Selling the family silver - for a buck

Air NZ shares sold at $1.65

The sale of 20% of the Crown's shareholding in Air New Zealand has been completed, raising $365 million for the Government.

Radio NZ,

19 November, 2013

Some 221 million shares were sold at $1.65 each - the price that the the airline's shares closed at last Friday. Trading in the shares was suspended on Monday and Tuesday.

State Owned Enterprises Minister Tony Ryall said on Tuesday there was significant demand from New Zealand retail broking firms and New Zealand institutions.

The Government retains a 53% shareholding in the national carrier.

Meanwhile, Acting Prime Minister Bill English denied that Prime Minister John Key misled the public when he said last week that no immediate sale of Air New Zealand shares was planned.

The Government announced the sale on Sunday.

Labour leader David Cunliffe said on Tuesday that Mr Key must have known the sale process was just about to begin.

But Mr English told MPs that the final decision was not made until Friday, the day after the Prime Minister's comments, and said Mr Cunliffe's allegations were simply wrong

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