CEO's.......
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One could presume that CL, having been on the VAH board for about 20 months has had enough time to either not like what he has seen and/or has realised his strategy for improving VAH profitability (and no doubt some agressive ideas) has not, will not, or refuses to be, embraced.
This is a major shift in policy for AIR. One of its four pillars for profitability and growth ( according to CL in the past) is about to be removed.
The loan by AIR to VAH (on arms length commercial terms) was obviously needed as an interim measure to provide some solidity to the balance sheet thereby protecting VAH's share price from temporary collapse and ipso facto AIR's investment. The loan is only for 12 months and with AIR contemplating a sale of their interest in VAH, seems like a very good move.
Pretty sure CL has been on the board for longer than that, in fact my recollection from my discussion with him after the 2014 annual meeting in late 2014 was that he'd already been to one or two board meetings.
Rumour has it that AIR's bean counters have been over there having a good look under the hood and it seems clear they're unimpressed by what they've seen.
Hopefully they can extricate themselves from VAH without too much of a haircut.
Looks like a race to the bottom ...
http://www.nzherald.co.nz/business/n...ectid=11614053
Theoretically a very good time to sell it's 26% stake of Virgin (at a loss)...
from my post #5056 page 338 3rd March 2016