Ms Jackson refusses to go
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WynSock. Dixon was going to get at least 60 million in "performance pay". This was for doing absolutely nothing more than he is already doing.
What people haven't really mentioned is that he also would have received a percentage of the company. What he would have realised when they sold Jetstar and relisted QF is for speculation because I don't know exactly how much he would have received.
One percent of the company now is 110 million, give or take. 34 QF senior management were splitting 4.5% of the company between them. Dixon would have had a significant share of that.
100 million? Maybe that is why he has come out swinging saying he will accelerate the process he has put in train. I don't know how he will do that without robbing mainline of airframes because you cannot hasten aircraft deliveries. (Unless he can lease from somewhere).
I think the man has the hide of an elephant. His greed is exposed for all to see. He has worse than zero credibility with the staff... they actively despise him.
F.O.G.
What people haven't really mentioned is that he also would have received a percentage of the company. What he would have realised when they sold Jetstar and relisted QF is for speculation because I don't know exactly how much he would have received.
One percent of the company now is 110 million, give or take. 34 QF senior management were splitting 4.5% of the company between them. Dixon would have had a significant share of that.
100 million? Maybe that is why he has come out swinging saying he will accelerate the process he has put in train. I don't know how he will do that without robbing mainline of airframes because you cannot hasten aircraft deliveries. (Unless he can lease from somewhere).
I think the man has the hide of an elephant. His greed is exposed for all to see. He has worse than zero credibility with the staff... they actively despise him.
F.O.G.
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Qantas campaign man ups his stake
Qantas campaign man ups his stake
May 11, 2007 02:15am
THE man blamed with starting the campaign that ultimately scuttled the $11.1 billion Qantas takeover, Andrew Sisson, has put his money where his mouth was.
In recent days, the institutional investor Balanced Equity Management has spent more than $32 million bolstering its stake in the airline.
For months, BEM chief executive Mr Sisson has said that Airline Partners Australia's $5.45-a-share bid undervalued the national carrier.
His stance threatened to block the takeover when it needed 90 per cent acceptances, and he is credited with starting opposition to the APA offer.
While APA said it is considering another bid, analysts expect the consortium will wait a few months to table a new offer, if at all.
Last weekend, the Qantas takeover collapsed after international hedge funds, who were using their shares in a giant game of global arbitrage, failed to sell enough shares to APA to keep the bid in the air.
Since the start of the month, BEM has spent $111 million on over 21 million shares to raise its holding in Qantas from just over four per cent to 5.33 per cent.
Support from BEM and local institutions has kept the Qantas share price strong.
Looks like someone thinks we are a good thing or he reckons another takeover is around the corner.Maybe he should be given the job of CEO and GD given the flick
May 11, 2007 02:15am
THE man blamed with starting the campaign that ultimately scuttled the $11.1 billion Qantas takeover, Andrew Sisson, has put his money where his mouth was.
In recent days, the institutional investor Balanced Equity Management has spent more than $32 million bolstering its stake in the airline.
For months, BEM chief executive Mr Sisson has said that Airline Partners Australia's $5.45-a-share bid undervalued the national carrier.
His stance threatened to block the takeover when it needed 90 per cent acceptances, and he is credited with starting opposition to the APA offer.
While APA said it is considering another bid, analysts expect the consortium will wait a few months to table a new offer, if at all.
Last weekend, the Qantas takeover collapsed after international hedge funds, who were using their shares in a giant game of global arbitrage, failed to sell enough shares to APA to keep the bid in the air.
Since the start of the month, BEM has spent $111 million on over 21 million shares to raise its holding in Qantas from just over four per cent to 5.33 per cent.
Support from BEM and local institutions has kept the Qantas share price strong.
Looks like someone thinks we are a good thing or he reckons another takeover is around the corner.Maybe he should be given the job of CEO and GD given the flick
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I wonder how ASIC regards this? The ASX as well? Has the Board complied with its responsibilities? I would hope so for their sake.
And they forced Renee Rivkin to his grave over a couple of grands worth of Qantas shares.
And they forced Renee Rivkin to his grave over a couple of grands worth of Qantas shares.
