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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. [1901 words]

Unlock the following content in this report:


  • Expecting net profit for FY08 in AUD132-137 range; balance sheet and cash reserves “remain strong”
  • Further capacity management and revenue initiatives expected. Possible moves in New Zealand
  • V Australia to bravely launch Brisbane-Los Angeles service
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