I'm not sure how you get earnings supporting an SP of $3 - $4. They were making a loss of 27 cents a share.
As for the glory days, say 2018, they made a $390m net profit and shareholders got a $0.22 cent per share all up dividend.
So at very best shareholders could expect is a $0.7 dividend at some distant point in the future.
Shareholders are probably better off becoming an employee of AIR - because back then staff got an $1,800 bonus payment. $15m was neither here nor there for management then.
And for context jet fuel was $84 a barrel. And AIR was an international airline
Ann: Air NZ updates on capital raise timing and liquidity, page-215
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