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Qantas head hopes to stay on board in wake of bid crash
Qantas head hopes to stay on board in wake of bid crash
Mathew Murphy
May 12, 2007
QANTAS chairman Margaret Jackson says the Qantas board has done a good job for shareholders despite the collapse of the takeover bid she and her chief executive championed.
Ms Jackson, who said she wanted to stay on as chairman, pointed to the 23 per cent rise in Qantas shares since the bid was launched in December.
"It wasn't that long ago that the share price was at $3," she told BusinessDay. "I think my concern along the way was, if the bid failed and the share price went down to where it had been, it would be disappointing.
"I think the thing that has been very reassuring is that through this process it would appear that institutions have reweighted their views on Qantas and if the Qantas stock has been reweighted as a consequence of this, then we have done a good job for shareholders."
In answer to speculation surrounding her position on the board following the bid's collapse, Ms Jackson said: "For the moment both myself and the board believe that continuity and stability is what's needed."
Ms Jackson declined to say if she agreed with people such as Balanced Equity's Andrew Sisson, who felt the bid was undervalued at $5.45-a-share. While APA is yet to reveal whether it will come back for a second go at Qantas, it is believed that Ms Jackson is of the view that it will not.
Yesterday, Ms Jackson said the board would not accept $5.45 if the Macquarie Bank-led consortium came back with another offer but that it was up to the market to decide if Qantas' value was up around $6 a share.
Her comments came after the Qantas takeover was finally declared dead a third time, following a missed deadline last Friday night, appeals to the Takeovers Panel and the Australian Securities and Investments Commission, and the threat of Federal Court action. APA finally raised the white flag on Tuesday saying it would withdraw the offer.
Ms Jackson said the events had left her frustrated and as confused as everyone else.
"We had a significant number of shareholders who did sell through the bid process to hedge funds and it is difficult to understand what happened last Friday night," she said.
Ms Jackson would not comment on APA's handling of the offer, saying it was a matter for it how it "chose to do it." She also declined to say whether she felt corporate greed by a number of hedge funds played a part in the demise of the bid.
.......And you would have to have a mental condition not to accept the offer...FOGAM
Mathew Murphy
May 12, 2007
QANTAS chairman Margaret Jackson says the Qantas board has done a good job for shareholders despite the collapse of the takeover bid she and her chief executive championed.
Ms Jackson, who said she wanted to stay on as chairman, pointed to the 23 per cent rise in Qantas shares since the bid was launched in December.
"It wasn't that long ago that the share price was at $3," she told BusinessDay. "I think my concern along the way was, if the bid failed and the share price went down to where it had been, it would be disappointing.
"I think the thing that has been very reassuring is that through this process it would appear that institutions have reweighted their views on Qantas and if the Qantas stock has been reweighted as a consequence of this, then we have done a good job for shareholders."
In answer to speculation surrounding her position on the board following the bid's collapse, Ms Jackson said: "For the moment both myself and the board believe that continuity and stability is what's needed."
Ms Jackson declined to say if she agreed with people such as Balanced Equity's Andrew Sisson, who felt the bid was undervalued at $5.45-a-share. While APA is yet to reveal whether it will come back for a second go at Qantas, it is believed that Ms Jackson is of the view that it will not.
Yesterday, Ms Jackson said the board would not accept $5.45 if the Macquarie Bank-led consortium came back with another offer but that it was up to the market to decide if Qantas' value was up around $6 a share.
Her comments came after the Qantas takeover was finally declared dead a third time, following a missed deadline last Friday night, appeals to the Takeovers Panel and the Australian Securities and Investments Commission, and the threat of Federal Court action. APA finally raised the white flag on Tuesday saying it would withdraw the offer.
Ms Jackson said the events had left her frustrated and as confused as everyone else.
"We had a significant number of shareholders who did sell through the bid process to hedge funds and it is difficult to understand what happened last Friday night," she said.
Ms Jackson would not comment on APA's handling of the offer, saying it was a matter for it how it "chose to do it." She also declined to say whether she felt corporate greed by a number of hedge funds played a part in the demise of the bid.
