MERGED: Alan's still not happy......
Smash Bugger, the reason I say that there are dirty deeds being done by Hedge funds is that no management and Board could possibly be so completely inept as the current lot.
Since they haven't been removed by the major investors, the only remaining explanation (apart from an off the wall Blackadder style cunning plan) is that they are doing exactly what the major investors want. Since the current management are crucifying Mum and Dad investors, they must be doing something that the major investors want done - because by definition, you cannot crucify a major investor and live to tell about it.
Since they haven't been removed by the major investors, the only remaining explanation (apart from an off the wall Blackadder style cunning plan) is that they are doing exactly what the major investors want. Since the current management are crucifying Mum and Dad investors, they must be doing something that the major investors want done - because by definition, you cannot crucify a major investor and live to tell about it.
You are exactly right Sunny.
No CEO could preside over such a destruction of shareholder wealth for such a sustained period without the support of the institutional shareholders.
I might add though that he must be nearing the end of the leash. He will need more than just the smoke and mirrors profit that we will see next year to save his bacon. Although it may well be that he will announce a substantial profit next year ( due to no depreciation of assets), collect a handsome bonus tied to financial performance, and F*€k off into the sunset.
But that just may be wishfull thinking.
No CEO could preside over such a destruction of shareholder wealth for such a sustained period without the support of the institutional shareholders.
I might add though that he must be nearing the end of the leash. He will need more than just the smoke and mirrors profit that we will see next year to save his bacon. Although it may well be that he will announce a substantial profit next year ( due to no depreciation of assets), collect a handsome bonus tied to financial performance, and F*€k off into the sunset.
But that just may be wishfull thinking.
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There is no information on the QF website unless you have a password to access it but the latest information I could find on the QF's major shareholders is from the SMH, admittedly from March this year. No %'s are given.
They are:
Balanced Equity Management
Franklin Resources
Colonial First State
BT Investment Management
Capital Group.
They all appear to be fund managers, e.g. superannuation, personal investments etc. I'm not an investment expert and own no shares except indirectly through what is in my super fund so make of that list what you will.
They are:
Balanced Equity Management
Franklin Resources
Colonial First State
BT Investment Management
Capital Group.
They all appear to be fund managers, e.g. superannuation, personal investments etc. I'm not an investment expert and own no shares except indirectly through what is in my super fund so make of that list what you will.
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I think that this is the latest FYI.
Shareholders
Colonial First State Asset Management (Australia) Ltd. 170,276,717 7.75%
Balanced Equity Management Pty Ltd. 169,047,570 7.70%
BT Investment Management Ltd. (Investment Management) 114,714,560 5.22%
Templeton Investment Counsel LLC 83,387,064 3.80%
Capital Research & Management Co. (Global Investors) 79,810,000 3.63%
Templeton Global Advisors Ltd. 75,174,411 3.42%
MLC Investments Ltd. 56,449,336 2.57%
Antares Capital Partners Ltd. 53,653,417 2.44%
AllianceBernstein LP 52,146,194 2.37%
Franklin Templeton Investments Corp. 33,484,559 1.52%
Shareholders
Colonial First State Asset Management (Australia) Ltd. 170,276,717 7.75%
Balanced Equity Management Pty Ltd. 169,047,570 7.70%
BT Investment Management Ltd. (Investment Management) 114,714,560 5.22%
Templeton Investment Counsel LLC 83,387,064 3.80%
Capital Research & Management Co. (Global Investors) 79,810,000 3.63%
Templeton Global Advisors Ltd. 75,174,411 3.42%
MLC Investments Ltd. 56,449,336 2.57%
Antares Capital Partners Ltd. 53,653,417 2.44%
AllianceBernstein LP 52,146,194 2.37%
Franklin Templeton Investments Corp. 33,484,559 1.52%
Last edited by AEROMEDIC; 21st Oct 2014 at 12:03. Reason: BT Investment Management bought another lazy 5 million shares and updated on the 21st Oct
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PR boss in Opera ball drama with Paul Howes
October 18, 2014 - 1:12AM
Andrew Hornery
Private Sydney Columnist
Life in Sydney for tall blonde Olivia Wagner, with her Germanic good looks, exotic Innsbruck accent and glamorous wardrobe, had been going rather well.
