Virgin Blue freed to grow: Toll cuts loose - and not before time

Whatever the short term impact on Virgin Blue's shareprice, Toll Holdings' highly unusual move today to deliver an "in specie" dividend of 98.3% of its share in the airline to its shareholders is great news for Australia's second airline. Toll has been sitting on its majority 62.7% holding since it bought it two years ago. Toll announced publicly last year that it was not a long term holder and attempted to sell its holding, but was unable to find a buyer prepared to pay the price it wanted.