Good work mate.
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Except for getting the reference price for AIRRG wrong. Just goes how to show what a shambles this is.
Oliver if you are going to raise this with FMA or NZX I can provide some thoughts that might be relevant. I have used to do a lot with corporate actions doing one thing or another.
It's academic, but the article is wrong that, "on Monday the reference price for Air New Zealand shares was 77.5c, as set by the airline in association with its bankers."
77.5c is a theoretical calculation that anyone could do. It was ultimately based on the last pre-rights trading price of $1.265 at 5pm Friday. It was also based on the terms of the offer, which was what the airline and its bankers did decide, but had been known for 2 days. Ultimately, the market decided on $1.265, which determined the 77.5c, not the airline.
Sharesies users account for 2.5million shares traded yesterday (buy and sell). Who knows how many the day before at even higher prices. Looks like reality is really setting in and funds are taking the chance to sell down at these elevated prices. Will be interesting to see how if Sharesies users become net sellers as the price starts dropping?
The rights are leading the ords down currently. I wonder if any holders are putting on risk-free arbitrages by selling ords and buying rights.
Agree with the comments on the reference price - difficult for journos to understand down the phone sometimes. I said that the77.5 was the TERP as issued by NZX on Monday morning.
But in general, I think John Anthony's done a good job trying to make it as understandable as possible.
Funnily enough, even though AIR is currently 0.84 and AIRRG is 0.50 (yes there is an arb there) the aggregated price of $1.34 is still higher than the last traded cum price from Friday at $1.265. All the action at this point in time today is just wiping the ridiculous price action of Monday and Tuesday.