NZ stocks: Air NZ manoeuvres keep market buzzing

By ELLEN READ

Air New Zealand will continue to be the most talked about company on the sharemarket this week.

Despite the details of the Government's bailout being public, there is still plenty of speculation about the company's share price and its future.

On Friday, the carrier's New Zealand resident only A shares rose 3c to 31c, and the unrestricted B shares rose 4c to 30c on heavy turnover, despite analysts' warnings that the airline would probably not return to form for a couple of years.

Air New Zealand developments scheduled for this week include:

* The new-look Air New Zealand board is expected to meet for the first time. It will consider the management's new business plan involving reduced flight schedules. The board will also consider payouts to former directors, and reducing current directors' fees.

* Wednesday is the deadline for the company to receive confirmation of continued support from its banks and financiers, and to satisfy the Government that it has limited its exposure from the fallout of the Ansett collapse.

* Friday is the deadline for the company to reach an agreement with the Ansett voluntary administrator (subject to the approval of the Federal Court of Australia and the Ansett Committee of Creditors) on providing intellectual property to assist the administrator "to carry on the Ansett business as long as it is not detrimental to Air New Zealand".

Interest this week will also focus on Fisher & Paykel, whose shareholders meet today in Auckland to vote on the proposed split of the company into separate appliance and healthcare divisions. A 75 per cent approval rate is required but this is not expected to be hard to meet.

On Thursday, Wellington hosts Telecom's annual meeting and at the weekend the Montana Standing Committee meets over Lion Nathan's complaint about Allied Domecq buying the stake held by Montana chairman Peter Masfen.