Air New Zealand Limited


Transaction Type: Company meeting (Allotment)

Allottee: The Crown

Independent Adviser(s): Grant Samuel & Associates (Rule 18)

Date of meeting: 19/12/2001

Exemption: Air New Zealand Limited - Exemption Notice 2001


On 3 October 2001, the Panel granted an exemption to the Crown from compliance with certain provisions of the Code in respect of the Crown’s increased control of voting rights in Air New Zealand Limited (AirNZ).

On 4 October 2001, AirNZ announced that it will be recapitalised with a two-part loan and equity investment by the Crown for up to $885 million. The allotment would result in the Crown increasing its voting control in AirNZ to greater than 20%. Accordingly, AirNZ sought shareholder approval for the increase.

The shareholders approved the allotment and on 18 January 2002, AirNZ announced that the recapitalisation of the company had been completed following the allotment of new shares to the Crown.