the national carrier."
https://www.stuff.co.nz/opinion/1282...ir-new-zealand
To Clarify on your post (19714) above Oliver,
The announcement was Wednesday 30th/March, ex date Monday 4th/April. So AIR have given '2' clear business days before the Ex date, nowhere near 5 business days. Yes they have a NZX Regco waiver but it seems a little conflicted here or at least that multiple parties have come up short.
Investment Bankers announcing a deal without clearly explaining mechanics to market participants, NZX mispricing the reference price from an Ex Rights perspective, NZX agreeing to a waiver which hasn't helped investors, FMA signing off on documentation that has ultimately confused multiple investors including market professionals.
Even the experts got it wrong https://craigsip.com/insights/overvi...2-005056813337
Excerpt "Importantly, if you buy one of the rights on market, you don't yet own one of the new Air New Zealand shares. You'll have simply bought the right to buy one for $0.53".
Actually one right gives you the right to buy two shares at 53 cent price.
What a mutt's breakfast.
Disc: Beagles do not normally eat out of other mutts dog bowls.
Two rights granted (each to One new 53c share) for each existing AIR share would have saved a lot of the shambles we see ;)
Thanks for look into this - Oliver :)
Theses.
1. AIR will benefit from NZ opening up again beyond expectations.
2. Buying AIR comes with an entitlement to something for nothing (cheap shares).
3. AIR is well-run, state-backed and is a "masthead" investment.
The Hog's thesis.
1. Those who are not out of AIR already want to sell their bags. What better way than to talk it up, suggesting investors will get a free lunch.