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Qantas is back in the news for all the wrong reasons. |
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The airline’s share price dipped below $5 for the first time in more than 12 months on Wednesday, extending two consecutive days of losses. |
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The timing caught the eye of The Australian Financial Review’s aviation reporter Ayesha De Kretser, who noted the decline comes right in the middle of chairman Richard Goyder’s top-secret shareholder meetings. |
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On Monday and Tuesday, Goyder was in Melbourne; Wednesday in Sydney, shoring up support ahead of the November annual general meeting. Talk about instant feedback. |
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Major shareholders have remained remarkably shtum on the airline’s mounting issues, at least publicly. |
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Pendal’s Crispin Murray stuck his head up for the first time last month to reaffirm his long-time bull case, saying the airline was fundamentally a good business that had recognised it needed to change. Perpetual/Pendal is one of Qantas’ largest shareholders, collectively owning around 5.47 per cent of the airline. |
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Industry superannuation funds, including Aware Super, REST and HESTA, are also major investors, and speaking through the Australian Council of Superannuation Investors, have made it clear they are unhappy with how the Qantas board has dealt with the various regulatory and legal issues. |
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For the Mums & Dads – the Australian Shareholder Association has demanded Goyder’s resignation, claiming he does not have the support of retail investors who they say own 10 per cent of the company. |
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Long-time holder Forager Funds is out. Other funds known to be around the company in the past include L1 Capital, Northcape Capital and Tribeca Investment Partners, but anyone sitting below 5 per cent is difficult to ferret out. |
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| Emma Rapaport Co-editor, Street Talk |
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UBS issued note on Whitehaven, BHP deal hours before becoming ‘restricted’, writes Kylar Loussikian.A shadow lending market has emerged in the US, paved by Apollo Global Management’s decision to use annuities to build a major financing business, The New York Times reports.Britain’s largest pub chain Stonegate, owned by private equity firm TDR Capital, is working on options to raise new debt against roughly one quarter of its 4500 pubs, Bloomberg reports. |
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A total of 56 public M&A deals were announced in FY23 compared to 65 in FY22 and 57 in FY21, according to Herbert Smith Freehills. Deal value also fell to $75.6 billion from $123.7 billion but remained well above the five-year average. |
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