Dispatched from head office in Vienna, she hosted glamorous soirees and embraced her senior marketing role as the Australian public relations boss of Austrian luxury jeweller Swarovski. Feted by the city's beautiful people, she was on first name basis with everyone from Miranda Kerr to fashion magazine editors.
Then, last Saturday night, in the midst of a black-tie fundraising ball under the moonlit sails of the Opera House she came across former union boss and political figure Paul Howes and his wife, Qantas corporate and government relations director Olivia Wirth.
Suddenly Wagner's life in Sydney went to hell in a designer handbag, the contents of which were later strewn across the cobblestones as security guards came to her aid as she broke down while a fuming Howes unleashed an angry tirade.
Police were called and it was Wagner, along with her two companions, including her host, Harper's Bazaar Australia advertising executive Peter Harrison, who went to The Rocks police station just after midnight to make statements following the incident, not leaving until 4am.
On Wednesday, Howes denied claims he had grabbed Wagner's purse or had touched her in any way as she walked towards a taxi rank. However he confirmed there had been an argument: "I had a go at her because my wife had been reduced to tears. They had said some truly awful things to her and I wanted to let them know that was very poor behaviour."
But according to the other woman who was with Wagner at the time, Sally Pitt, a senior marketing executive with Giorgio Armani, they had only wanted to "discreetly" alert Wirth to an "unflattering" problem with her clothing they had noticed as she moved about the dance floor.
Wirth issued a statement following PS's inquiries: "The stranger was drunk and abusive, I was insulted and upset and my husband defended me. In the future when treated like this in public, I will make a complaint to the police."
The allegations of drunkenness were strenuously denied by both women involved, both of whom are highly regarded within Sydney's fashion and luxury goods circles and well-versed in image management.
Wagner later withdrew her statement, friends explaining she was concerned what impact any subsequent publicity would have. Police confirmed no further investigations would be conducted following her withdrawal.
PR boss in Opera ball drama with Paul Howes
https://web.archive.org/web/20141018023542/http://www.smh.com.au/lifestyle/celebrity/private-sydney/pr-boss-in-opera-ball-drama-with-paul-howes-20141016-116ryi.html
gl
October 18, 2014 - 1:12AM
Andrew Hornery
Private Sydney Columnist
Life in Sydney for tall blonde Olivia Wagner, with her Germanic good looks, exotic Innsbruck accent and glamorous wardrobe, had been going rather well.
Dispatched from head office in Vienna, she hosted glamorous soirees and embraced her senior marketing role as the Australian public relations boss of Austrian luxury jeweller Swarovski. Feted by the city's beautiful people, she was on first name basis with everyone from Miranda Kerr to fashion magazine editors.
Then, last Saturday night, in the midst of a black-tie fundraising ball under the moonlit sails of the Opera House she came across former union boss and political figure Paul Howes and his wife, Qantas corporate and government relations director Olivia Wirth.
Suddenly Wagner's life in Sydney went to hell in a designer handbag, the contents of which were later strewn across the cobblestones as security guards came to her aid as she broke down while a fuming Howes unleashed an angry tirade.
Police were called and it was Wagner, along with her two companions, including her host, Harper's Bazaar Australia advertising executive Peter Harrison, who went to The Rocks police station just after midnight to make statements following the incident, not leaving until 4am.
On Wednesday, Howes denied claims he had grabbed Wagner's purse or had touched her in any way as she walked towards a taxi rank. However he confirmed there had been an argument: "I had a go at her because my wife had been reduced to tears. They had said some truly awful things to her and I wanted to let them know that was very poor behaviour."
But according to the other woman who was with Wagner at the time, Sally Pitt, a senior marketing executive with Giorgio Armani, they had only wanted to "discreetly" alert Wirth to an "unflattering" problem with her clothing they had noticed as she moved about the dance floor.
