Conditions satisfied for new Virgin Australia International Holdings.
Virgin Australia has just released details of the implementation of its new proposed new structure, saying that “all conditions of the proposal have been satisfied or waived”.
The new structure, “designed to ensure ongoing compliance with the Air Navigation Act which limits foreign ownership of Australian international airlines to 49%”, will now become effective by the end of the month.
Virgin Australia Holdings is today determining an ‘In Specie dividend’ which will see each existing shareholder as at 21 Mar 2012 receive new shares in the new Virgin Australia International Holdings entity on a 1:1 ratio.
The VAH board has assigned a nominal value to VAIH shares of $0.000001 per share, and this share dividend will have a record date of 27 Mar and a “Distribution and implementation date” of 30 Mar.
Shareholders who are not permitted to hold shares in an unlisted entity have 60 days to sell their interests in Virgin Australia International Holdings shares to “a person nominated and approved by Virgin Australia” – suject to Virgin Australia Holdings and foreign persons not holding more than 49% of the new international holding company.
More information in today’s Travel Daily.