Crown confirms participation in Air New Zealand equity raise

The Crown has today confirmed in a letter to Air New Zealand Chairman Dame Therese Walsh that subject to Cabinet being satisfied with the terms of Air New Zealand’s proposed equity capital raise to be completed by 30 June 2021, it would participate in that equity capital raise in order to maintain a majority shareholding in Air New Zealand.

In the letter, Deputy Prime Minister and Minister of Finance Grant Robertson recognised the importance of a strong domestic air travel network for economic and social development purposes and the key role of Air New Zealand in supporting our international tourism and export industries. The minister also highlighted Air New Zealand’s commitment to environmental sustainability, and the airline’s role as a good employer.

Dame Therese said she was delighted with the confirmation of support from the Crown and the continued positive engagement. We are grateful for the loan arranged with the Crown in May last year, but that was always a temporary measure. The ability to raise equity will help set the airline up for recovery from the impacts of COVID-19 and to continue to fulfil its purpose of connecting New Zealanders to each other and New Zealand to the world.