MERGED: Alan's still not happy......
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Well on Agenda (Sky) just now, Xenophon has just torn stripes of Joyce and the board, saying he represented QF staff who are totally fed up with the present board, the present management, and past management. He was not backwards in coming forward, was Nick. Blimey, I have never heard a pollie go off like that before, against a Australian company. He accused them of squandering millions, he accused them of possibly having a agenda, he let them have it, all guns blazing. If that does not move the shareholders, whom I suspect, are awaiting the three amigo's to save them, then I don't know what will.
Nick Xylophone has forgotten that Qantas is a public company and not a GBE. Shareholders not pollies appoint the board who manage the business for better or for worse!
This country still wants the Gumnit to be responsible for everything = The Nanny State.....
This country still wants the Gumnit to be responsible for everything = The Nanny State.....
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Nick vs Little Al
One of Nicks tweets;
Love it!
More fun stuff here;
QANTAS CEO and Board Must Go | Nick Xenophon - Independent Senator for South Australia
Alan Joyce could be to Qantas what Captain Francesco Schettino was to the Costa Concordia.
6 Dec
6 Dec
More fun stuff here;
QANTAS CEO and Board Must Go | Nick Xenophon - Independent Senator for South Australia
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Well, well, well,
A bigger bunch of incompitent lightweights i've never seen in one place at one time. As we speak - yes it's true, on the QF1 out of Sydney this afternoon (all loaded in the best trough swilling places) were - wait for it;
Little Ghay Clover Boy - spare me.
Simon H - CEO of "International" Could look at him and he'd fall over!
Hard Licker - oh dear - the Deer in headlights - completely out of her depth. Obviously no BoganAir seats to get to the sandpit!
Leesley Grunt - failed at anset then failed at en zed, now failing in a spectacular way at Cue eF. Waste of space.
Several bored members placed in upper deck bisinis class - apparently not 'starf members' so put into second trough level.
All practicing buhm licking and grovelling to the sand pit carrier - so sickining. To top it off, Little gai alain contrived to get the qf "hero" Dick the discrepansee to be the p.i.c on this little jaunt to doobai. "Staff who had to witness were vomiting at the sight". Using some reflected Tech Crew glory to "talk up" the value of staff - right before he''l sack 'em.
The play group exec's are all going 'cap-in-hand' to ask the good Prince Mohammed to help bail out the roo and poor little ghay boi.
Sickening to observe. ( and all true). How much better if Capt Woodward or Capt Jackson were at the helm. Gingerbeers praying for a delay (had lots of late ) but unfortunately in arsy style - the pig kept ecams to herself.
Make no mistake of the level of trough swilling and blatent rip-off that is happening by the thieves, not only at the top, but also by the "hangers on"
Disgraceful.
Sunfish - of course you are correct - the give away to EK is in full swing with not a cost to be spent by the middle east. As we speak, the 'lightweight' exec's are about 3 hours away from landing in the sandpit and giving away what is left to give.
Disgraceful.
Disgraceful.
Disgraceful.
A bigger bunch of incompitent lightweights i've never seen in one place at one time. As we speak - yes it's true, on the QF1 out of Sydney this afternoon (all loaded in the best trough swilling places) were - wait for it;
Little Ghay Clover Boy - spare me.
Simon H - CEO of "International" Could look at him and he'd fall over!
Hard Licker - oh dear - the Deer in headlights - completely out of her depth. Obviously no BoganAir seats to get to the sandpit!
Leesley Grunt - failed at anset then failed at en zed, now failing in a spectacular way at Cue eF. Waste of space.
Several bored members placed in upper deck bisinis class - apparently not 'starf members' so put into second trough level.
All practicing buhm licking and grovelling to the sand pit carrier - so sickining. To top it off, Little gai alain contrived to get the qf "hero" Dick the discrepansee to be the p.i.c on this little jaunt to doobai. "Staff who had to witness were vomiting at the sight". Using some reflected Tech Crew glory to "talk up" the value of staff - right before he''l sack 'em.
