Hon Bill English

Minister of Finance

Hon Tony Ryall

Minister for State Owned Enterprises

19 November 2013

Media Statement
Air New Zealand sell down returns $365million
The Government has completed the sale of 20 per cent of Air New Zealand, selling just over 221 million shares at $1.65, Finance Minister Bill English and State Owned Enterprises Minister Tony Ryall say.

“The sell down of shares has returned $365 million, which will now be allocated to the Future Investment Fund so we can keep building new assets like schools and hospitals while controlling Government debt,” Mr English says.

“This brings the total share offer programme proceeds to almost $4 billion after three partial sales.

“The final price achieved is the price at which the company’s shares closed last Friday.

“When the company’s shares resume trading tomorrow we expect approximately 88 per cent of Air New Zealand will be owned by New Zealanders,” Mr English says.

Mr Ryall says there was significant demand from New Zealand retail broking firms and New Zealand institutions, including a number of KiwiSaver participants, which together purchased 186 million of the 221 million shares sold.

“New Zealand broking firms will now be responsible for on-selling the shares they have purchased to clients who meet the New Zealander eligibility requirements.

“We expect share brokers will commence this process overnight and it will be completed through tomorrow.

“Air New Zealand is a strong New Zealand brand recognised around the world. We are pleased with the high level of interest in Air New Zealand shares.

“The Government remains the 53 per cent owner and controlling shareholder of Air New Zealand,” Mr Ryall says.

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Air New Zealand sell down – at a glance

19 November 2013

RECENT BLOCK TRADE SALES AND SHARE PRICE DISCOUNTS
Summerset – 18 October 2013

IMPORTANT NOTICE

Not for release or publication in the United States. Nothing in this announcement constitutes an offer, solicitation, invitation or specific recommendation of securities for sale in any jurisdiction where, or to any person to whom, such offer or sale is not permitted. In particular, this announcement does not constitute an offer of securities for sale in the United States and must not be distributed to any person in the United States. Any securities described in this announcement have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the “US Securities Act”), or under the securities laws of any state or other jurisdiction of the United States, and may not be offered, sold or otherwise transferred, except in compliance with the registration requirements of the US Securities Act, and any other applicable securities laws or pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the US Securities Act and any other applicable securities laws. The shares in the offer referred to herein are not being sold in the United States and have not been and will not be registered under the securities laws of any jurisdiction.

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