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New Zealand News
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Float Takes Off
Almost exactly 50 years after the arrival of its first airliner, Air New Zealand launched its public float. It was a hoopla occasion at the Auckland Jet Base, against the backdrop of a jumbo undergoing servicing.
On offer (purchase day October 6) were 84 million shares. Brierley Investments agreed to sell the shares to the public when it acquired a 65% holding in the airline in partnership with Qantas, Japan Air Lines and American Airlines. They were being sold at $NZ2. 40 each (up 5 cents on the purchase price from the Government). Sharebrokers were predicting that they would make an entry onto the stockmarket at $NZ2. 70 and gradually move up to $NZ3. 00. The shares were to be allocated, 35 million each to the public pool and to institutions and 14 million to airline staff, the latter sold at a 10% discount.
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