Virgin defends entitlement offer
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Virgin Australia Holdings (VAH) says its $350 million entitlement offer will not affect shareholders' control of the company.
In a statement to the Australian Securities Exchange, Virgin said the maximum increase in shareholding for any of its three shareholders is 2.1%, assuming the unlikely scenario no retail shareholders participate, meaning "there is no effect on the control of Virgin Australia".
Virgin said it has reconsidered the structure of its entitlement offer announced last week and decided to keep the current structure.
The accelerated non-renounceable offer has strong market precedent, with most major entitlement offers completed over the last two years taking this form, Virgin said.
The airline said the offer was fair for all shareholders and only available to existing shareholders.
Chairman Neil Chatfield told shareholders at the airline's annual general meeting yesterday there would be no change in control as a result of the raising that will see three foreign partners increase their stake.
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