APA Bid fails to get 50% (Merged)
Oh, My heart bleeds! There really is something rotten in the state of Denmark (sorry Mary). Now you 'managers' are going to have to do what you were paid to do before the bri.. . That is, if the shareholders and / or ASIC aren't after YOUR buts!
P.S. I'm not going to change my REVISED fuel ordering policy now I've seen the scant disregard these porcine people (oxymoron I know) have for the diligence required in weighing up safety versus profit. My old chief pilot always taught me to err on the side of the passenger...er customer!
P.S. I'm not going to change my REVISED fuel ordering policy now I've seen the scant disregard these porcine people (oxymoron I know) have for the diligence required in weighing up safety versus profit. My old chief pilot always taught me to err on the side of the passenger...er customer!
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Happy Daze
Happy days indeed.
Now all we need is for the Board ( aka Teletubbies) to resign on Monday and Dixon to be punted back to pulling beers and writing crap jingles to his bunker @ Wagga.
Makes all the hugs with the Dame look utter ridiculous now.
I just love how karma works.
Whoooooo Hoooooooooo.
Time for a Vic
Now all we need is for the Board ( aka Teletubbies) to resign on Monday and Dixon to be punted back to pulling beers and writing crap jingles to his bunker @ Wagga.
Makes all the hugs with the Dame look utter ridiculous now.
I just love how karma works.
Whoooooo Hoooooooooo.
Time for a Vic
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http://www.smh.com.au/news/business/...788399360.html
"Qantas chief executive Geoff Dixon has declined to offer his resignation, saying it was up to the board. As for his fellow executives Mr Dixon told smh.com.au: "The management team are all individuals. They can make make any decision on where they could go.''
Emergency meeting
The Qantas board will hold an emergency meeting tomorrow. Qantas chairwoman Margaret Jackson is expected to come under intense pressure to quit, given her strong endorsement of the private equity bid.
Shareholders such as Balance Equity Management and UBS Global Asset Management which rejected the offer, believed Ms Jackson and her board caved in too easily to the APA a share offer."
I reckon Maggie will go next week and Darth will hang on till the end of the year when Joyce takes over.
"Qantas chief executive Geoff Dixon has declined to offer his resignation, saying it was up to the board. As for his fellow executives Mr Dixon told smh.com.au: "The management team are all individuals. They can make make any decision on where they could go.''
Emergency meeting
The Qantas board will hold an emergency meeting tomorrow. Qantas chairwoman Margaret Jackson is expected to come under intense pressure to quit, given her strong endorsement of the private equity bid.
Shareholders such as Balance Equity Management and UBS Global Asset Management which rejected the offer, believed Ms Jackson and her board caved in too easily to the APA a share offer."
I reckon Maggie will go next week and Darth will hang on till the end of the year when Joyce takes over.
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Finally we can get on with life, past 5 months have been painful. I guess the majority of the QF owners are 'crazy' (or was it foolish? can't remember what was said!)...
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Part 2G.2, Division 2, Corporations Act 2001 - who may call a meeting of members
Would seem to this mug that, if 100 shareholders can band together (irrespective of the size of their holdings), they can demand the directors to call a general meeting of a company...
Would seem to this mug that, if 100 shareholders can band together (irrespective of the size of their holdings), they can demand the directors to call a general meeting of a company...
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Board/CEO nominations ?
I nominate Mickey Mouse for CEO ( at least he has a sense of humour)
OR bring back Captain Ritchie ( is he still with us ?)
as for the board.....mmmmmmmmmmm.l???
Ah stuff it..... lets get rid of the entire Board.
They do "jack"......apart from keeping the Bollinger company in business.
OR bring back Captain Ritchie ( is he still with us ?)
as for the board.....mmmmmmmmmmm.l???
Ah stuff it..... lets get rid of the entire Board.
They do "jack"......apart from keeping the Bollinger company in business.
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Apparently there will be an " emergency " board meeting in the morning, Saturday local Sydney time to discuss the outcome
Wouldn't you love to be a fly on the wall for that one
http://www.bloomberg.com/apps/news?p...T4k&refer=asia
Wouldn't you love to be a fly on the wall for that one
http://www.bloomberg.com/apps/news?p...T4k&refer=asia
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It's time to go.................darth, Jack etc.
get someone in thats going to focus on the business not on self interest issues. Qantas is going to make a fortune this financial year and hopefully with so many fingers in senior management and the board being burnt by this they can appreciate that people are not as stupid as they think. Hopefully the dribble that is spoken by these guys ceases and they start being honest with investors and employee's........I wish.
get someone in thats going to focus on the business not on self interest issues. Qantas is going to make a fortune this financial year and hopefully with so many fingers in senior management and the board being burnt by this they can appreciate that people are not as stupid as they think. Hopefully the dribble that is spoken by these guys ceases and they start being honest with investors and employee's........I wish.
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Well, the market's perception of the outlook for Qantas as a credit (ie. its credit-worthiness) has changed now that the prospect has reduced of $4bn being ripped out and the company saddled with oodles of debt... CDS spreads have apparently tightened in 110bp (ie. the amount over risk-free debt that a giver of protection over Qantas credit would demand to take on that risk as dramatically reduced).
