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Air New Zealand - Section 17 Request Declined

15 May 2002

The Securities Commission has declined a request, under section 17 of the Securities Amendment Act 1988, from Catharine Mary Franks, a shareholder in Air NZ.

Mrs Franks asked the Commission to approve that a lawyer be appointed to provide an opinion on whether there was an insider trading case to answer relating to trading in shares in Air New Zealand Limited. If the request had been approved the costs would have been borne by Air New Zealand.

The request identified as possible insiders the New Zealand Government, the Prime Minister, the Minister of Finance, the Ministry of Transport, any advisers to any of the above who received non-public price sensitive information concerning Air New Zealand at the relevant times, and any agents or officers of the Australian Government.

The request covered two main matters:

- a conversation on 25 September between the Prime Minister and a sharebroker at Forsyth Barr Frater Williams Limited, and

- “due diligence” disclosures by Air NZ to the New Zealand Government, the then major shareholders of Air NZ (BIL International Ltd and Singapore Airlines Ltd) and Qantas Airways Ltd.

“The Commission’s earlier comprehensive investigation into trading in Air New Zealand shares did not find any evidence of insider trading,” Chairman Jane Diplock said.

“After carefully considering the section 17 request the Commission concluded that there is no evidence to warrant further investigation.”

The Commission’s decision is available on its website www.sec-com.govt.nz.

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