Flight Centre halts ASX trading
Flight Centre has issued a halt to trading in its shares ahead of today’s shareholder meeting, advising the Australian Stock Exchange that the company was unlikely to receive the 75% majority of votes required needed for the privatisation plan to proceed.
Similar to the scenario in which Qantas could find itself, Lazard Asset Management, which owns approximately 28% of the voting shares to, is believed to be blocking the bid pushing for a better offer.
A statement yesterday by Flight Centre said, “Flight Centre has received proxy advice from its share registrar which indicates the Non-Founders Scheme Resolution is most unlikely to be passed at Wednesday’s meeting by the requisite 75% majority of votes.”
The Company’s statement also said added that it was “considering the implications” adding that “company and its advisers were engaged in ongoing discussions”.
Report by The Mole
John Alwyn-Jones
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