Virgins new business structure approved

first_imgSource = e-Travel Blackboard: P.T Virgin Australia Holdings (VAH) proposal to operate under new entity, Virgin Australia International Holdings (VAIH), has been approved and is ready for implementation. The new business model was seen to comply with the Air Navigation Act (ANA), which caps foreign ownership of Australian international airlines at 49 percent. On Wednesday, Qantas Airways challenged Virgin on the grounds that the proposed structure would meet the necessary obligations of the ANA.VAH has reported “all conditions of the proposal have been satisfied or waived.” VAH shareholders will be given a beneficial interest in shares in the new entity, VAIH via an In Specie dividend, distributed by The Trust Company.The assigned nominal value of each allotment will be $0.000001 per share. Shareholders not permitted to hold shares in an unlisted company may sell their interests in VAIH to a person nominated and approved by VAH, subject to VAH and foreign persons not holding more than 49 percent VAIH share majority.The date for distribution and implementation will be 30 March 2012.last_img