I get the sense that people in this capital raise think the are...

I get the sense that people in this capital raise think the are getting more shares in AirNZ which makes them better off.

While it is true they get more shares (ie slices of the pie) the actual pie has not got bigger.

Basically a holders single share has been cut into three teenier pieces. And those three pieces combined are now worth less than the single piece.

So the Crowns actual holding has reduced from 52.494% to 51.001% of the company. The number of shares is irrelevant.

And importantly the Govt retains a majority ownership. And is the one that is offering more cash - and if this happens then there will be no dividend.