AIR - Air NZ.

[bassamrassam]

Wait and see what happens when the 53 cents shares will be issued and their owners want to cash out.

[Dassets]

"Our vision is to promote and facilitate the development of fair, efficient and transparent financial markets."

One guess which organisation has that as its vision.

In Dassets' lexicon of financial markets(soon to be released) my definition of unfair, inefficient and opaque financial markets is going to be Air New Zealand's equity market trading on 4 April 2022.

Truly when AIR has its register dominated by the Shaz and it announces a highly dilutive issue this begs for what the FMA is meant to do by its Vision. But what do markets get? A truly bizarre day that shouldn't provide any confidence to anyone. What a joke! The market up 35% yet showing down 15%. A bizarre rights entitlement ratio that is transparent as a woman's logic(I expect a lash for that one) never done in the history of market and sure to cause more confusion. What a joke!

The public has been let down, professionals have been let down but every a*** clown this side of the black stump are doing a dance and wondering how their electric bike is going to take them from Sydney to Auckland. Wah wah wah. Vent over.

[Popeye]

The theoretical price is per share ie. $2.44/3

Having said that, the $2.44 represents what you have paid to maintain the same shareholding. So in your example, $2.44 for the same shareholding in a company that is liquid for a bit longer due to a $1.2bn infusion of cash...

[Bob50]

From the Sharesies Facebook homepage-posted 30/3 by Sharesies.
—-
For every 1 AIR share an eligible investor holds at 7 PM (NZST) on Tuesday 5 April 2022, they’ll receive the right to buy 2 AIR shares at a set price of $0.53 per share. The offer price of $0.53 per share is a 61.5% discount to the last traded price on the NZX of $1.375.
—-
By this to them-buying today at a cheaper price then Friday and still have the right to buy 2 more shares looks like a good deal.
When does dilution happen/ed?
I am holding none.

[ordop]

Agree with Bassamrassam - the day is coming it may not be today or this Wednesday but it will come.

Dassets - I don't think Sharesies have been the one pushing this barrow. Yes they have been in there as you would expect from a retail firm but not the driver of the AIR price. Best you obtain broker data when it comes out in 2 days - it's anonymous until settlement date.

[turnip]

From the Sharesies Facebook homepage-posted 30/3 by Sharesies.
—-
For every 1 AIR share an eligible investor holds at 7 PM (NZST) on Tuesday 5 April 2022, they’ll receive the right to buy 2 AIR shares at a set price of $0.53 per share. The offer price of $0.53 per share is a 61.5% discount to the last traded price on the NZX of $1.375.
—-
By this to them-buying today at a cheaper price then Friday and still have the right to buy 2 more shares looks like a good deal.
When does dilution happen/ed?
I am holding none.

Yep, from social media posts it is pretty clear that many do not understand how T+2 settlement works.

But if you actually go to place a an order for AIR shares in Sharesies, this message is displayed in the final confirmation page:

Air New Zealand has announced a rights offer for shareholders. For shares to qualify as part of the offer, the order needs to be filled before 2 April.

which makes it pretty clear that today is too late to be buying for the rights.

[Dassets]

From the Sharesies Facebook homepage-posted 30/3 by Sharesies.
—-
For every 1 AIR share an eligible investor holds at 7 PM (NZST) on Tuesday 5 April 2022, they’ll receive the right to buy 2 AIR shares at a set price of $0.53 per share. The offer price of $0.53 per share is a 61.5% discount to the last traded price on the NZX of $1.375.
—-
By this to them-buying today at a cheaper price then Friday and still have the right to buy 2 more shares looks like a good deal.
When does dilution happen/ed?
I am holding none.

Uh oh, that advice is a problem. The reference to Tuesday is the record date. When I was a broker a number of times I had huge arguments with back office in similar circumstances. The record date is not the ex date. The last day to buy and get the rights was Friday. The record date allows for T+2 settlement so most if not all rights are issued to the right party. The rights are issued to the registered holder on 7pm 5 April. If the registered holder sold their shares on Friday and failed to deliver and hence registration wasn't effected then the broker will grab("pick-up") those rights when the registration occurs.

Same occurs on dividends etc. The Shaz that brought today just screwed up.

[Dassets]

I will but I don't think the managers etc of the issue will have done this. There are too many repercussions, not only regulatory, but went this sort of stuff unwinds you can get bad price falls which discourage take up of the offer hence triggering the underwrite and maybe for size. They have to disclose that shortfall and finding out an underwriter owns 25% of a company is causes events I am sure you can guess.

[Beagle]

Some might say this whole fiasco is nothing but an orchestrated litany of lies.

[Arbroath]

Some might say this whole fiasco is nothing but an orchestrated litany of lies.

It has certainly been an embarrassment for NZ capital markets with the NZX screwing up this morning and many "investors" showing their lack of knowledge...

Remember Ben Graham...in the short run the market is a voting machine and in the long run a weighing machine