Potentially misleading reports about success of Qantas bid – get the accurate news from TravelMole
Other trade made a surprise announcement yesterday – “50% accept bid for Qantas, announces APA”, from information provided in a media statement by APA, suggesting that APA had reached the required level of shares to secure Qantas.
The article went on to say, ““A statement has been released by Airline Partners Australia (APA) saying that their offer to buy out Australia’s national carrier has been accepted by more than half of Qantas shareholders,” and “Under Australian takeover legislation, a 50% acceptance of the bid will mean that an automatic statutory extension of 14 days on the cut-off date will be granted to the consortium.”
The Mole spoke with Martin Debelle of APA’s PR and media company Cannings early this morning and while the above is technically true, APA has secured 12.57% of the shares with Martin stressing that the statement issued yesterday was qualified by the words (numbers) in brackets, indicating APA had secured acceptances by 50% of Qantas shareholders, not 50% of Qantas shares! Rather misleading The Mole thinks!
Martin went on to explain that while many retail shareholders and small institutions totalling 12.57% of shares had accepted the offer, these did represent 50% of the shareholders……..but please note, not shares.
He confirmed that APA had not reached the required ownership of 50% of the shares, having only acquired 12.5%, from retail shareholders and smaller institutions, with the larger institutions still holding out, presumably representing the balance of the shares.
Seemingly rather in panic mode, APA’s Bob Mansfield was still warning late yesterday that its offer will close unsuccessfully unless acceptances representing at least 50% of Qantas shares are received by 7.00pm this Friday (4 May 2007), pleading, “Remaining shareholders who wish to accept the offer should do so immediately,” adding, that major investors usually waited until the last week before accepting offers to ensure they retained control of their investment for as long as possible.
He also set the scaremongering going, saying, “If the offer fails, it is almost certain that the Qantas share price will fall.”
Under Australian takeover legislation, if APA does receive acceptances from shareholders owing at least 50% of the shares by Friday they will be granted and automatic statutory extension of 14 days to secure further shares.
A Report by The Mole
John Alwyn-Jones
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