Qantas in crisis over future earnings announcement
It appears that the top execs in Qantas are in a bit of tizz today as theirs and the Qantas Board’s refusal to date to release future earnings appears to be damaging the success of the bid process by APA, but at the same time the anticipated very high levels of earnings also potentially telling shareholders that they should hold out for a better price for their shares.
With CEO Geoff Dixon and CFO Peter Gregg returning from meetings in the USA with major bid funder Texas Pacific, it is reported that meetings will be held with Chairman Margaret Jackson to assess what they do next in dealing with this crisis.
It is also reported that Qantas will make a statement within the next 48 hours. but whether this will include the earnings forecasts is not clear.
Qantas shares continued to fall yesterday as hedge funds appeared to be concluding that the APA bid was about to fail, because the offer price was too low and only 15% of Qantas share holders having accepted the price.
A report by The Mole
John Alwyn-Jones
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