Wirth issued a statement following PS's inquiries: "The stranger was drunk and abusive, I was insulted and upset and my husband defended me. In the future when treated like this in public, I will make a complaint to the police."
The allegations of drunkenness were strenuously denied by both women involved, both of whom are highly regarded within Sydney's fashion and luxury goods circles and well-versed in image management.
Wagner later withdrew her statement, friends explaining she was concerned what impact any subsequent publicity would have. Police confirmed no further investigations would be conducted following her withdrawal.
PR boss in Opera ball drama with Paul Howes
https://web.archive.org/web/20141018023542/http://www.smh.com.au/lifestyle/celebrity/private-sydney/pr-boss-in-opera-ball-drama-with-paul-howes-20141016-116ryi.html
gl
short flights long nights
The Truuth remains out there..somewhere. But one day..you will find it, maybe in the bottom of your glass.
Last edited by SOPS; 18th Oct 2014 at 15:39.
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I hope, sincerely hope they provide sick bags. Otherwise the smell in the room will end up overpowering.
That drivel ruined my weekend Spey!
As for Piggy & Livvy.... Enough to make me reach for my bag of Meth!
That drivel ruined my weekend Spey!
As for Piggy & Livvy.... Enough to make me reach for my bag of Meth!
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The one question to ask Alan Joyce at the Qantas AGM
If you want to fly the short hop between Singapore and Kuala Lumpur on Jetstar Asia before Christmas, you can do so for nothing. Yup, zero dollars. In fact, the most you’ll pay on any flight in December is $19 and most seats are going for less than $10.
The airline industry seems to suffer from a permanent glut of over-capacity but nowhere more so than in Asia.
Last week, Virgin Australia (ASX: VAH) purchased the remaining 40% of Tiger Australia from Singapore Airlines for $1. Tiger (SGX: J7X) listed in 2010 at S$1.50 a share but now trades at about $0.28, a fall of over 80%.
At least Singapore Airlines is doing something about it. The carrier has either shut or sold its operations in Australia, Indonesia and the Philippines.
Lion Air’s order for an additional 234 new aircraft last year, and hundreds more aircraft from the likes of Air Asia, IndiGo (430 aircraft no less) and other low-cost carriers would have been a factor in its decision.
Presumably, Qantas Group CEO Alan Joyce knows how much money Jetstar’s Asian operations are losing, and how much has been invested in it for no return. But shareholders? Not so much.
These ventures, shareholders are told, are making ‘progress’. But Jetstar Japan cost Qantas $55m in losses last financial year, the airline’s share of Singapore-based Jetstar Asia cost $40m whilst stillborn Jetstar Hong Kong and Vietnam’s Jetstar Pacific losses accounted for the rest. This information is not disclosed in the accounts but through public statements by Qantas-related staff.
Domestically, things are improving. The capacity war between Qantas and Virgin Australia is at an end, which should mean an eventual return to reasonable levels of profitability in Australia. There’s no sign of that in Asia.
Of course, airlines need to invest to establish new routes and bases in new countries. But if Singapore Airlines is cutting the cord on many of its low-cost operations and pulling back on others, why is Qantas persisting?
That’s the question for Alan Joyce at this Friday’s AGM. What does Qantas know about running Asian airlines that Singapore Airlines doesn’t? And if the answer’s ‘not much’, why should shareholders continue to support Jetstar’s loss-making Asian franchises?
Qantas has no natural advantage over its Asian competitors. But it does have the biggest slice of an Australian duopoly. Maybe it’s about time it gave up on its Asian ambitions and got back to its core business. my bold
The one question to ask Alan Joyce at the Qantas AGM
If you want to fly the short hop between Singapore and Kuala Lumpur on Jetstar Asia before Christmas, you can do so for nothing. Yup, zero dollars. In fact, the most you’ll pay on any flight in December is $19 and most seats are going for less than $10.
The airline industry seems to suffer from a permanent glut of over-capacity but nowhere more so than in Asia.
Last week, Virgin Australia (ASX: VAH) purchased the remaining 40% of Tiger Australia from Singapore Airlines for $1. Tiger (SGX: J7X) listed in 2010 at S$1.50 a share but now trades at about $0.28, a fall of over 80%.