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It may be wishful thinking, but maybe this is a sign that not only the 'mum & dad' investors, but also some of the Australian corporate investors are sick of Australian Institutions being 'managed', and then onsold by greedy corporate management, such as Dixon and Jackson.
They seemingly sold out the investors for personal gain, and there should be a formal investigation into their glowing support for a takeover, that was obviously (as the market has plainly said) NOT in the shareholders' best interest.
They seemingly sold out the investors for personal gain, and there should be a formal investigation into their glowing support for a takeover, that was obviously (as the market has plainly said) NOT in the shareholders' best interest.
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Without wanting to rain on anyone's parade,
This is but round 1. It'd be naive to think that there is not a Plan C (given that Plan B was to lower the threshold to 70%), Plan D and so on. We should, therefore, be wary of gloating and letting the guard down just yet. The battle is won; the war may not yet be.
This is but round 1. It'd be naive to think that there is not a Plan C (given that Plan B was to lower the threshold to 70%), Plan D and so on. We should, therefore, be wary of gloating and letting the guard down just yet. The battle is won; the war may not yet be.
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Maybe I'm being Pollyanna-ish, but perhaps its time for QF to clean out its Board and management and start turning it into a company Australians can be proud of instead of a national embarassment?
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...and surprise, surprise! The APA consortium wants to keep their bid alive according to the ABC this morning!!!!!!!!!!!!!
It appears that every person on the planet thinks that Qantas is worth more than the bid.........except the Directors and Managers of the Company whose job it is to maximise it's value, and whose services the APA consortium wish to retain for some reason I simply cannot fathom.
Now I am a bear of very little brain and I cannot understand a number of fings......
1. Qantas has been crying poor for at least four years now, the managers and Board justifying their abysmal treatment of staff and their cost cutting on the basis of Qantas status as a "legacy" carrier. The mainline being a bit like an old horse that needs to be put down.
2. During this same time, Qantas has been making annual billion dollar profits and apparently investing in new equipment that has yet to arrive.
3. A suitor materialises (APA) from nowhere and offers to buy the company for 11 billion, and take it private, announcing as it does so that the first thing it is going to do is rip 5 billion out of Qantas and recapitalise it. Exactly who conjured APA into existence is a moot point.
4. One notes in passing that if Qantas is a private company, the majority of its dealings, are.......private.
5. The Board of Qantas enthusiastically recommends the deal, to the point of kissing and hugging each other.
6. One notes in passing that APA wishes to retain the services of the entire Board and management if it succeeds in its bid.
Questions: Why would APA wish to buy a failed legacy airline?
Why would APA wish to retain a Board and Management that tells the general population and its current shareholders that Qantas is a failed legacy airline and behaves accordingly?
There is a major disconnect here that I don't understand.
Obviously APA believes that Qantas is worth more than they are offering, otherwise common sense dictates they wouldn't be trying to buy it.
Yet they wish to retain the services of the Board and Management that have apparently been unable ( since they couldn't possibly be unwilling, since that would be a breach of their duties wouldn't it?) to unlock the value that APA apparently sees in the company for the benefit of existing shareholders. Why is this????????????????? There is a logical disconnect here aI don't understand, everybody, except the Board thinks Qantas is a good business. What is wrong here?????? Why would one want a Board that thinks that things are bad and getting worse. when profits and the existence of bidders indicate otherwise????
It appears that every person on the planet thinks that Qantas is worth more than the bid.........except the Directors and Managers of the Company whose job it is to maximise it's value, and whose services the APA consortium wish to retain for some reason I simply cannot fathom.
Now I am a bear of very little brain and I cannot understand a number of fings......
1. Qantas has been crying poor for at least four years now, the managers and Board justifying their abysmal treatment of staff and their cost cutting on the basis of Qantas status as a "legacy" carrier. The mainline being a bit like an old horse that needs to be put down.
2. During this same time, Qantas has been making annual billion dollar profits and apparently investing in new equipment that has yet to arrive.
3. A suitor materialises (APA) from nowhere and offers to buy the company for 11 billion, and take it private, announcing as it does so that the first thing it is going to do is rip 5 billion out of Qantas and recapitalise it. Exactly who conjured APA into existence is a moot point.
4. One notes in passing that if Qantas is a private company, the majority of its dealings, are.......private.
5. The Board of Qantas enthusiastically recommends the deal, to the point of kissing and hugging each other.
6. One notes in passing that APA wishes to retain the services of the entire Board and management if it succeeds in its bid.
Questions: Why would APA wish to buy a failed legacy airline?
Why would APA wish to retain a Board and Management that tells the general population and its current shareholders that Qantas is a failed legacy airline and behaves accordingly?
There is a major disconnect here that I don't understand.
Obviously APA believes that Qantas is worth more than they are offering, otherwise common sense dictates they wouldn't be trying to buy it.
Yet they wish to retain the services of the Board and Management that have apparently been unable ( since they couldn't possibly be unwilling, since that would be a breach of their duties wouldn't it?) to unlock the value that APA apparently sees in the company for the benefit of existing shareholders. Why is this????????????????? There is a logical disconnect here aI don't understand, everybody, except the Board thinks Qantas is a good business. What is wrong here?????? Why would one want a Board that thinks that things are bad and getting worse. when profits and the existence of bidders indicate otherwise????
