AIR - Air NZ.

[Beagle]

If its in the presentation its very well hidden. I've scanned through the document but can't see a name anywhere. That doesn't mean there isn't a name though - my eyesight is not that great when it comes to small print.

Is there a possibility it might be G. Robertson though?

Found it. Page 32 of the offer document http://nzx-prod-s7fsd7f98s.s3-websit...769/367770.pdf
Underwriters
Each of Citigroup Global Markets Limited and UBS
New Zealand Limited.

Notice how Forsyth Barr are not participating in the underwriting agreement despite being a lead manager. Maybe they don't believe their own guesswork that went into the forward looking statements lol

I'd love to see the full terms of the underwriting agreement. Bet there's more conditions in there than I've had hot dinners so far this year including the infamous force majeure catch all clause to cover off risks like a global market meltdown as a result of say for example Nuclear war.

[winner69]

The announcement included a profit upgrade

Loss now expected to be less than 800n …previously it was exceeding 800m

That’s good

[Beagle]

I really love your dry humour mate. "Profit upgrade" is definitely an oxymoron in the context of what's happening here lol.

[ados_nz]

My 2 for 1 calcs were backwards! It's worse (better ) than I thought...

[Marilyn Munroe]

I wonder if the coven of Sharetrader witches huddled around a boiling cauldron as in the Scottish Play chanting "Hubble bubble toil and trouble, Robertson Airlines will cost the shareholders double", caused the issue to go early before the chanting became an wider meme?

Boop boop de do
Marilyn

[Dassets]

Beagle, absolutely agree. I have been in and out of this for circa 30 years. At one point a fund I was investment manager for was one of the larger insti holders. IMO AIR's go forward business model is unknown. They will need a freight component but how is an issue.The govt can't keep propping up it up when the a/c are not freight aircraft but mixed revenue. There is no chance of conversion or new buys or old. So dilemma because if NZ loses or seriously degrades that freight capability then NZ exporters are in Big Trouble in Little China territory. Long haul, imo, is effectively gone to any meaningful level. Short haul has lesser but no means insignificant challenges but hard to see it anywhere near 2019 levels for at least another 5 years.

The directors(and auditors) have to sign the accounts of soon as a going concern I presume. Problem is there is no business clarity at all. It is losing money even with subsidies. At some point the WTO may be pressured over the subsidies because long term they are illegal.I wonder how far AIR/GONZ can push it.

At $1.00 there will be a big shortfall and Govt underwrite will be called. At 50 was where I pitched it 12 months ago but maybe 75 is right given the Labour Govt approach to life. They would like to buy all of it actually but with the lack of money bailing out AIR or paying nurses is a no brainer.

Post from June last year musing whether my earlier call of 12 months earlier of 50 cents was ambitious. Well maybe by 3 cents it turns out. But the reality is the mugs that take up the privilege offered to them in the rights will be diluted further. The new NTA will be 40 cents after the June 22 year losses and with the new stock. Then you have further losses next year. The prefs will then further dilute. The Shaz will be wondering what happened to their $1.70 shares. I guess half won't take up their rights. Good luck to the underwriters. They will need it. Hope they can keep the share price above 50.

[Waltzing]

"The airline said today that it is on target for a full-year pre-tax loss of less than $800m, a brighter outlook than the excess of $800m it forecast last month."

but how much less ?

it will be interesting to see how much pig lip stick get throw out there by SHAZ HQ....

first they have to explain what this actually is and put a GIFT prize on it...

Maybe some free international flights!!! Singapore?

[Beagle]

Post from June last year musing whether my earlier call of 12 months earlier of 50 cents was ambitious. Well maybe by 3 cents it turns out. But the reality is the mugs that take up the privilege offered to them in the rights will be diluted further. The new NTA will be 40 cents after the June 22 year losses and with the new stock. Then you have further losses next year. The prefs will then further dilute. The Shaz will be wondering what happened to their $1.70 shares. I guess half won't take up their rights. Good luck to the underwriters. They will need it. Hope they can keep the share price above 50.

I was in the 25 - 40 cent camp and maintain that's all they're worth at present including their landing rights, goodwill and IP but the size of the potential losses in FY23 and FY24 must surely give any serious investor grave cause for concern. Maybe they can thread the needle to better times when they eventually start making a profit with just this capital raise program but I certainly wouldn't bet on it. Another capital raise in about 2 years is my pick.

Uninvestable best describes this company in my opinion.

[hyinvest]

My prediction 2 weeks ago vs reality today of 2:1 at 53 cents.

Not that far off.

Are you Greg Foran 😉?

[Beagle]

Balance has finally be outed lol