Air NZ completes shortfall bookbuild

Air New Zealand postal address: Private Bag 92007, Auckland, 1142, New Zealand
Investor Relations email: investor@airnz.co.nz Investor website:
www.airnewzealand.co.nz/investor
Stock exchange listings: New Zealand (NZX: AIR) / Australia (ASX: AIZ) / ADR (OTC : ANZLY)
MARKET ANNOUNCEMENT











NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES

5 May 2022

Air New Zealand completes Shortfall Bookbuild, concluding its NZ$1.2 billion equity raise

Air New Zealand is pleased to announce that it has completed the shortfall bookbuild component of its 2
for 1 pro rata renounceable rights offer ("Rights Offer”) announced on 30 March 2022. A total of NZ$1.2
billion was raised under the Rights Offer and shortfall bookbuild. These proceeds will be used to repay
the airline’s existing Crown loan, strengthen its balance sheet, improve liquidity and help position Air
New Zealand for recovery.
Shortfall Bookbuild
A bookbuild for shares not taken up under the Rights Offer, including the shares attributable to Ineligible
Shareholders, was conducted after market close on 3 May 2022 and on 4 May 2022 (“Shortfall
Bookbuild”). The Shortfall Bookbuild of approximately 274 million shares was well supported by existing
shareholders and new investors and a price of NZ$0.81 per share was determined (“Bookbuild Price”).
This Bookbuild Price represents a premium of NZ$0.28 per share over the Offer Price of NZ$0.53 per
share. Eligible Shareholders who elected not to take up their entitlements and Ineligible Shareholders
will, therefore, receive NZ$0.28 for each share sold for their benefit in the Shortfall Bookbuild. Payment
of this premium is expected to be made to those groups by Monday, 16 May 2022.
Eligible Shareholders who applied for Additional New Shares in the Shortfall Bookbuild will be allocated
shares at the Bookbuild Price.

As a result of the significant demand received in the Shortfall Bookbuild scaling has been applied
(including with respect to oversubscriptions) in accordance with the terms set out in the Offer Document
dated 30 March 2022. Refunds from scaling of any extra application monies received for additional
shares in the Shortfall Bookbuild will be processed by 16 May 2022.

Air New Zealand Chair, Dame Therese Walsh, said: “The Rights Offer was structured to provide all
eligible Air New Zealand shareholders with a fair opportunity to participate in the equity raise or receive
value for their rights. We are delighted with the level of support shown for Air New Zealand by existing
and new shareholders and to have been able to return value to those shareholders who did not or were
ineligible to participate.”

2
Settlement and allotment
ASX Shares: Settlement of ASX shares for the Rights Offer and Shortfall Bookbuild is expected to occur
on Friday, 6 May 2022, with allotment on Monday, 9 May 2022.
NZX Shares: Settlement and allotment of NZX shares are both expected to occur on Monday, 9 May
2022.
Trading of new shares commences: Trading of new shares issued under the Rights Offer and Shortfall
Bookbuild is expected to commence on NZX and on ASX on Monday, 9 May 2022.
Ranking of new shares: All new shares issued under the Rights Offer will rank equally with Air New
Zealand’s existing ordinary shares.
Defined terms in this announcement have the meaning given to them in the Offer Document.
Ends.

This announcement has been authorised for release to NZX and ASX by:
Jennifer Page
General Counsel & Company Secretary
Email: jennifer.page@airnz.co.nz
Phone : +64 27 909 0691
For investor relations queries please contact:
Leila Peters
GM Corporate Finance
Email: leila.peters@airnz.co.nz
Phone : +64 21 743 057

For media enquiries, please contact:
Air New Zealand Communications
Email: media@airnz.co.nz
Phone: +64 21 747 320
IMPORTANT INFORMATION
This communication is not for distribution or release in the United States. This communication does not
constitute an offer to sell, or the solicitation of an offer to buy, any securities in the United States. The
Rights and the New Shares have not been, and will not be, registered under the US Securities Act of
1933 (US Securities Act), or the securities laws of any state or other jurisdiction of the United States,
and may not be offered or sold, directly or indirectly, in the United States or to any person acting for the
account or benefit of any person in the United States, except in transactions exempt from, or not subject
to, registration under the US Securities Act and applicable securities laws of any state or other
jurisdiction of the United States.