Flight Centre founders reduce stake
A Reuters report says that the founders and key shareholders of Flight Centre Ltd said on Tuesday they plan to retain control of the company, despite having reduced their stake in the past week.
The five founders, including Managing Director Graham Turner, said in a statement they have reduced their combined holding to 56 percent following an off-market sale of 1.75 million shares late last week.
Flight Centre, with 94.5 million shares on issue, saw its shares rise 4.0 percent to A$21.01 among generally firmer consumer stocks and a broader market .AXJO up 0.5 percent.
The travel firm rejected a joint venture with private equity firm Pacific Equity Partners (PEP) in July after the founders opposed the plan, the second time a PEP-backed restructuring attempt had failed.
The earlier attempt, a management buyout, was scuttled by institutional investors in February, who argued the deal undervalued the firm.
Flight Centre said Tuesday the directors have gradually reduced their holdings since the company listed in 1995, when the group held more than 70 percent of the company.
“While the founders may occasionally choose to reduce their individual holdings, as has been the case historically and in accord with their personal circumstances, we do not anticipate any significant change in ownership or control of Flight Centre,” Turner said.
Last month Flight Centre reported 2007 pretax earnings up 26 percent, in line with its own forecast of a 25-30 percent rise.
Report by The Mole
John Alwyn-Jones
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