The Board of Directors of Virgin Australia Holdings Limited (ASX: VAH) today confirmed there is no current intention to privatise the Group and announced a share buy-back facility to provide liquidity to unmarketable parcel holders.
Chairman of the Board Elizabeth Bryan said: “As I noted at the Annual General Meeting in November 2017, the Board has been looking at whether it is appropriate to remain listed, or to become a privately held company.
“Following discussions with the major shareholders, the Board has decided not to privatise the company
“However, the Board remains conscious that the company has a small free float and a register made up of more than 38,000 shareholders, of whom approximately 21,000 hold unmarketable parcels of shares worth less than $500.
“Therefore, in light of the decision to remain a publicly listed company, the Board has decided to offer smaller shareholders the unmarketable parcel buy-back facility we have announced today. This facility will give those shareholders the ability to sell their shares at an appropriate price and in a convenient, costeffective manner.
“The Board and management team continue to be focused on strengthening the Group’s financial foundation and working towards sustainable profitability, and the financial results released today demonstrate our strong progress in this regard. We look forward to continuing to build on this success,” Ms Bryan said.
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