1a,
$2.80 per share may be an instant 100% profit for some, but not me mate. I have been a large shareholder for years (not just a token amount of shares like some of these crazy employees who actually think they should control the company) and participated in all capital raisings, so I'd be happy to just get my money back mate because its people like me that have funded this business that has kept people like you employed for years. Some of your colleagues on this forum even call airline investors 'morons' would you believe! The only morons around here are the vandals associated with these unions destroying their own jobs. Answer my question, where do you reckon most of these invisible shares are going to come from in this proposed takeover bid by employees without paying a big premium? **The book value as at Jun 2011 is $2.67. Qantas carry's its fleet of aircraft and engines at about $10b. The real value of their fleet is closer to $5b. If we say $2b of the $10b is engines, then QF are probably carrying $2-3b more in aircraft value Vs real commercial value on their balance sheet or around $1.30 per share. So the adjusted book value ought to be more like $1.40 per share PLUS the frequent flyer business.
Therefore you can forget your pipe dream plan of gaining control at these levels!
NP
**Numbers published by Macquarie Private Wealth.