Journalists subpoenaed over Air NZ

Investment watchdog the Securities Commission has subpoenaed reporters from the Herald and TVNZ to give evidence over comments made by Prime Minister Helen Clark about Air New Zealand shares.

The commission began its inquiry after Helen Clark's September 25 advice to mum and dad shareholders to "hang on" to their shares in the troubled airline led to its stock rising strongly.

She had earlier said statutory management was a viable option for the struggling national flag carrier, causing a big fall in the share price.

Her advice to shareholders, made in an interview with Herald deputy political editor Vernon Small and TVOne political reporter Robyn Janes, led to a halt in trading of Air New Zealand shares the next day.

A spokesman for Helen Clark said the Prime Minister would not comment on whether she had been subpoenaed or would give evidence.