The Board of Air New Zealand Limited has decided to apply to the Australian Stock Exchange (ASX) to convert its Foreign Exempt listing to a full ASX listing to take effect on 1 July 2002 when the Foreign Exempt category criteria change.
The Company`s Chairman Mr John Palmer said that the Board had carefully considered the advantages and disadvantages before resolving to apply for a full Listing on the ASX.
Commenting following the Board`s discussion at its meeting held in Christchurch on Wednesday, Mr Palmer said:
“Air New Zealand initially listed on the ASX in 1997 reflecting its position as an international business with an Australasian focus. Despite the difficulties in the past year, that position has not changed and Australia remains and will continue to remain a market of critical importance to Air New Zealand. This applies not only to the Company`s customers in Australia but also to its existing and potential investors. The Company`s Australian shareholder base has increased substantially since the original listing in 1997 and the Company looks forward to building on that base in the much larger Australian market with the enhanced recognition of Air New Zealand as a fully listed company on the Australian Stock Exchange.”
The Company`s primary Listing on the NZSE as its home exchange will not be affected by the additional Listing in Australia.