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

Virgin Blue’s 62.7% shareholder, Toll Holdings, announced plans to spin off 98.3% of its stake in the carrier to its shareholders, using the unusual methodf of an in specie dividend. Toll shareholders will receive one Virgin Blue share for each Toll stock held. Virgin Group Ltd will become the airline's largest shareholder, with 25.5%. The Virgin Blue Board will now form a committee to nominate additional independent Non-Executive Directors and a new Chairman. This should be great news for Australia’s second airline.

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