Raison d' etre was tax and financial gain
One line of thought is that the continued reason Jetconnect continued to exist was to burn out the capital gain on the 4.99% ANZ stake, thus avoiding repatriating the profit attracting a tax liability. Now that the assets have diminished sufficiently, the reason for its continuation has ceased. Job done. But that is just speculation.
With a structure not resembling an airline, repatriating funds would attract taxation under the Australian taxation umbrella.
The auditor's opinion was verrry interesting!