Turbulence at Virgin Australia: Some winners, some changes. Virgin's share register revolving door

The past month has been, as the Chinese might say, an interesting time for Virgin Australia. Two major new Chinese shareholders, HNA and Nanshan Group, an aggravated departure by one shareholder and now the announcement of a major restructuring, delivered to an unsuspecting world at 30 minutes' notice, seemingly leaving behind its (previously) largest shareholder, Etihad - this has all occurred in a blur.

A financial restructuring has been in the wind for some time, but there was little to explain the breathless announcement of a one-for-one share issue on 15-Jun-2016. This involves a fully underwritten AUD852 million equity raising; together with a previously announced proposed AUD159 million placement to HNA Innovation, the total amount raised will slightly exceed AUD1 billion.

It sounds like good news for a cash-strapped Virgin Australia, but working out the winners and losers is more challenging as the dust settles.