Must be the reason the Blackrock Group sold their substantial holding in QF pre Christmas. Shares now down $1.50 since the most recent high. This; despite the share buy back of 15,694,985 shares worth almost $89,000,000. God only knows what the share price today would be without the buy back.
This
Strangely Mr Joyce also announced in which quarter Qantas would turn the corner.
Like a town crier ringing the bell and warning of impending doom, Joyce just kept coming out with the bad news. It culminated on August 28, 2014, with a record statutory loss of $2.8 billion.
At the time, Joyce rang the bell over the "confronting" loss facing Qantas and warned of the urgent need for "accelerated transformation". Incredibly, he predicted the business would be profitable in the first half of financial year 2014-15.
And he was right – the Qantas annual general meeting in Perth on Friday will hear a story of an airline transformed, from a record loss to a profit of $789 million – an amazing $3.5 billion turnaround. The prophet of doom is now promoting fat profits.
Fortunately for all insiders the Long Term Incentive Plan recognised that
management discretionary timing of a fleet impairment would see an 'amazing transformation' Spend capital buying back share, pump the EPS...