The play group exec's are all going 'cap-in-hand' to ask the good Prince Mohammed to help bail out the roo and poor little ghay boi.
Sickening to observe. ( and all true). How much better if Capt Woodward or Capt Jackson were at the helm. Gingerbeers praying for a delay (had lots of late ) but unfortunately in arsy style - the pig kept ecams to herself.
Make no mistake of the level of trough swilling and blatent rip-off that is happening by the thieves, not only at the top, but also by the "hangers on"
Disgraceful.
Sunfish - of course you are correct - the give away to EK is in full swing with not a cost to be spent by the middle east. As we speak, the 'lightweight' exec's are about 3 hours away from landing in the sandpit and giving away what is left to give.
Disgraceful.
Disgraceful.
Disgraceful.
short flights long nights
I thought things had been a bit quiet today.
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Investors on the sidelines, for now, WOW!
Something is missing from the great Qantas survival debate - the company's main shareholders.
The management, led by Alan Joyce, has been front and centre, the chairman Leigh Clifford has been flag-flying, the federal government has been vocal - albeit with inconsistent messages - and the unions have been weighing in.
Senator Nick Xenophon has become an airline and corporate governance expert.
But where are Qantas's owners? AWOL.
It is traditional in times when a financial crisis has emerged for the main shareholders to begin agitating, applying pressure on management either to change the strategy or to move on.
But Qantas doesn't have much of an activist investor set. Big international fund management group Capital is the largest shareholder and tends to trade around the edges, although it appears to be reducing its stake.
One could only imagine the behind-the-scenes meetings and the queues outside Leigh Clifford's office if the likes of Perpetual, BT, Perennial, etc, had sizeable holdings in Qantas.
Instead Joyce and Clifford are two legs of the governance stool - mutually supportive and wedded to a strategy that has flaws.
It has been convenient to blame fierce competition from Virgin for their woes and, make no mistake, this is the icing on the cake.
It is just not the full story. Virgin now has some powder in its keg, thanks to supportive shareholders, to fund its capacity and fare war.
As a listed company Qantas also has the ability to go to the market and raise fresh funds. At least in theory.
But it's a hard task when the shareholder base is mainly retail shareholders. There would be support for a deeply discounted underwritten issue but it would be very expensive.
Instead the board sees the answer in the partial sale of some assets and the full disposal of others, such as the terminals. It is a defensive move.
But it's hard to see how this addresses the underlying and ongoing problem.
Qantas needs to raise the white flag on the capacity war and relax the 65 per cent line in the sand on market share. It is meant to be about profitable market share not running planes that are 70 per cent full on falling yields.
The management would also receive an immediate vote of confidence if it undertook to desist in the bankrolling of Jetstar's offshore subsidiaries - seen as profligacy at a time when Qantas can ill afford it.
The fact Qantas could lose $300 million in the six months to December and that amount again the following six months cements how damaging the strategy has been. The ratings agency downgrade is very costly and of Qantas's own making.
During the next few weeks another theme will begin to emerge in this saga. Is there an opportunity for some private equity players to take an involvement - buy the stock on the cheap and manufacture a turnaround?
There will undoubtedly be some tyre-kickers who would be keen to flog bits and pieces such as the frequent-flyer scheme and bits of Jetstar or airline terminals. Already there have been suggestions that former Macquarie investment banker Greg Woolley has investors lined up to buy some of the Qantas fleet, as long as it comes with a government guarantee. But, if Qantas is having trouble getting the government on board for a guarantee, it's hard to imagine an airline leasing company having any luck.
The word in private equity circles is that at the current price there is limited appetite for the shares.
But if the Qantas share price sinks too far below $1 the investment complexion changes. There will be plenty of people coming out of the woodwork, in time, just no one especially credible yet.
