Ann: GENERAL: AIR: Issue of Performance Rights

• Release Date: 10/11/15 13:09
• Summary: GENERAL: AIR: Issue of Performance Rights
• Price Sensitive: No
• Download Document  2.55KB

					AIR
10/11/2015 13:09
GENERAL
NOT PRICE SENSITIVE
REL: 1309 HRS Air New Zealand Limited (NS)

GENERAL: AIR: Issue of Performance Rights

In 2014, Air New Zealand Limited (AIR) (the Company) adopted a new Long Term
Incentive Performance Rights Plan (the Plan).
The Company advises that it has issued 4,728,581 performance rights for no
consideration to the Chief Executive Officer and selected executives under
the Plan.  The performance rights were issued on 6 November 2015 as approved
by the directors of the Company on 7 October 2015.
The performance rights issued under the Plan give participants the right to
receive ordinary shares in the Company subject to certain vesting conditions
being met on or after 12 September 2018.  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 under Air New Zealand Long Term Incentive Performance Rights Plan
Air New Zealand Limited announces that it has issued 4,728,581 Performance
Rights pursuant to Air New Zealand's Long Term Incentive Performance Rights
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: 4,728,581
(c) Issue Price:  NIL
(d) Payment in cash: NIL
(e) Amount paid up: N/A
(f) Percentage of total
class of securities: 49% (of Performance Rights on issue)
(g) Reason for issue: Issued under the Air New Zealand Long Term
 Incentive Performance Rights Plan
(h) Specific authority for issue: Directors' Resolution
(i) Terms or details of issue: Issued under the Air New Zealand Long
Term
 Incentive Performance Rights Plan
(j) Total number of securities of
the class after issue: 9,659,274
(k) Treasury Stock: Not applicable
(l) Date of issue: 6 November 2015 (Grant Date: 12 September 2015,
  Vesting Date 12 September 2018)
End CA:00273145 For:AIR    Type:GENERAL    Time:2015-11-10 13:09:17