At least Singapore Airlines is doing something about it. The carrier has either shut or sold its operations in Australia, Indonesia and the Philippines.
Lion Air’s order for an additional 234 new aircraft last year, and hundreds more aircraft from the likes of Air Asia, IndiGo (430 aircraft no less) and other low-cost carriers would have been a factor in its decision.
Presumably, Qantas Group CEO Alan Joyce knows how much money Jetstar’s Asian operations are losing, and how much has been invested in it for no return. But shareholders? Not so much.
These ventures, shareholders are told, are making ‘progress’. But Jetstar Japan cost Qantas $55m in losses last financial year, the airline’s share of Singapore-based Jetstar Asia cost $40m whilst stillborn Jetstar Hong Kong and Vietnam’s Jetstar Pacific losses accounted for the rest. This information is not disclosed in the accounts but through public statements by Qantas-related staff.
Domestically, things are improving. The capacity war between Qantas and Virgin Australia is at an end, which should mean an eventual return to reasonable levels of profitability in Australia. There’s no sign of that in Asia.
Of course, airlines need to invest to establish new routes and bases in new countries. But if Singapore Airlines is cutting the cord on many of its low-cost operations and pulling back on others, why is Qantas persisting?
That’s the question for Alan Joyce at this Friday’s AGM. What does Qantas know about running Asian airlines that Singapore Airlines doesn’t? And if the answer’s ‘not much’, why should shareholders continue to support Jetstar’s loss-making Asian franchises?
Qantas has no natural advantage over its Asian competitors. But it does have the biggest slice of an Australian duopoly. Maybe it’s about time it gave up on its Asian ambitions and got back to its core business. my bold
The one question to ask Alan Joyce at the Qantas AGM
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Qantas media blackout to be broken by shareholder Xenophon?
Even if Qantas tries to ignore shareholder Xenophon tomorrow, his publishing his queries in advance means there will be no shortage of punters ready to ask them for him.
Senator Xenophon, representing a state Qantas says should fly Emirates
Qantas has been at pains this year to tell the media in advance that its Annual General Meeting will provide no opportunities to question management.
However the cone of silence looks like being lifted, or battered, by SA independent Senator, Nick Xenophon, who has bought a small number of QAN shares in order to ask questions from the floor of the meeting, which is being held in Melbourne tomorrow Friday.
The dilemma for Qantas is that even if Xenophon is totally shunned when it comes to asking shareholder questions, his publishing them in advance in the media means that there will be no shortage of punters ready to ask them for him.
Qantas has in the opinion of this observer been ruinously affected by the mistakes of group CEO Joyce and chairman Clifford. Can either point to an auditable cash benefit from a single thing that they have announced they were doing in the last six years? Can either provide a verifiable figure for the benefit of giving away a large part of the Qantas international business to Emirates, as distinct from enriching the UAE carrier, which has confirmed that it profited greatly from the hand over.
The legality and at the very least, equity, of giving special privileged briefings to institutional investors and finance houses not available to ordinary shareholders is an important issue. Xenophon will undoubtedly remind the media of this outside the AGM regardless of what management says in any response to shareholders questions tomorrow. Qantas media blackout to be broken by shareholder Xenophon? | Plane Talking
Even if Qantas tries to ignore shareholder Xenophon tomorrow, his publishing his queries in advance means there will be no shortage of punters ready to ask them for him.
Senator Xenophon, representing a state Qantas says should fly Emirates
Qantas has been at pains this year to tell the media in advance that its Annual General Meeting will provide no opportunities to question management.
However the cone of silence looks like being lifted, or battered, by SA independent Senator, Nick Xenophon, who has bought a small number of QAN shares in order to ask questions from the floor of the meeting, which is being held in Melbourne tomorrow Friday.
“The time for spin is over. This board needs to be held accountable for a series of disastrous decisions that have cost shareholders dearly, demoralised loyal staff and have tarnished the reputation of a great Australian icon”, said Nick.
