Increase in Share of Air NZ Following the Share Buyback Extension
According to an announcement at the annual general meeting in Auckland, Air New Zealand is subjected to extend its share buyback scheme, leading to an increase in their shares by 6%. This buyback scheme was announced in the annual meeting this afternoon.
The trade shares of Air NZ were $1.44 yesterday. It opened at $1.455 in the morning and has finally reached a trading amount of $1.50.
The government of New Zealand is willing to sell most of its shares, holding only 51% of their majority shares.
Air NZ is planning to purchase either up to 3% or about $45 million of its shares in the next 12 months.
John Palmer is currently designated as Outgoing chairman. He is being replaced by Tony Carter, former deputy chair. John Palmer was unable to fulfill the needs of the New Zealand government.
John Key, Prime Minister, said that the company will sell all of its shares by the end of this year. Christopher Luxon is the chief executive of the company from the past nine months.
"Fuel prices are at levels that would have been unimaginable in 2001 and yet Air New Zealand has remained consistently profitable through a range of adverse economic conditions and global events", said Christopher.
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