Ann: Air NZ updates on capital raise timing and liquidity, page-186

"i wonder how many of those driving the price so high yesterday think they were buying shares with rights attached?"

Quite a few I suspect. In NZ we have brokers who issue information like the below. It gives the very clear impression that When you buy a share it is yours. For me, for example, my contract notes arrive in my email about 15 minutes after the buy/sell is completed.

So, if people bought yesterday there is a reasonable assumption they own the share yesterday. The contract note comes .

To get the Rights the NZ Offer document says you have to be an Eligible Share Holder. And to be an eligible shareholder you have to be a Shareholder as at 7.00pm (NZST) / 5.00pm (AEST)on the Record Date. The Offer document also says "The Offer is an offer of New Shares to EligibleShareholders" and the Offer document has a separate description of a "NZ Shareholder" - this is a person who is "An Eligible Shareholder whose Existing Sharesare held on Air New Zealand’s NZX branch registeron the Record Date."

The distinction between an Eligible Shareholder and NZ Shareholder appears to be important. Because if you aren't a NZ Shareholder there are extra steps you have to take to sell your rights.

So it seemed to me that I can be an eligible shareholder a up to 5 April ("Under the Rights Offer, Eligible Shareholdershave a renounceable right to subscribe for 2New Shares for every 1 Existing Share held at7.00pm (NZST) / 5.00pm (AEST) on the RecordDate at the Offer Price." at which point I can get 1 right to 2 shares. And then once I am on the Register I can sell that right.