.......And you would have to have a mental condition not to accept the offer...FOGAM
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"I think the thing that has been very reassuring is that through this process it would appear that institutions have reweighted their views on Qantas and if the Qantas stock has been reweighted as a consequence of this, then we have done a good job for shareholders."
How does the dame explain the 100% rise in Air NZ shares, 60% In VB shares and Rex as well as similar increases in the share price of SIA, BA, AF-KLM and the list goes on and on and on.
But, yeah, thank god this 'diamond encrusted, rolled gold F%$K Up' happened! - She is the one with a MENTAL problem, and proving it every day.
A little tip for you dame - if your CEO hadn't crapped on at every opportunity teling the market how the airline is teatering on the brink of collapse and the profits are only because he is a legend, then maybe the price would have been mid $5 back in November and the good news of the last 2 months would have seen it go well over $6 by now.
I think I see some fog rolling in this morning.....
FOG AM
Last edited by speeeedy; 12th May 2007 at 02:47.
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And they forced Renee Rivkin to his grave over a couple of grands worth of Qantas shares.
Jackson is a favoured son, just read todays smh on the number of Board positions she's been offered by both VIC and NSW states and federal government since 1993.
Incompetent at best, ineffectually mediocre and dishonest at worst.
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I love Qantas," she continues. "I haven't worked as hard as I have done these many years to see Qantas damaged."
you love qantas fall on your sword
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Speeeeedy,
Any reasonably competent manager should have Qantas's share price up in the last couple of years. It's called 'cyclicality' - airlines are cyclical business and right now we're in a global upswing. US carriers are emerging from Ch. 11, there have been few Ansetts/Sabenas/Swissairs (VARIG has really been the only biggie to go under) - hell, even Alitalia is managing to stay afloat.
So, MAJ, let's put it this way - you haven't done anything more than you've been getting (very well) paid for. It would've taken wilfull recklessness to stuff it up. You're no genius, now git and don't darken Coward St's doorstep again. You've become an embarrassment to Australian corporate governance.
I love that line from some yank teen film - "Fcuk you, and the horse you rode in on!"
Any reasonably competent manager should have Qantas's share price up in the last couple of years. It's called 'cyclicality' - airlines are cyclical business and right now we're in a global upswing. US carriers are emerging from Ch. 11, there have been few Ansetts/Sabenas/Swissairs (VARIG has really been the only biggie to go under) - hell, even Alitalia is managing to stay afloat.
So, MAJ, let's put it this way - you haven't done anything more than you've been getting (very well) paid for. It would've taken wilfull recklessness to stuff it up. You're no genius, now git and don't darken Coward St's doorstep again. You've become an embarrassment to Australian corporate governance.
I love that line from some yank teen film - "Fcuk you, and the horse you rode in on!"
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well said Domo,there were people in Heavy that had given Qantas 20,30,35 yrs only to be shown the door,because they were too good at their job,left no stone unturned when it came to aircraft saftey,the Qantas board found this to expensive to have the job done correct so they shut it down(relying on aircraft redundence sys to pick up the short falls in Maintenance),how dare that f*cken bitch make a call like that ,15yrs,stiff sh!t,she was paid way overboard for the roll and then she comes up with insults like that
Last edited by QF MAINT OUTSOURCED; 12th May 2007 at 22:53.
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Takeover Targets Are Usually Badly Managed.
Takeover targets are usually badly managed at Board/CEO level - thats why they are takeover targets. In other words, the company's return on capital employed is below industry norms and the share price suffers accordingly - making the company "cheaper" to buy.
The buyer is banking on the knowledge that either he has synergies by combining his own with the takeover target to create higher value, or he can manage the purchased company better than the existing management.
Provided the offer price is high enough, and the Board has extracted the maximum from the bidder, then the Board should recommend the bid to shareholders. Thats what Andrew did with Western Mining when Rio Tinto wanted it . Incidently this is why CEO's/ MD's should have share options - they may have to recommend that the compay be sold and their job disappears.
What was strange (to me) about the Qantas bid was that nothing was really going to change except ownership. The Board was staying, so was the management. The Board told the shareholders to accept the bid. The shareholders had nowhere else to go for an independent valuation. In effect they were being asked to sell the shares in the dark.