In the meantime Joyce needs to clean up some of the mess created in the past month. The heavy-handed approach to stopping Virgin's equity issue has badly backfired and, despite protestations to the contrary from Qantas, the government is firm in its position that providing any sort of financial assistance to the airline opens an unpalatable can of worms.
The most immediate task will be to assure the flying public that Qantas is secure and remains open for business. The airline can ill-afford to lose forward bookings or have a run on frequent-flyer redemptions. This would move the situation from bad to catastrophic.
Australians have seen the collapse of a big airline - Ansett - and don't take the view that it can't happen again.
Qantas is a long way from worrying about changes to the ownership limitations in the Qantas Sale Act. That is a job for another day when the intensity of the crisis has passed.
Joyce has until February to come up with a structural solution that will satisfy the ratings agencies and the stock market.
If the share price drifts down sufficiently even a complaint board would need to be asking whether the management that devised the strategy is in a position to revise it. my bold
Read more: Investors on the sidelines, for now
The management, led by Alan Joyce, has been front and centre, the chairman Leigh Clifford has been flag-flying, the federal government has been vocal - albeit with inconsistent messages - and the unions have been weighing in.
Senator Nick Xenophon has become an airline and corporate governance expert.
But where are Qantas's owners? AWOL.
It is traditional in times when a financial crisis has emerged for the main shareholders to begin agitating, applying pressure on management either to change the strategy or to move on.
But Qantas doesn't have much of an activist investor set. Big international fund management group Capital is the largest shareholder and tends to trade around the edges, although it appears to be reducing its stake.
One could only imagine the behind-the-scenes meetings and the queues outside Leigh Clifford's office if the likes of Perpetual, BT, Perennial, etc, had sizeable holdings in Qantas.
Instead Joyce and Clifford are two legs of the governance stool - mutually supportive and wedded to a strategy that has flaws.
It has been convenient to blame fierce competition from Virgin for their woes and, make no mistake, this is the icing on the cake.
It is just not the full story. Virgin now has some powder in its keg, thanks to supportive shareholders, to fund its capacity and fare war.
As a listed company Qantas also has the ability to go to the market and raise fresh funds. At least in theory.
But it's a hard task when the shareholder base is mainly retail shareholders. There would be support for a deeply discounted underwritten issue but it would be very expensive.
Instead the board sees the answer in the partial sale of some assets and the full disposal of others, such as the terminals. It is a defensive move.
But it's hard to see how this addresses the underlying and ongoing problem.
Qantas needs to raise the white flag on the capacity war and relax the 65 per cent line in the sand on market share. It is meant to be about profitable market share not running planes that are 70 per cent full on falling yields.
The management would also receive an immediate vote of confidence if it undertook to desist in the bankrolling of Jetstar's offshore subsidiaries - seen as profligacy at a time when Qantas can ill afford it.
The fact Qantas could lose $300 million in the six months to December and that amount again the following six months cements how damaging the strategy has been. The ratings agency downgrade is very costly and of Qantas's own making.
During the next few weeks another theme will begin to emerge in this saga. Is there an opportunity for some private equity players to take an involvement - buy the stock on the cheap and manufacture a turnaround?
There will undoubtedly be some tyre-kickers who would be keen to flog bits and pieces such as the frequent-flyer scheme and bits of Jetstar or airline terminals. Already there have been suggestions that former Macquarie investment banker Greg Woolley has investors lined up to buy some of the Qantas fleet, as long as it comes with a government guarantee. But, if Qantas is having trouble getting the government on board for a guarantee, it's hard to imagine an airline leasing company having any luck.
The word in private equity circles is that at the current price there is limited appetite for the shares.
But if the Qantas share price sinks too far below $1 the investment complexion changes. There will be plenty of people coming out of the woodwork, in time, just no one especially credible yet.
In the meantime Joyce needs to clean up some of the mess created in the past month. The heavy-handed approach to stopping Virgin's equity issue has badly backfired and, despite protestations to the contrary from Qantas, the government is firm in its position that providing any sort of financial assistance to the airline opens an unpalatable can of worms.
