A report by Mathew Murphy in The Age, Business Day says that almost two months after the Airline Partners Australia consortium failed in its $11.1 billion takeover bid for Qantas, the airline’s CFO has taken advantage of the stock’s high price to sell a parcel of shares worth $1.15 million.
Qantas shareholders generally regarded the $5.45-a-share offer as too low, and acceptances fell short of the required level.
That view appears to have been vindicated, with Qantas shares dipped 5¢ yesterday to $5.65, but still 20¢ above APA’s offer price.
In a statement to the stock exchange, Qantas CFO Peter Gregg revealed he had sold 200,000 shares at $5.77.
In August last year 166,000 shares he had been granted under Qantas’ long-term incentive plan were released from restriction.
He still has a direct interest in 285,000 shares and an indirect interest in 620,500.
Shaw Stockbroking aviation analyst Brent Mitchell said he was surprised that Mr Gregg had sold such a large parcel so close to the end of the financial year.”
Obviously he has an opportunity to realise some money now that the takeover has gone away but it does surprise me that he has sold,” he said. “Given there is still that uncertainty going forward surrounding fuel costs, competition, those sort of issues, he’s obviously being cautious just the same as some other investors would be.”
Report by The Mole and The Age Business Day