So the question remains. Why did the Board recommend the bid? What could Macquarie do that the existing management couldn't do? Or perhaps more importantly, what could the management and Macquarie do in private, that the management couldn't do in public?
I believe answers are required to these questions, and I hope ASIC and perhaps the ACCC and ASX follows them up.
The buyer is banking on the knowledge that either he has synergies by combining his own with the takeover target to create higher value, or he can manage the purchased company better than the existing management.
Provided the offer price is high enough, and the Board has extracted the maximum from the bidder, then the Board should recommend the bid to shareholders. Thats what Andrew did with Western Mining when Rio Tinto wanted it . Incidently this is why CEO's/ MD's should have share options - they may have to recommend that the compay be sold and their job disappears.
What was strange (to me) about the Qantas bid was that nothing was really going to change except ownership. The Board was staying, so was the management. The Board told the shareholders to accept the bid. The shareholders had nowhere else to go for an independent valuation. In effect they were being asked to sell the shares in the dark.
So the question remains. Why did the Board recommend the bid? What could Macquarie do that the existing management couldn't do? Or perhaps more importantly, what could the management and Macquarie do in private, that the management couldn't do in public?
I believe answers are required to these questions, and I hope ASIC and perhaps the ACCC and ASX follows them up.
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yestam
What the company can't do now is take on the enormous amount of debt that APA was going to do. Firstly Qantas doesn't need to take on that amount of debt, and if they did, their share price would plummet due to the enormous risk associated with that amount of leverage. Additionally, if Qantas did borrow that sort of money, what would they do with it? Give it back to shareholders, i dont think so.
As a privately owned company they would not have to worry about shareprice and the risk/reward ratio was far better. i.e they (APA) were going to make $1bn in the first year, after getting all their investment back. So they believed the risk of burdening the company with that amount of debt was supported by the $1bn they were going to make. And in their case the risk was only for the first year. So assuming no disaster in the airline industry for the first year, it was easy money.
On the other hand, if Qantas took on that sort of debt as a public company, it would be long term debt and expose the company, over many years, to being susceptible to any downturn in the market.
What the company can't do now is take on the enormous amount of debt that APA was going to do. Firstly Qantas doesn't need to take on that amount of debt, and if they did, their share price would plummet due to the enormous risk associated with that amount of leverage. Additionally, if Qantas did borrow that sort of money, what would they do with it? Give it back to shareholders, i dont think so.
As a privately owned company they would not have to worry about shareprice and the risk/reward ratio was far better. i.e they (APA) were going to make $1bn in the first year, after getting all their investment back. So they believed the risk of burdening the company with that amount of debt was supported by the $1bn they were going to make. And in their case the risk was only for the first year. So assuming no disaster in the airline industry for the first year, it was easy money.
On the other hand, if Qantas took on that sort of debt as a public company, it would be long term debt and expose the company, over many years, to being susceptible to any downturn in the market.
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The most interesting thing will be how Dick and Jack try to justify their actions and positions when it is announced that their selfish folly has left Q.F in breach of Australian foreign ownership rules.
What a total cock up!
What a total cock up!
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Interesting article in Saturdays SMH regarding MJ or MAJ as her friends apparently like to call her.
It's too large to post here but is very insightful even mentioning the ski fields in Japan .
It's easy to find with a search on yahoo7 web site.
It's too large to post here but is very insightful even mentioning the ski fields in Japan .
It's easy to find with a search on yahoo7 web site.
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There is an interesting little letter in "The Australian" today referring to Ms. Jackson's sudden discovery of the need for "Continuity", "Corporate Memory" and the retention of skills and experience in reference to her position on the Qantas Board.
Such hypocrisy is breathtaking after the closure of Sydney Heavy Maintenance and the loss of.....continuity, memory, skills and experience.
I would suggest Ms. Jackson's skills are in far greater supply than Heavy maintenance engineers, and I know in which skill sets mistakes involve risk to human life and which do not.
Such hypocrisy is breathtaking after the closure of Sydney Heavy Maintenance and the loss of.....continuity, memory, skills and experience.
I would suggest Ms. Jackson's skills are in far greater supply than Heavy maintenance engineers, and I know in which skill sets mistakes involve risk to human life and which do not.