I'd say this post from Qrewroom pretty much sums things up...
I would say that with the QF share price up 22% since last weeks AGM, to $1.68 today, that the market believes we are on track to return to profitability. Apparently the sky didn't fall in after all.
We had an agreed in principal agreement with full back pay and no 18 month pay freeze 10 December last year.
The share price was $1.23. The main thing that has changed is that the stupid excess capacity war has finished.
I believe QF was greedy to not offer full back pay when asking for the 18 month pay freeze and that is why this crap deal was voted down.
At the AGM I also noticed that senior management managed to move their bonuses to 2017 so they are not seen taking it in the short term. These long term bonuses are weighted at 150% of previous Long Term Incentive Schemes.
It's interesting that when AIPA asked for back pay and the pay freeze to be repaid to SH pilots in the future the answer was a flat out NO.
In an article that was published in the Sydney Morning Herald within an hour of the vote closing a QF spokesman said "The company was disappointed in the result, which followed two years of good faith bargaining".
This leaked reporting of QF bargaining in good faith is an insult AIPA and the pilot group, as is the bonus system agreed to for senior management, at the AGM.
If QF turned around tomorrow and offered full back pay, with an 18 month pay freeze, I will once again vote NO.
The company continues to tell me I'm more expensive than my Virgin counterpart, yet conveniently neglects the CAO 48 exemption, their 71 hour MG, extra days off and of course, their almighty scope clause.
All the while they have returned to profitability and will look after themselves, as Dixon did, in the years ahead.