Specifically, Senator Xenophon will be focusing on the board’s decisions to pour hundreds of millions of dollars into the Jetstar Asia franchises to the detriment of the Qantas Group as a whole.
He will also question the Qantas board over its confidential briefings to institutional investors.
“There can’t be two classes of shareholders. Why should Aussie mum and dad investors be kept in the dark while the big end of town has privileged access to these briefings”.
Those are very good questions. Senator Xenophon might even ask if there is any truth in rumours that Qantas will be releasing a strategic review in December, it which it might change the future nature and shape of Qantas international operations?Specifically, Senator Xenophon will be focusing on the board’s decisions to pour hundreds of millions of dollars into the Jetstar Asia franchises to the detriment of the Qantas Group as a whole.
He will also question the Qantas board over its confidential briefings to institutional investors.
“There can’t be two classes of shareholders. Why should Aussie mum and dad investors be kept in the dark while the big end of town has privileged access to these briefings”.
The dilemma for Qantas is that even if Xenophon is totally shunned when it comes to asking shareholder questions, his publishing them in advance in the media means that there will be no shortage of punters ready to ask them for him.
Qantas has in the opinion of this observer been ruinously affected by the mistakes of group CEO Joyce and chairman Clifford. Can either point to an auditable cash benefit from a single thing that they have announced they were doing in the last six years? Can either provide a verifiable figure for the benefit of giving away a large part of the Qantas international business to Emirates, as distinct from enriching the UAE carrier, which has confirmed that it profited greatly from the hand over.
The legality and at the very least, equity, of giving special privileged briefings to institutional investors and finance houses not available to ordinary shareholders is an important issue. Xenophon will undoubtedly remind the media of this outside the AGM regardless of what management says in any response to shareholders questions tomorrow. Qantas media blackout to be broken by shareholder Xenophon? | Plane Talking
short flights long nights
How is it allowed to have an AGM where no questions can be asked?
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Qantas has no natural advantage over its Asian competitors. But it does have the biggest slice of an Australian duopoly. Maybe it’s about time it gave up on its Asian ambitions and got back to its core business.
Having blundered the Asian strategy, Joyce and co. considered the shareholders and staff to be just collateral damage.
Last edited by AEROMEDIC; 23rd Oct 2014 at 11:51.
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This article sums up perhaps reasons for the Qantas Board's overconfidence and the impact that this has naturally had on many layers of an organisation. Mr Joyce has deliberately surrounded himself by people from his past years that pose little threat to his position. 'Delusional'.
http://edition.cnn.com/2014/10/23/bu...html?hpt=hp_c6
Good one Mr X. Get these white collared criminals!
http://edition.cnn.com/2014/10/23/bu...html?hpt=hp_c6
Good one Mr X. Get these white collared criminals!
short flights long nights
Seems Alan is doing very well.
Qantas CEO Alan Joyce could get $2.5m ?incentive? bonus when AGM votes
Qantas CEO Alan Joyce could get $2.5m ?incentive? bonus when AGM votes
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QANTAS 2014 AGM WEBCAST link.....does anyone have the ability to record a webcast?
(Top of the page 3rd link down - have to register first)
AGM WEBCAST LINK
(Top of the page 3rd link down - have to register first)
AGM WEBCAST LINK
Page 43 of the annual report.
Performance rights are awarded to select qantas group executives.....
Number of rights that can be converted to qantas shares to the extent performance hurdles have been achieved....via the long term investment plan
2013: 28174047
2014 33579432
Hmmm and you're wondering why the 2013/14 results are the way they are?
Cherching
Performance rights are awarded to select qantas group executives.....
Number of rights that can be converted to qantas shares to the extent performance hurdles have been achieved....via the long term investment plan
2013: 28174047
2014 33579432
Hmmm and you're wondering why the 2013/14 results are the way they are?
Cherching
Thread Starter
Yeah exactly, they write off everything in one year make a clean slate so they can collect on bonus performance payments in the years to come. Add to that an additional 2.5 million for good measure.
So what is the end game here for the owners?
So what is the end game here for the owners?
