With APA’s plans to buy Qantas under consideration by the Foreign Investment Review Board, after the release of what appears to be a complex and convoluted funds and shares packages revealed this week, the company’s own $6 billion Qantas employees superannuation fund says it will not tell its managers whether to accept the bid.
Qantas’ super fund owns in the region of $30 million in Qantas shares, which are managed by three different investment managers and Qantas Super Fund CEO Jeremy Edmonds says that the fund’s trustees would not be making the call on whether to accept the $5.60 a share offer from Airline Partners Australia, adding that the decision would be by the investment managers.
He added, “We have a number of fund managers, we have a great deal of respect for them and we expect them to use their judgment.”
The Trustees’ decision not to become involved and leave it to the fund managers comes at a time of increasing concern by Qantas employees about their future under APA, with no job guarantees being offered, with Government backbanchers and the opposition also questioning the benefits of the sale.
Qantas super fund’s shares in Qantas shares are estimated to be worth in excess of $30 million.
Report by The Mole
