Ann: ALLOT: AIR: Air new Zealand Issue of Performance Rights

• Release Date: 22/12/14 17:24
• Summary: ALLOT: AIR: Air new Zealand Issue of Performance Rights
• Price Sensitive: No
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					AIR
22/12/2014 17:24
ALLOT
NOT PRICE SENSITIVE
REL: 1724 HRS Air New Zealand Limited (NS)

ALLOT: AIR: Air new Zealand Issue of Performance Rights

Air New Zealand Limited (AIR) (the Company) has adopted a new Long Term
Incentive Plan.
The Company advises that it has issued 5,036,722 performance rights for no
consideration to the Chief Executive Officer and selected executives under
the Air New Zealand Long Term Incentive Plan.  The performance rights are
deemed to be issued on 13 September 2014 (which is 10 days after the
announcement of the Company's 2014 annual results), as approved by the
directors of the Company on 26 November 2014.
The performance rights issued under the Long Term Incentive Plan give
participants the right to receive ordinary shares in the Company subject to
certain vesting conditions being met.  The vesting of performance rights are
subject to the Company's share price outperforming a comparison index made up
50:50 between the NZX All Index and the Bloomberg World Airline Index over a
three year measurement period from the date of issue.  In particular:
(a) 50% of performance rights will vest if the Company's share price has
matched the index over the measurement period; and

(b) for each 1% the share price outperforms the index, a further 2.5% of
performance rights will vest until reaching the maximum 100%.

If the share price does not match the index on the third anniversary of the
issue date, there will be a further six-month opportunity for the performance
rights to vest.

In connection with the issue, the Company advises the following details:

Issue of options under Air New Zealand Long Term Incentive Plan
Air New Zealand Limited announces that it has issued 5,036,722 Performance
Rights pursuant to Air New Zealand's new Long Term Incentive Plan.

In connection with the issue, Air New Zealand advises the following details:
(a) Class of security and ISIN: Performance Rights-  ISIN: N/A
(b) Number of Performance
 Rights  issued: 5,036,722
(c) Issue Price:  NIL
(d) Payment in cash: NIL
(e) Amount paid up: N/A
(f) Percentage of total
class of securities: 100% (of new Long Term Incentive Plan on issue)
(g) Reason for issue: Issued under the new Air New Zealand Long Term
 Incentive Plan
(h) Specific authority for issue: Directors' Resolution
(i) Terms or details of issue: Issued under the new Air New Zealand Long Term

 Incentive Plan
(j) Total number of securities of
the class after issue: 5,036,722
(k) Treasury Stock: Not applicable
(l) Date of issue: 22 December 2014
End CA:00259286 For:AIR    Type:ALLOT      Time:2014-12-22 17:24:53