Crown Air NZ stake pays off
The govt's renationalisation of Air NZ in 2002 to save the airline from bankruptcy has paid off in the long run by delivering an annual return estimated at 8.4%, the Treasury says. The Crown took an 82% stake in Air NZ at the start of 2002 to save a company reeling from its disastrous investment in Ansett Australia, which it was forced to put into administration in Sept 2001, a day after reporting a net loss of NZ$1.4b. The Crown injected a further $149m into the recapitalised airline in 2004, taking its total investment to about $1.04b. A report says the Crown has received dividend payments of about $869m since January 2002, excluding any dividends paid to Crown financial institutions such as the New Zealand Superannuation Fund and the ACC that may have held the airline's stock. <br/>
https://portal.staralliance.com/cms/news/hot-topics/2016-05-23/star/crown-air-nz-stake-pays-off
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Crown Air NZ stake pays off
The govt's renationalisation of Air NZ in 2002 to save the airline from bankruptcy has paid off in the long run by delivering an annual return estimated at 8.4%, the Treasury says. The Crown took an 82% stake in Air NZ at the start of 2002 to save a company reeling from its disastrous investment in Ansett Australia, which it was forced to put into administration in Sept 2001, a day after reporting a net loss of NZ$1.4b. The Crown injected a further $149m into the recapitalised airline in 2004, taking its total investment to about $1.04b. A report says the Crown has received dividend payments of about $869m since January 2002, excluding any dividends paid to Crown financial institutions such as the New Zealand Superannuation Fund and the ACC that may have held the airline's stock. <br/>
