Virgin float expected to raise $500m
Budget airline Virgin Blue has lodged its prospectus with the Australian Securities and Investments Commission in the lead-up to its listing on the stock exchange.
The proceeds of the offer are expected to be between $500 and $550 million.
Virgin Blue founder Richard Branson says he will remain the largest private shareholder.
"We are only filling shares in order to give the company the liquidity and then only 7 per cent of the company," he said.
"As a matter of interest, [chief executive officer] Brett [Godfrey] is holding onto all his shares and Patrick Corp will buy enough shares to keep their holding around 45 per cent."
Shares are expected to be issued at between $1.80 and $2.25, with the final price to be announced early next month.
Sir Richard says the public float will not affect his position within the company.
"As president of Virgin Blue I will continue in an almost identical role to the one I played in the past," he said.
"I will still remain by far the largest private shareholder dealing with strategic, advisory and promotional issues, with two of the Virgin group's key executives on the board."
So whom are we putting the money on [with] - Branson or Stoddart ?