The most immediate task will be to assure the flying public that Qantas is secure and remains open for business. The airline can ill-afford to lose forward bookings or have a run on frequent-flyer redemptions. This would move the situation from bad to catastrophic.
Australians have seen the collapse of a big airline - Ansett - and don't take the view that it can't happen again.
Qantas is a long way from worrying about changes to the ownership limitations in the Qantas Sale Act. That is a job for another day when the intensity of the crisis has passed.
Joyce has until February to come up with a structural solution that will satisfy the ratings agencies and the stock market.
If the share price drifts down sufficiently even a complaint board would need to be asking whether the management that devised the strategy is in a position to revise it. my bold
Read more: Investors on the sidelines, for now
BTW, Great post Big M!
short flights long nights
Will be interesting to see what comes out of Dubai.
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Where are the shareholders? The shareholders are awaiting the three amigo's who are cashed up, and ready to buy the carcase, left there by Dixon (one amigo) and Joyce (used to be a amigo, but not anymore) that's where. Buy her up, break her up, at a huge profit, to all involved, and welcome Qantstar! Was that not always the plan? Rethink those mortgage payments fella's and gals, if this is the true agenda, its JQ money, or the door. Just ask a 89er how it feels. it sucks. Jeeeesus, I hope I am wrong.
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Great post Big M, but a little disappointed the Ginger Beers did not pull the "faulty cargo door trick" so beloved by them, when they have the ****es. Not that I am complaining, nine times out of ten, the Techies used to agree with them!
You are witnessing a tug of war between Emirates and Dixon, Carnegie, singleton et al. Who want to take it private.
Alan Joyce was deliberately chosen to make things worse, not better. That much is blindingly obvious. The corporate strategy constructed by Joyce and endorsed by the Board was a complete failure from the start. Anyone, in business knows that "foreigners" are carefully skinned in Chinese markets, they have been doing it since at least as early as 1935 by my late fathers recollections. the story is always the same - huge population and growing markets. But somehow the joint ventures always fail, costing the Westerners all their capital, and the Chinese partner always cleans up. funny that.
To put that another way, what did you expect when a know nothing Irishman goes up against the Middle Kingdom??? I have said this from the start.
Carnegie, Dixon, Singleton et al will no doubt have a master plan to renovate the Qantas brand that will be in place a microsecond after they get control.
Alan Joyce was deliberately chosen to make things worse, not better. That much is blindingly obvious. The corporate strategy constructed by Joyce and endorsed by the Board was a complete failure from the start. Anyone, in business knows that "foreigners" are carefully skinned in Chinese markets, they have been doing it since at least as early as 1935 by my late fathers recollections. the story is always the same - huge population and growing markets. But somehow the joint ventures always fail, costing the Westerners all their capital, and the Chinese partner always cleans up. funny that.
To put that another way, what did you expect when a know nothing Irishman goes up against the Middle Kingdom??? I have said this from the start.
Carnegie, Dixon, Singleton et al will no doubt have a master plan to renovate the Qantas brand that will be in place a microsecond after they get control.
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Alan Joyce has overseen a plunge in Qantas' fortunes | smh.com.au
More from Nick Xenophon.
Like I said a few days ago. I think the senator is just warming up.
More from Nick Xenophon.
Like I said a few days ago. I think the senator is just warming up.
You book a business class ticket from Oz to Europe with Qantas, you end up in the Emirates lounge drinking better champagne/whiskey, eating nicer food. You get on an Emirates aircraft where the same occurs with better service. You do the same on the way back. You think "why the hell don't I just book direct with Emirates next time?", Qantas loses it's best customers
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Alan Joyce says Qantas not Holden
BigAL quote from the article;
Surely he is delusional?? 
BigAL quote from the article;
"The Jetstar businesses in Asia are a great example of Australian entrepreneurship," he said.