And The Looting Continues: Air NZ For Sale!

And if you think we can buy it back in about 6 years without TPP laws making us pay fines of billion so dollars for missed profit think again. John Key “No Asset Sales” Key will sign TPP secretly and make us all slaves to his masters.

The Government has confirmed plans to sell down its stake in Air New Zealand, with 20 per cent of the shares on sale from tomorrow.

The state owns 73 per cent of the national carrier, and plans to reduce that were tipped last week.

Finance Minister Bill English and State Owned Enterprises Minister Tony Ryall confirmed today the Government had started the process to sell 20 per cent of the shares, reducing its shareholding to about 53 per cent.

Mr English said the sale to New Zealand and some offshore institutions would start tomorrow via a bookbuild process.

“We expect the transaction to be completed by Tuesday evening.”

Mr English said New Zealanders would be at the front of the queue for shares and it was confident in achieving the Government’s objective of at least 85 per cent New Zealand ownership.

 “Air New Zealand is different from the other companies in the Government share offers programme in that it is already listed on the New Zealand and Australian sharemarkets.

“This means a different process will be used to reduce the Government’s shareholding.”

Mr English said Treasury had sought proposals from its panel of financial advisers to carry out an off-market sell-down via a bookbuild.

Craigs Investment Partners, together with Deutsche Bank and Goldman Sachs, had been appointed to undertake the transaction and work with New Zealand sharebrokers in particular to target widespread New Zealand ownership.

Shares will be sold via a competitive bookbuild process to New Zealand sharebrokers for on-sale to New Zealanders, and to New Zealand and some overseas institutional investors,” Mr English said.

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One thought on “And The Looting Continues: Air NZ For Sale!

  1. I’d say it looks like they are trading while insolvent (which is illegal is it not?) and that these look like a few last-ditch measures to strip whatever assets can be sold while still retaining control before they are put into receivership and the bankruptcy sales begin. Was this not the plan all along for the last 50 years? No wonder they are practicing suppressing civil unrest.

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