The Courier-Mail

Qan­tas share of­fer fails to take off

- ROBYN IRONSIDE Business · Infectious Diseases · Health Conditions · Qantas

A QAN­TAS share of­fer in­tended to gen­er­ate as much as $500m has fallen well short, rais­ing a lit­tle over $70m.

Just 5 per cent of el­i­gi­ble share­hold­ers took part in the share pur­chase plan an­nounced on June 25, with an av­er­age to­tal pur­chase worth $8200.

It fol­lowed an in­sti­tu­tional place­ment that raised $1.36bn to help Qan­tas in its re­cov­ery from the ef­fects on the avi­a­tion mar­ket of the coro­n­avirus pan­demic.

Qan­tas said the tim­ing of the share pur­chase plan co­in­cided with a se­ries of tight­ened bor­der re­stric­tions in re­sponse to an out­break of the virus in Mel­bourne and small clus­ters else­where.

“The tim­ing of these events and the im­pli­ca­tions for travel de­mand had an ob­vi­ous im­pact on the Qan­tas share price and the take-up of the SPP of­fer by el­i­gi­ble share­hold­ers,” the group said.

All el­i­gi­ble share­hold­ers will have their ap­pli­ca­tions granted in full at an is­sue price of $3.18 a share.

Qan­tas shares rose 11c to $3.43 yes­ter­day as the share­mar­ket climbed to a three­week high. The ASX200 ral­lied 105.4 points, or 1.76 per cent, to 6110.2 points.

Newspapers in English

Newspapers from Australia